Free societies function best when people are honest. Humans act in self-interest, generally in a way that enriches us. Though this may be the case, no one has the ability or morality to be critical about the market. Essentially, there must be a substitute for the golden rule in commercial society because no one is omniscient.
It's worse for society as a whole when people follow the golden rule, and produce for other people instead of a profit. For example, thousands of people starved to death in Ukraine when the farmers were told to produce food for the satisfaction of others. This relates to the concept of tacit knowledge--no one knows the entire process, and no one knows what each individual wants.
Altruism in other parts of our lives is celebrated, but the second it's attributed to business it has a negative connotation. Pursuing a self-interest such as jogging is commended, but a company producing efficiently and matching market values exceptionally is considered a thief. Market transactions are reciprocal altruism.
Commercial societies must operate on something along the lines of a silver rule. You should not do unto others what you would consider unjust or unfair if they did it to you.
Four rules:
- It's okay to be charitable with your own money, but not with someone else's money.
- There's no such thing as 'enough' profit.
- Running a profitable business requires soft values.
- If you run a business like a family you'll destroy it, and if you run a family like a business you'll destroy it.
- Relying on strangers beats relying on friends for commercial actions. This is because the stranger has an incentive to make a profit, while your friend does things for you out of moral regard.
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