Private Ownership—The Moral Structure of Value in Capitalism
July 14, 2014 § Leave a comment
Capitalism is predicated on the private ownership of capital and of property in general. Only the owners or stockholders are entitled to the profit, the surplus wealth, which the system generates. They usually benefit from other privileges, as well.
By separating the owners of capital from the rest of the participants in the economy for profit and other privileges, capitalism creates a system of value that has moral implications. It says that capital, or property, is more valuable to the system than the labor which transforms it into something of worth in the market, and that the people who own the property are more valuable to a particular business, and in the wider social-political economy, than either those who work for it or those who buy the end product.
The practical consequence of this investment of value in capital and profit is that workers, consumers, even other businesses and industries, are relatively devalued: their needs are of secondary concern to the owners of a particular business, especially when those needs are in conflict with the pursuit or protection of either capital or profit. Workers are always in this position, because they are a cost to be cut.
I might summarize the predicament for Friends, then, in these queries: How does the quasi-moral aspect of an otherwise secular social system influence the actual ethical choices of individuals, especially the people who make the decisions about a business’s behavior? How might the investment of value in capital, property, profit, and owners/managers distort the moral framework of society as a whole? How do we build into our economic system the moral freedom to value appropriately the interests of other stakeholders in the system besides the owners and shareholders? Does your yearly meeting have a coherent, explicit, and Spirit-led testimony on economics and economic justice?