How do ethical theories like Utilitarianism view capitalism?

Utilitarianism, an ethical theory that focuses on maximizing overall happiness and minimizing suffering, tends to view capitalism favorably, particularly when it fosters innovation, efficiency, and wealth creation that can contribute to greater societal well-being. Supporters of capitalism argue that it allows individuals to pursue their interests, which can lead to improvements in living standards and economic growth. This alignment with utilitarian principles suggests that if capitalism leads to increased prosperity for the majority, then it can be seen as the correct economic approach.

In the context of utilitarianism, the emphasis is on the outcomes of economic systems—if capitalism effectively enhances quality of life and utility for a broad population, it is likely to be endorsed by utilitarian thinkers. Therefore, the view of capitalism as the correct economic approach aligns with the fundamental utilitarian perspective of evaluating systems based on their consequences for overall happiness.