Why Capitalism?" asks Allan H. Meltzer, star professor at Carnegie Mellon University, and he sensibly answers: because it works. Kristol regretted the absence of a capitalist moral compass. None, really, is to be had, Mr. Meltzer says. He quotes Immanuel Kant: "Out of timber so crooked as that from which man is made, nothing entirely straight can ever be carved."
Hard work and enterprise were godly virtues, but the virtuous man, by practicing them, could hardly help getting rich. Which is when the trouble started. "Religion begot prosperity," lamented Cotton Mather, "and the daughter devoured the mother."
Allan H. Meltzer and Luigi Zingales, free-market economics professors, have some ideas.
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