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Humane Ventures, Natural Liberty, and Undertaking

In: Humane Entrepreneurship Creating a New Economy, Venture by Venture

Author

Listed:
  • Craig S. Galbraith
  • Curt H. Stiles

Abstract

A humane economy requires that there be social order and economic growth. Adam Smith describes an economy in which order and growth are assured by what Joseph Schumpeter calls “the principle of Natural Liberty.” Social order is necessary to prevent a Hobbesian war of all against all and to permit the human coordination necessary for growth. The social arrangements used to maintain order must also provide the opportunity and the motivation for people to work most productively. Smith’s The Wealth of Nations presents the elements of a humane economy, built on a Natural Liberty that both maintains order and creates conditions to encourage optimal growth. Both Plato’s city of health and Thomas More’s land of Utopia seek order by means of central control, the two societies differing only in the power of the control needed to ensure personal restraint.

Suggested Citation

  • Craig S. Galbraith & Curt H. Stiles, 2023. "Humane Ventures, Natural Liberty, and Undertaking," World Scientific Book Chapters, in: Humane Entrepreneurship Creating a New Economy, Venture by Venture, chapter 5, pages 41-55, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811271243_0005
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    More about this item

    Keywords

    Humane Entrepreneurship; Humane Economies; Humane Capitalism; History of Entrepreneurship; Entrepreneurship; Humaneness; Economic History; Markets And Morality; Ethical Markets;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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