Since the financial crisis of 2008, the social consequences, moral status, and even long-term viability of capitalism have come under renewed scrutiny. Does it foster economic growth and protect individual freedom, as its proponents claim? Or is it a destructive system out of control, as its detractors argue?  Should the market be given even freer rein?  Or should capitalism be reformed and restricted?  Or should it be abolished and replaced altogether? And, if so, what would replace it?

In this module, we will explore the arguments of both defenders and critics of capitalism. We will study a range of texts, both historical (such as Adam Smith, G.W.F. Hegel, Karl Marx, Friedrich von Hayek, Milton Friedman, and Karl Polanyi) and contemporary (such as Nancy Fraser, Liza Herzog, Debra Satz, Elizabeth Anderson, and Wolfgang Streeck).