Sam Haselby in Aeon:
Critiques of capitalism come in two varieties. First, there is the moral or spiritual critique. This critique rejects Homo economicus as the organising heuristic of human affairs. Human beings, it says, need more than material things to prosper. Calculating power is only a small part of what makes us who we are. Moral and spiritual relationships are first-order concerns. Material fixes such as a universal basic income will make no difference to societies in which the basic relationships are felt to be unjust.
Then there is the material critique of capitalism. The economists who lead discussions of inequality now are its leading exponents. Homo economicus is the right starting point for social thought. We are poor calculators and single-minded, failing to see our advantage in the rational distribution of prosperity across societies. Hence inequality, the wages of ungoverned growth. But we are calculators all the same, and what we need above all is material plenty, thus the focus on the redress of material inequality. From good material outcomes, the rest follows.
The first kind of argument for capitalism’s reform seems recessive now. The material critique predominates. Ideas emerge in numbers and figures. Talk of non-material values in political economy is muted. The Christians and Marxists who once made the moral critique of capitalism their own are marginal. Utilitarianism grows ubiquitous and compulsory.
But then there is Amartya Sen.