A broad and lucid study of the merits of different economic systems, this work combines economic criteria of success with a philosophically sophisticated analysis of ethical foundations and moral justification. Arguing that despite the fall of socialism, the deep feelings of moral discontent that many have with capitalism are as strong as ever, the author analyzes unadulterated capitalism and centrally-planned socialism. He considers economic systems from a moral as well as economic standpoint, considering such criteria as freedom, justice, and equal opportunity, as well as standards of...