John Bogle on Free Market and Morality
John Templeton Foundation sponsors a "Big Questions" essay series. It posts a philosophical question and invites answers from scientists, scholars, and public figures. A recent Big Question was
Does the free market corrode moral character?
There were 13 answers. John Bogle, founder of Vanguard, gave his answer. Mr. Bogle concluded,
“Fettered” capitalism has indeed corroded our moral character, by both privatizing the rewards of the market and (in the form of federal bailouts) socializing its risks. Both are betrayals of the free market and its genuine virtues. Our society has a huge stake in demanding higher moral values in a less fettered market system.
I agree 100% with Bogle's answer, which he also elaborated in his book The Battle for the Soul of Capitalism. Capitalism has changed from owners' capitalism into managers' capitalism. That's not good.
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