![]() ![]() The decentralized nature of market capitalism, coupled with the private ownership of property, gave individuals (and firms) the freedom to pursue their self-interests. The principle states that consumers (producers) are the best judges of their well-being and should be allowed to pursue their self-interests toward this end. Among other things, humanism established the principle of consumer sovereignty (and producer sovereignty) as a fundamental value judgment or norm in the conduct of economic affairs. Humanism was the philosophical revolution that replaced the quest for the divine with the quest for individual development and well-being as the central purpose of human endeavor. On a more basic level, however, the seeds of the preference for capitalism itself were planted when humanism swept through Europe in the 15th century and spawned the Reformation. This is hardly surprising because all developed market economies in the West are positioned much closer to the capitalist than the socialist end of the economic spectrum. ![]() The normative economic theory of the public sector that developed in the West is closely tied to market capitalism. Tresch, in Public Finance (Fourth Edition), 2023 Humanism, Consumer Sovereignty, Capitalism, and the Government ![]()
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