Wilhelm Roepke on Good Character and the Market

Wilhelm Roepke:

"The market, competition, and the play of supply and demand do not create these ethical reserves; they presuppose them and consume them...Self-discipline, a sense of justice, honesty, fairness, chivalry, moderation, public spirit, respect for human dignity, firm ethical norms—all of these are things which people must possess before they go to market and compete with each other. These are the indispensable supports which preserve both market and competition from degeneration. Family, church, genuine communities, and tradition are their sources."

From A Humane Economy, page 125