Private property versus markets: Democratic and communitarian critiques of capitalism

This essay assesses communitarian and democratic critiques of capitalist economies. Distinguishing them are sharply contrasting evaluations of markets and private property. Communitarian critics of capitalism trace its moral failure to the marketplace. Drawing on Aristotle's normative economics, this school maintains that production for gain corrodes society's moral fabric. I defend the democratic approach. Democratic critics accept the modem claim that markets are both efficient and liberating. Capitalist ownership relations are another matter, indicted because they constitute a form of private power over people's lives. I reconstruct the ethical core of the democratic school and contend that it offers a better understanding of the most objectionable aspects of capitalist economies while avoiding the dangers inherent in the communitarian approach.