from Selfishness, Greed, and Capitalism by Christopher Snowden

Like Chang, many critics of capitalism use ‘self- interest’ and ‘selfishness’ (or ‘greed’) interchangeably, but they are quite different. Selfishness implies indulging oneself at another’s expense, but free- market transactions only take place when two self- interested parties see a mutual benefit.

Self- interest should not be conflated with avarice. If I decide to have apple juice instead of orange juice with my breakfast I am acting in my self- interest, but unless I snatch it from a thirsty child I can hardly be accused of selfishness.

Many argue that self- interest should not be seen in purely economic terms, but, instead, as a broader term to describe our goals and aspirations. Milton and Rose Friedman, for example, wrote (Friedman and Friedman 1980: 27):

Narrow preoccupation with the economic market has led to a narrow interpretation of self- interest as myopic selfishness, as exclusive concern with immediate material rewards. Economics has been berated for allegedly drawing far- reaching conclusions from a wholly unrealistic ‘economic man’ who is little more than a calculating machine, responding only to monetary stimuli. That is a great mistake. Self- interest is not myopic selfishness. It is whatever it is that interests the participants, whatever they value, whatever goals they pursue. The scientist seeking to advance the frontiers of his discipline, the missionary seeking to convert infidels to the true faith, the philanthropist seeking to bring comfort to the needy – all are pursuing their interests, as they see them, as they judge them by their own values.

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