In an op-ed penned by Mark Zupan, Alfred University president, which appeared recently in the Rochester Democrat and Chronicle, Zupan discusses the benefits—material and moral—of an economic system based on free markets.
The op-ed, titled “Thoughts on the virtues of capitalism,” appeared in the Sunday, Sept. 13, 2026, issue of the Democrat and Chronicle. Zupan references Scottish economist and philosopher Adam Smith’s work, “The Wealth of Nations,” which was published 250 years ago and explains how free markets create national prosperity.
Smith “was not simply the founder of modern-day economics. He was first and foremost a moral philosopher,” Zupan wrote. “One of his more provocative ideas is especially relevant today: Free markets not only make societies more prosperous, they encourage people to behave more ethically.”
Zupan noted a free market system encourages members of society to interact with each other, which provide economic benefits while also promoting virtuous behavior. “When people expect to do business with each other repeatedly, reputation matters. Honesty, reliability, and cooperation become valuable not simply as virtues, but as essential ingredients for successful exchange,” he wrote.
“Beyond the material benefits, there are moral benefits of the economic system upon which our Republic is based and that were noted by Smith. Nothing better proves this point than the extent to which alternative economic systems involving more top-down, autocratic approaches have harmed their own citizens and the citizens of other lands.”