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Article: Economy and Morality: The Philosophy of the Welfare State.(Book review)
- Article from:
- Journal of Markets & Morality
- Article date:
- September 22, 2006
- Author:
CopyrightCOPYRIGHT 2006 Acton Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Economy and Morality: The Philosophy of the Welfare State
Yuichi Shionoya
Cheltenham, United Kingdom: Edward Elgar, 2005 (355 pages)
In Economy and Morality, Yuichi Shionoya has attempted a philosophical defense of the welfare state--a state that combines capitalism, democracy, and social security (welfare). While agreeing that outright socialism is inefficient, Shionoya believes that the market economy has sacrificed justice and excellence in the search for efficiency. A moral third way between socialism and the laissez-faire economy is needed.
Although an attempt to resolve economic and moral issues is welcome, Economy and Morality has deep-rooted problems. ...