What Is the Role of Happiness in the Free Markets?

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Hubbard boldly states the 1st, 2nd, and 3rd industrial revolutions occurred because “we have defended individual property rights and financial institutions”. By stating this, he means the liberty and individual economic freedom the government gives people, along with the support of property rights, values associated with Free Enterprise Systems, directly led to the astounding innovation of the industrial revolutions. There are underlying theories with this Free Enterprise system such as libertarianism, being a political philosophy stating the state should interfere as little as possible with the people. Within this system, there is the belief in allowing entrepreneurs and businesses more freedom to become as successful as possible and, in turn, stimulate the economy. There is also utilitarianism, the moral theory stating the right thing to do is whatever will lead to the most utility, or the greater good for the greatest amount of people. This is seen underlying the Free Enterprise system since it allows those being successful to use their resources to help large amounts of people.

Hubbard listed some other attributes associated with free enterprise societies. Dignity was the first he brought up, and how hard work and respect is crucial within free enterprise societies. Hubbard also states free enterprise societies tend to naturally have more dispersed power than its opposition, allowing reforms and adaptations to happen easier. Also he states a necessity to progress is work, saying it is a symbol of advancement. Along with work, Hubbard references Adam Smith and his idea of natural liberty “the power to buy and sell… and make a deal with whomever you like” and how this is needed to progress. Hubbard concludes with a confident statement of belief in the idea of massive prosperity, describing it as morally right and achievable.

The Dalai Lama responded to Hubbard’s question of “Why isn’t the rest of the world rich?” by asking what kind of criteria Hubbard uses to describe the word rich. Hubbard responded by clarifying the word rich as meaning “prosperous” in this case. This was not an adequate response as it still came off as materialistic to the Dalai Lama, who then explained that the monetary value associated with being rich is not the answer for mass prosperity, but the sense of humanity is.

It may come off as weird to have such a spiritual, non business person giving advice at a business conference, but the Dalai Lama gave some amazing insight of what any country should do to prosper and it can be applied to the Free Enterprise System. This shows, ethics can be spread across all aspects of life and can be relatable by anyone.

Endnotes

- Aristotle, and Joe Sachs. Nicomachean ethics. Focus Pub./R. Pullins, 2002.

- Hubbard, Glenn. Capitalism and Society: The Berkeley Electronic Press, 2006.