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About this quote

What does it mean?
Keynes admits capitalism is the most efficient economic system available but acknowledges it has significant moral and practical flaws.
In plain terms
Capitalism works best economically but is not perfect.
What can you take from it?
Efficiency does not guarantee moral or social acceptability.

Where it applies

  • economic policy making
  • business strategy
  • political debate

Putting it to work

  • regulate markets
  • weigh efficiency against fairness

Questions to consider

  • What is the cost of efficiency?
  • Can capitalism be ethical?

Another view

It assumes capitalism can be wisely managed without structural flaws.

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