Magazine March 20, 2017, Issue

Moral Economy

Michael Novak (
What the late Michael Novak taught us about markets

The Spirit of Democratic Capitalism, published in 1982, was a landmark. Its author, Michael Novak, went beyond the usual arguments that free markets generate the greatest wealth and promote freedom. He made the bold claim that capitalism, when combined with a vital moral and religious culture and democratic institutions, encourages the full spiritual development of the human person.

The early decades of the 20th century encouraged suspicion of capitalism. The Russian Revolution inspired progressives, even those who lacked full faith in Marxism as a science of history. The crash of 1929 and the Great Depression, along with runaway inflation in Germany

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In This Issue



Books, Arts & Manners

City Desk

A City of Shopkeepers

The city is full of walk-in businesses — shops, stores, eateries, bars, banks, fix-it places. That means the streets are full of business names. Many belong to chains — Victoria’s ...


Politics & Policy


GLOUCESTER Lizard-voiced, the seagull, esurient And flush with light, cuts through sapphire and salt Waves, to gratify pure appetite. Granite endures like graves. Briars bloom. On planks and shelves, books dock like sailing ships And wait ...
Politics & Policy


Pain and Punishment Psychiatrist Sally Satel’s piece “Treating Opioid Addiction” (March 6) favors “benign paternalism” in public policy regarding what some have hysterically called an “epidemic” but Dr. Satel more soberly ...
Politics & Policy

The Week

‐ We’re told the envelope given to Warren Beatty actually contained Nate Silver’s projection. ‐ To replace Michael Flynn as national-security adviser, Donald Trump selected someone uniquely suited for the position. ...


The Latest

The Wuhan Lab Cover-Up

The Wuhan Lab Cover-Up

It's now certain that the U.S. government misled the public about the kind of research that the U.S. taxpayers were indirectly funding in China.