Wednesday, May 16, 2007

Anti-Commercial Norms in America?

Tyler Cowen's post on the cultural foundations of capitalism provides a list of reading to give one a sense of "just how much cultural background is needed to sustain liberty" (and therefore capitalism). But what exactly constitutes a pro-commercial norm as opposed to an anti-commercial norm, and are there any of the latter in the US? In her survey of 18th Century French Merchant Courts Amelia Kessler argues that Christian virtues, such as selflessness, may on their face be anti-commercial - but ultimately prove necessary to a commercial culture. "Anticommercial norms of Christian virtue...nevertheless served to promote commercial investment and growth by lowering transaction costs. By encouraging merchants to place communal well-being above short-term self-interest, these norms facilitated the development of long-term, trust-based commercial relationships, which in turn promoted the transmission of vital information at relatively low cost. "

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