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<p>This paper examines the work of Michael Novak, a prominent American philosopher and theologian with roots in Central Europe. The study focuses on Novak’s understanding of democratic capitalism and its role in promoting economic growth and human flourishing. Novak argues that when properly understood and practiced, capitalism can lead to a more just and prosperous society, as it is based on the human desire for freedom, creativity, and self-expression. However, he emphasizes that the success of capitalism depends on the presence of moral and spiritual values, which he believes are necessary for it to function properly. This paper explores Novak’s arguments and evaluates them in the light of current knowledge. It also examines which values Novak deems important and why. The paper concludes that while Novak’s understanding of capitalism has some limitations, it offers valuable insights into the relationship between economics and morality. Novak’s framework provides a starting point for future discussions on how to ensure that capitalism operates ethically and promotes the common good.</p>
</abstract>

This paper examines the work of Michael Novak, a prominent American philosopher and theologian with roots in Central Europe. The study focuses on Novak’s understanding of democratic capitalism and its role in promoting economic growth and human flourishing. Novak argues that when properly understood and practiced, capitalism can lead to a more just and prosperous society, as it is based on the human desire for freedom, creativity, and self-expression. However, he emphasizes that the success of capitalism depends on the presence of moral and spiritual values, which he believes are necessary for it to function properly. This paper explores Novak’s arguments and evaluates them in the light of current knowledge. It also examines which values Novak deems important and why. The paper concludes that while Novak’s understanding of capitalism has some limitations, it offers valuable insights into the relationship between economics and morality. Novak’s framework provides a starting point for future discussions on how to ensure that capitalism operates ethically and promotes the common good.

Michael Novak’s understanding of capitalism

Ethics & Bioethics

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

{"article-title":"Michael Novak\u2019s understanding of capitalism"}

This paper examines the work of Michael Novak, a prominent American philosopher and theologian with roots in Central Europe. The study focuses on Novak’s...

Michael Novak’s understanding of capitalism

Published Online: Dec 09, 2023

Page range: 149 - 158

DOI: https://doi.org/10.2478/ebce-2023-0012

Keywords
Novak, democratic capitalism, criticism, limitations

© 2023 Ján Kalajtzidis, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Michael Novak’s understanding of capitalism

Published Online: Dec 09, 2023

Page range: 149 - 158

DOI: https://doi.org/10.2478/ebce-2023-0012

KeywordsNovak, democratic capitalism, criticism, limitations

© 2023 Ján Kalajtzidis, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Keywords
Novak, democratic capitalism, criticism, limitations