An Ethical Analysis of Neoliberal Capitalism: Alternative Perspectives from Development Ethics

Abstract

In this paper, the author submits the position that the worldwide capitalist economy has taken the route of neoliberal capitalism. The main distinction among market capitalism and neoliberal capitalism is the role of the private market mechanism to economic and non-economic activities. The evolution of neoliberal capitalism is historically specific. In turn, specific aspects of the free-market
economics, here mentioned as neoliberal economics, are the intellectual defender of the neoliberal capitalism. The purpose of the paper is to explore neoliberal capitalism in deeper ethical terms and to offer an ethical alternative. Development ethics is an important alternative perspective to neoliberalism, which is often neglected even in the heterodox economic literature. In particular, an original ethical model, on the basis of ‘social ethics’, is suggested for the discovery of the metaethical, normative-ethical and applied-ethical orientations of an economic system and of an economic analysis. After the ethical evaluation of neoliberal capitalism and neoliberal economic analysis the development ethics alternative is recommended.