Business Ethics

This paper draws on MacIntyre’s ethical thought to illuminate a hitherto underexplored religious context for business ethics, that of the Amish. It draws on an empirical study of Amish settlements in Holmes County, Ohio, and aims to deepen our understanding of Amish business ethics by bringing it into contact with an ethical theory that has had a signifcant impact within business ethics, that of Alasdair MacIntyre. It also aims to extend MacIntyrean thought by drawing on his neglected critique of modernity (...) in the context of business ethics. The Amish context allows us to appreciate the relationship between MacIntyre’s critique of modernity, his conception of practices and communities, and his distinctive approach to the virtues. It also helps us to better understand how the ethical life is possible within our emotivist culture. (shrink)

Since the publication of Alasdair MacIntyre’s After Virtue in 1981, tensions inherent to the relationship between morally educative practices and the institutions that house them have been widely noted. We propose a taxonomy of the ways in which the pursuit of external goods by institutions undermines the pursuit of the internal goods of practices. These comprise substitution, where the institution replaces the pursuit of one type of good by another; frustration, where opportunities for practitioners to discover goods or develop new (...) standards of excellence are frustrated by institutional priorities and resource allocation; and injustice, which undermines the integrity of relationships within the organization and/or with partners. These threats, though analytically distinct, are often mutually reinforcing. This conceptual contribution is illustrated both by the extant literature and by a novel context, the three-ring circus. (shrink)

This paper provides an examination of some problems caused by the concentration of influence in the capital markets of developed countries. In particular, I argue that large asset managers exercise quasi-political power that is not democratically legitimate. In section two, I will examine the economic driver behind the size and power of the big asset managers: the passive investing revolution. I will discuss several respects in which this revolution has fundamentally changed capital markets, most notably by making a large share (...) of investors universal owners. In the third section, I argue for my central analytical conjecture: asset managers exercise quasi-political power. They use their influence to shape the rules of the game in public capital markets in order to implement social and environmental policies that have traditionally been the exclusive purview of states. “Asset manager capitalism” is a recent term coined to refer to the contemporary system of corporate governance that succeeded the Berle and Means corporation with its dispersed ownership; the argument of this section is that asset manager capitalism is also a new political-economic regime. In the fourth section I defend my central normative claim: asset manager capitalism is an untenable and illegitimate political-economic arrangement, for at least two reasons. First, the power of asset managers is not checked by any institutional constraints, and is not rendered legitimate by any democratic process. More fundamental than this procedural critique is an argument that the interests of asset managers could not be aligned with the public interest, given the fact that the distribution of capital is highly unequal. I conclude by discussing several proposals to reform asset manager capitalism. (shrink)

The market failures approach to business ethics has recently garnered substantial critical attention (see, e.g., Cohen and Peterson 2019; Moriarty 2020; Steinberg 2017; Hsieh 2017; von Kriegstein 2016; Smith 2018; Endorfer and Larue 2022; Singer 2018). Though precursors of this view can be found in the literature (e.g., McMahon 1981; Friedman 1970), it was Joseph Heath (2004, 2006, 2014, 2023) who developed the approach and gave it its name. The market failures approach (henceforth: MFA) is concerned with the ethical obligations (...) of managers of firms (Heath 2014, 69). Roughly, it holds that managers ought not to conduct their businesses in a way that exploits market failures. “Market failure” is a technical term, meaning any failure of the conditions of the first fundamental welfare theorem, sometimes called the “Pareto conditions” (see Arrow 1951). The theorem states that if the Pareto conditions hold, then the market equilibrium will use society’s scarce resources efficiently, meaning that no one could be made better-off without making anyone else worse off. Efficiency, according to Heath (2014, chapter 7), is the implicit morality of the market. We coordinate much of our shared activity using markets, Heath claims, because of their ability to produce efficient results. Markets are good forms of social organization, according to Heath, because they are the best way to promote our values given empirical facts about the frailties of human psychology and the informational constraints that we face. As such, managers ought not compromise the very conditions that justify a market economy by profiting from breakdowns in the market’s efficiency. Managers are permitted to maximize profits, so long as they do not violate the market’s norm of efficiency in so doing. This is because the fundamental justification for the profit motive is that it is necessary for the operation of the price system which is essential to the efficiency properties of markets. In this paper, I will argue that the MFA is more general than even Heath himself claims. The MFA describes the professional obligations of managers, but the view I develop, the generalized market failures approach, describes the obligations of all market participants. Since efficiency is the implicit morality of the market, it binds not just managers, but all market participants, including consumers, investors and workers. Market participants are permitted to maximize the benefit they gain from market interactions, as long as they do so in a way that does not take advantage of any market failures. Generalizing the MFA in this way has three benefits: first, we gain a unified understanding of the ethics of non-managerial market roles; second, we will develop an even better understanding of the duties of managers; finally, it gives us the resources to respond to some familiar objections to the MFA found in the literature. In the next section, I will further motivate the MFA and explain how this motivation can be easily generalized to other market roles. Importantly, one can avoid benefiting from a market failure in two distinct ways: by avoiding transactions that exploit market failures or by transacting in such markets and then remediating the harm done, by compensating those negatively affected by the market failure. This section concludes by discussing how the remediation duties are to be split between the transacting parties and how to identify the parties to whom compensation is owed. In section 3, I use the tools of the generalized MFA to develop a unified ethics of consumption, investment and labor, respectively. This is the basis of a grand abductive argument for the generalized MFA. The view is strongly supported by the fact that it provides attractive and unifying explanations of our obligations in domains as variegated as carbon offsetting, CEO compensation, the reparations white Americans owe to black Americans and occupational licensure. Section 4 briefly concludes. (shrink)

We defend, from a contractarian perspective, that the fair price of an insurance policy is the amount that the contracting parties agree when they are both equally uncertain about the insured event. Drawing on the approach developed by R. Sugden in _The Community of Advantage_, we answer two standard objections raised against contractarianism in the actuarial sciences: (1) people are not wise enough to assess their actuarial risks; (2) they are not rational enough to decide which insurance policy suits them (...) better. We show under which circumstances people can make fair actuarial agreements, without presupposing any objective risk or rationality benchmarks. (shrink)

The social media industry lacks developed principles of professional ethics that it would need in order to better navigate the ethics of conforming to local media laws in authoritarian countries that lack meaningful protections for privacy, personal and political expression, and intellectual property. This chapter analyzes this question through three frameworks of professional ethics—journalism ethics, technology ethics, and business ethics—and the ways that social media resembles and crucially differs from these three industries.

By using multilevel mediation involving 322,589 posts made by 384 musicians over 104 weeks, we simultaneously analyze the short-term and long-term effects of charity-related signaling on sales, with social media engagement as the mediator. Specifically, we compare the effects of charity-related signals with those of two other types of signals: mission-related (i.e., promoting music and commercial products) and non-mission-related (i.e., other posts that do not relate to the other two categories). In the short term, the indirect effect of using charity (...) signaling on sales (through engagement) is positive, though smaller than the effects of mission-related and non-mission related signals. However, in the long term, the indirect effect of regularly using charity-related signaling on sales (through long-term engagement) is greater than for the effects involving the other types of signals. We derive from these findings three main implications for the business ethics literature. First, in the long term, the mutual economic benefits of charity signaling should encourage both entities (i.e., musicians and charities) to go beyond short-term, transactional philanthropy. Second, because it is profitable for musicians to partner with charities in the long-term, our research argues that charities have extensive bargaining power in such co-branding decisions. Third, our research highlights the importance of studying the longitudinal aspects of co-branding decisions involving non-profit organizations; the financial outlook of such decisions could greatly vary depending on the timeframe (i.e., short vs. long). (shrink)

At a time when nationalism is rising and support for democratic values is declining, this paper considers the role that businesses and corporations play in building and undermining social trust. It was published as part of the Future of the Corporation programme led by the British Academy.

Cuốn sách dày hơn 120 trang, vừa được tác giả hoàn thành vào đầu năm nay, có những bài viết đề cập những vấn đề vẫn còn đang được bàn luận nhiều như ChatGPT (ChatGPT, help!). Tổng cộng cuốn sách gồm khoảng 40 bài viết ngắn, dựa trên bối cảnh và hình thái xã hội Việt Nam, được chia thành ba phần: Science Sobriety (tạm dịch: Tỉnh thức trong khoa học); Business Intelligence (Tri thức kinh doanh); và Mandering Thought (Suy (...) nghĩ vẩn vơ). (shrink)

A citizens’ movement in Berlin advocates for the expropriation of housing corporations and has won a significant majority in a popular referendum in September 2021. Building on this proposal, this paper develops a general account of expropriation as a measure for corporate reform and thereby contributes to the ongoing debate on the democratic accountability of business corporations. It argues that expropriation is a valuable tool for intervention in a dire situation in some economic sector to enable a re-structuring of the (...) governance of the assets in question. Compared with other tools available, expropriation is a more forward-looking, genuinely political measure that does not depend on the legal assignment of guilt but rather proceeds in a pragmatic and problem-oriented manner. It also allows us to reconsider in how far the market mechanism should be employed in the administration of assets. Objections from private property rights against expropriation fail as corporations generally are privileged, quasi-public institutions that can justifiably be subject to democratic interventions. Expropriation is thus an important addition to the arsenal of corporate reform proposals, especially for those concerned with a broad democratization of the corporation. (shrink)

Prior scholarly approaches to meaningful work have largely fallen into two camps. One focuses on identifying how work can contribute to a meaningful life. The other studies the antecedents and outcomes of workers experiencing their work as meaningful. Neither of these approaches, however, captures what people look for when they seek meaningful work—or so I argue. In this paper, I give a new, commitment-based account of meaningful work by focusing on the reasons people have to choose meaningful work over other (...) options. I draw on philosopher Ruth Chang’s account of voluntarist reasons (reasons that arise from an act of the will) to argue that commitments can create distinctive reasons to pursue certain work. It is the presence of these distinctive reasons that makes work meaningful. (shrink)

Meaningful work is an important ideal, but it seems hard to give an adequate account of meaningful work. In this article, I conduct a revisionary conceptual analysis of ‘meaningful work’, i.e. a conceptual analysis that aims at finding a better and more useful way to use this term. I argue for a distinction between cases where work itself is meaningful and cases where other sources of meaning are found at work. The term ‘meaningful work’ is most useful for the former (...) cases. I then argue for the reasons account of what makes work itself meaningful: work is meaningful if (and to the extent that) there are good reasons to do it. I compare this to established accounts of meaningful work, such as subjective meaningfulness, self-realization, alienation, the unity of conception and execution, autonomy, social contribution, and Veltman’s four-dimensional account. None of these capture the distinct concern that the concept ‘meaningful work’ should capture, or they do so less well than the reasons account. This also shows that work can be meaningful regardless of whether it is good in other respects, such as in inherent interest or opportunities for self-realization. (shrink)

This paper explores the relations between self-esteem and competition. Self-esteem is a very important good and competition is a widespread phenomenon. They are commonly linked, as people often seek self-esteem through success in competition. Although competition in fact generates valuable consequences and can to some extent foster self-esteem, empirical research suggests that competition has a strong tendency to undermine self-esteem. To be sure, competition is not the source of all problematic deficits in self-esteem, and it can arise for, or undercut (...) goods other than self-esteem. But the relation between competition and access to self-esteem is still significant, and it is worth asking how we might foster a desirable distribution of the latter in the face of difficulties created by the former. That is the question addressed in this paper. The approach I propose neither recommends self-denial nor the uncritical celebration of the rat race. It charts instead a solidaristic path to support the social conditions of the self-esteem of each individual. The paper proceeds as follows. I start, in section 2, by clarifying key concepts involved in the discussion. In section 3, I identify ten mechanisms that support individuals’ self-esteem and impose limits on competition. I focus, in particular, on the challenges faced by people in their practices of work. In section 4, I outline prudential and moral arguments to justify the use of the proposed mechanisms. Section 5 concludes with remarks on the role of social criticism in the processes of change implementing the mechanisms. (shrink)

This article brings to bear findings from the debate on the boundary problem in democratic theory on discussions of workplace democracy to argue that workplace democrats’ focus on workers is unjustified and that more constituencies will have to be included in any prospective scheme of workplace democracy. It thereby provides a valuable and underdiscussed perspective on workplace democracy that goes beyond the debate’s usual focus on the clarification and justification of workplace democrats’ core claim. It also goes beyond approaches like (...) stakeholder theory in law and economics that determine decision-making rights without taking into account genuinely democratic considerations. My discussion proceeds by considering three principles for inclusion from democratic theory for the specific case of the corporation. I submit that two of them, the all-coerced and the all-subjected principle, are not appropriate for this specific case, because they cannot capture the distinguishing features of the corporation. The all-affected principle however is appropriate but has a very wide range. I further argue that this is not as big of a problem as it first might seem and that this principle is still the most appropriate for defining the demos of the democratic corporation. The article closes by pointing out the consequences of this result for the workplace democracy debate and for the legitimacy of the market as a coordination mechanism. (shrink)

Groups, like individuals, can communicate. They can issue statements, make promises, give advice. Sometimes, in doing so, they lie and deceive. The goal of this paper is to offer a precise characterisation of what it means for a group to make an assertion and to lie. I begin by showing that Lackey’s influential account of group assertion is unable to distinguish assertions from other speech acts, explicit statements from implicatures, and lying from misleading. I propose an alternative view, according to (...) which a group asserts a proposition only if it explicitly presents that proposition as true, thereby committing to its truth. This proposal is then put to work to define group lying. While scholars typically assume that group lying requires (i) a deceptive intent and (ii) a belief in the falsity of the asserted proposition, I offer a definition that drops condition (i) and significantly broadens condition (ii). (shrink)

In this paper, a phenomenological perspective on capitalism is given: it is considered as the economic expression of onto-theology. Capitalism is based on egotism, whose principles are private ownership (correlative of intentionality) and free market (correlative of liberty). The current crisis is the symptom of a disease, that is a lack of ethics, an indiscriminate pursuit of egotism. A moral revolution is here proposed as a remedy. The aim is not to destroy capitalism, but to save it with the introduction (...) of an ethical attitude, based on original responsibility and uniqueness (Levinas), as well as on bi-directional respect (Ricoeur). (shrink)

This chapter discusses the fundamental question of the defense industry’s role and legitimacy for societies. It begins with a parable of a psychopath doing something self-serving that has beneficial moral consequences. Analogously, it is argued, the defense industry profiting by selling weapons that can kill people makes it useful in solving moral problems not solvable by people with ordinary moral scruples. Next, the chapter argues that while the defense industry is a business, it is also implicated in the security of (...) its home nations. In addition, its products can be used for good or evil. Thus, it must navigate conflicting values, with the result that the rules often thought to rightly regulate the industry—codes of business ethics, engineering ethics, procurement ethics, plus laws of the land, and dicta of conscience—need supplementing by general moral reflection. This chapter argues for a principle that tells how to decide when to violate the rules, for a theory of rational choice on which choosing by this principle is rational, and for teaching that theory to defense industry employees to ensure their ethical behavior. (shrink)

That technologies may raise ethical issues is now widely recognised. The ‘responsible innovation’ literature – as well as, to a lesser extent, the applied ethics and bioethics literature – has responded to the need for ethical reflection on technologies by developing a number of tools and approaches to facilitate such reflection. Some of these instruments consist of lists of questions that people are encouraged to ask about technologies – a methodology known as the ‘Socratic approach’. However, to date, these instruments (...) have often not adequately acknowledged various political impacts of technologies, which are, I suggest, essential to a proper account of the ethical issues they raise. New technologies can make some people richer and some people poorer, empower some and disempower others, have dramatic implications for relationships between different social groups and impact on social understandings and experiences that are central to the lives, and narratives, of denizens of technological societies. The distinctive contribution of this paper, then, is to offer a revised and updated version of the Socratic approach that highlights the political, as well as the more traditionally ethical, issues raised by the development of new technologies. (shrink)

In her BBC Reith Lectures on Trust, Onora O’Neill offers a short, but biting, criticism of transparency. People think that trust and transparency go together but in reality, says O'Neill, they are deeply opposed. Transparency forces people to conceal their actual reasons for action and invent different ones for public consumption. Transparency forces deception. I work out the details of her argument and worsen her conclusion. I focus on public transparency – that is, transparency to the public over expert domains. (...) I offer two versions of the criticism. First, the epistemic intrusion argument: The drive to transparency forces experts to explain their reasoning to non-experts. But expert reasons are, by their nature, often inaccessible to non-experts. So the demand for transparency can pressure experts to act only in those ways for which they can offer public justification. Second, the intimate reasons argument: In many cases of practical deliberation, the relevant reasons are intimate to a community and not easily explicable to those who lack a particular shared background. The demand for transparency, then, pressures community members to abandon the special understanding and sensitivity that arises from their particular experiences. Transparency, it turns out, is a form of surveillance. By forcing reasoning into the explicit and public sphere, transparency roots out corruption — but it also inhibits the full application of expert skill, sensitivity, and subtle shared understandings. The difficulty here arises from the basic fact that human knowledge vastly outstrips any individual’s capacities. We all depend on experts, which makes us vulnerable to their biases and corruption. But if we try to wholly secure our trust — if we leash groups of experts to pursuing only the goals and taking only the actions that can be justified to the non-expert public — then we will undermine their expertise. We need both trust and transparency, but they are in essential tension. This is a deep practical dilemma; it admits of no neat resolution, but only painful compromise. (shrink)

Corporations are increasingly asked to specify a ‘purpose.’ Instead of focusing on profits, a company should adopt a substantive purpose for the good of society. This chapter analyses, historicises, and radicalises this call for purpose. It schematises the history of the corporation into two main purpose/power regimes, each combining a way of thinking about corporate purpose with specific institutions to hold corporate power to account. Under the special charter regime of the seventeenth to mid-nineteenth centuries, governments chartered companies to pursue (...) specific public purposes. Under criticism for corruption and lack of competition, the special charter regime gave way to the contemporary general incorporation regime, under which no particular purposes are demanded of corporations, and profit-seeking has become the norm. This regime has now come under criticism, with calls for a new social purpose regime. The analysis of these three regimes focuses on politicisation. The chapter argues that orienting companies to substantive social purposes requires politicising the business corporation, creating meaningful accountability mechanisms to align companies with the goals of the public. The purpose paradigm must overcome its political timorousness and be more institutionally radical. The difficulty is doing this without unacceptable corruption and inefficiency. A form of ‘proper politicisation’ is needed. At the end of the chapter, some directions for reform are discussed, which may deliver on that desideratum. (shrink)

The increasing workplace use of artificially intelligent (AI) technologies has implications for the experience of meaningful human work. Meaningful work refers to the perception that one’s work has worth, significance, or a higher purpose. The development and organisational deployment of AI is accelerating, but the ways in which this will support or diminish opportunities for meaningful work and the ethical implications of these changes remain under-explored. This conceptual paper is positioned at the intersection of the meaningful work and ethical AI (...) literatures and offers a detailed assessment of the ways in which the deployment of AI can enhance or diminish employees’ experiences of meaningful work. We first outline the nature of meaningful work and draw on philosophical and business ethics accounts to establish its ethical importance. We then explore the impacts of three paths of AI deployment (replacing some tasks, ‘tending the machine’, and amplifying human skills) across five dimensions constituting a holistic account of meaningful work, and finally assess the ethical implications. In doing so we help to contextualise the meaningful work literature for the era of AI, extend the ethical AI literature into the workplace, and conclude with a range of practical implications and future research directions. (shrink)

While virtually everyone recognizes the moral permissibility of whistleblowing under certain circumstances, most theorists offer relatively conservative accounts of when it is allowed, and are reluctant to offer a full recommendation of the practice as an important tool towards addressing ethical failures in the workplace. We think that accounts such as these tend to overestimate the importance of professional or personal obligations, and underestimate the moral obligation to shine light on severe professional malfeasance. Of course, a whistleblower, even an anonymous (...) one, often faces serious threats of retaliation and harm to their professional livelihoods and well-being. To address these challenges we argue in favor of a practice that we will call Preemptive Anonymous Whistleblowing (PAW). Such whistleblowing is preemptive in that a whistleblower provides information about malfeasance to a party in a position to do something about it without first raising the worry to one’s immediate superiors. At first blush, such preemption may seem unsettling, and PAW admittedly raises a number of worrisome issues. We defend PAW, however, as part of a larger argument that whistleblowing is morally required more often than is commonly thought. The availability of PAW as an option provides a method for allaying the concern that whistleblowing can be overly burdensome due to the risks of job and career. Insofar as that concern can be allayed, it is feasible for there to be substantial moral requirements to engage in whistleblowing in cases where severe harms can be prevented. With high enough stakes, there is a moral requirement for whistleblowing. (shrink)

This study investigates the adequacy of the current corporate governance frameworks by evaluating their efficiency relative to the context of crises. The Covid-19 pandemic is identified as the ideal case study on the merit that it has significant implications for corporate governance theory and practice. The study work from the premise that the current crisis situation necessitates a thorough evaluation of the readiness of the existing corporate governance regimes. While cognizant to the fact that the pandemic is still unfolding, this (...) thesis concedes that the current corporate governance frameworks are not necessarily inadequate to address the crisis situation, rather, they are still evolving to meet the challenge of the day. The thesis therefore suggests that certain areas of governance (including corporate purpose, the integration of digital technologies and cyber security systems, and heightened attention to environmental and social issues) should receive more attention in the future. The principal conclusion of this study is that there is a need to review corporate governance practices and policies in light of new emerging challenges. The study concludes with guidelines for corporate governance practices during times of crisis. (shrink)

This paper attempts to show how Adorno’s thought can illuminate our reflections on the future of work. It does so by situating Adorno’s conception of genuine activity in relation to his negativist critical epistemology and his subtle account of the distinction between true and false needs. What emerges is an understanding of work that can guide our aspirations for the future of work, and one we illustrate via discussions of creative work and care work. These are types of work which (...) cater to persistent human needs, albeit ones that are distorted under present social conditions. Adorno’s thought helps us to understand why this is the case. (shrink)

Perioperative staff are frequently exposed to surgical smoke or plume created by using heat-generating devices like diathermy and lasers. This is a concern due to mounting evidence that this exposure can be harmful with no safe level of exposure yet identified. First, I briefly summarise the problem posed by surgical smoke exposure and highlight that many healthcare organisations are not sufficiently satisfying their legal and ethical responsibilities to protect their staff from potential harm. Second, I explore the ethical case for (...) compulsory smoke evacuation systems using the principlist framework and its four ethical principles – autonomy, beneficence, nonmaleficence, and justice. I then consider some objections and argue that surgical smoke evacuation systems – when indicated – should be made compulsory. (shrink)

In this article, we engage with a theory of management advanced by MacIntyrean scholars of business ethics and organization studies to develop an account of “chronic moral injury” in the workplace. In contrast to what we call “acute moral injury,” which focuses on grave, traumatic events, chronic moral injury results from poor institutional form—when an individual desiring excellence must function within a vicious institution that impedes the acquisition of virtues and marginalizes practices. In other words, chronic moral injury occurs when (...) practitioners who pursue excellence in their practice work within corrupt or malformed organizations. To demonstrate this point, we recount the events associated with the rise and fall of the biotech company, Theranos. This case study advances an empirical contribution to MacIntyrean studies by demonstrating how chronic moral injury can happen under such conditions and what the negative consequences may entail for workers. (shrink)

Responsible innovation (RI), also termed Responsible Research and Innovation, has emerged due to increasing concern over how to integrate ethical and societal values into research and innovation policy and governance (Von Schomberg 2013), in response to questioning of the societal role of science as well as populist resurgence in some countries (Long and Blok 2017a). Within a RI approach, innovators must consider three dimensions of responsibility, including the dimensions of (1) ‘avoiding harm’ to people and the planet, (2) ‘doing good’ (...) through the offering of innovations that foster sustainable development, and (3) the development of facilitative global governance schemes (Voegtlin and Scherer 2017). (shrink)

This study investigates the adequacy of the current corporate governance frameworks by evaluating their efficiency relative to the context of crises. The Covid-19 pandemic is identified as the ideal case study on the merit that it has significant implications for corporate governance theory and practice. The study work from the premise that the current crisis situation necessitates a thorough evaluation of the readiness of the existing corporate governance regimes. While cognizant to the fact that the pandemic is still unfolding, this (...) thesis concedes that the current corporate governance frameworks are not necessarily inadequate to address the crisis situation, rather, they are still evolving to meet the challenge of the day. The thesis therefore suggests that certain areas of governance (including corporate purpose, the integration of digital technologies and cyber security systems, and heightened attention to environmental and social issues) should receive more attention in the future. The principal conclusion of this study is that there is a need to review corporate governance practices and policies in light of new emerging challenges. The study concludes with guidelines for corporate governance practices during times of crisis. (shrink)

This article reviews and criticizes Joseph Heath’s market failures approach (MFA) to business ethics. Our criticism is organized into three sections. First, we argue that, even under the ideal assumptions of perfect competition, when markets generate Pareto-efficient distributions, Heath’s approach does not rule out significant harms. Second, we show that, under nonideal conditions, the MFA is either too demanding, if efficiency is to be attained, or not sufficiently demanding, if the goal of Pareto efficiency is abandoned. Finally, we argue that (...) Heath’s appeal to regulations and specific moral requirements as a remedy for market failures is unlikely to safeguard efficiency and exposes a number of general worries regarding the moral force of the MFA. We end this article with a constructive suggestion on how to adjust the MFA to avoid these problems while preserving its contractualist and Paretian spirit. (shrink)

Corporate activities conducted under the banner of creating shared value (CSV) have gained popularity over the last decade, and some MNCs have espoused that CSV has entered the heart of their practices. There has, however, been criticism about the lack of a standard definition of CSV. The purpose of the current study was to develop a working definition of CSV by identifying distinctions between CSV and various conceptions of corporate social responsibility (CSR). We conducted 26 semi-structured interviews with managers and (...) stakeholder representatives of five multinational corporations (MNCs) and three small and medium enterprises (SMEs), all headquartered or rooted in Asia. These firms had received public recognition for their CSV engagement. We compared and contrasted interviewees’ conceptions and descriptions of CSV and traditional CSR (philanthropy) and mapped these against Carroll’s four-layer model of responsible corporate management. Interviewees tended to frame CSV as a sustainable business model that generates social and economic value simultaneously. Traditional CSR was characterized as “giving back” some of the surplus from economic returns. In addition, interviewees described examples of strategic CSR, which involved pump-priming interventions for empowering and enabling stakeholders of the CSV practices of the focal firm to participate in the associated wealth and well-being co-creation. Keywords: Corporate social responsibility, creating shared value, qualitative, Asia. (shrink)

Automated vehicles promise much in the way of both economic boons and increased personal safety. For better or worse, the effects of automating personal vehicles will not be felt for some time. In contrast, the effects of automated work vehicles, like semi-trucks, will be felt much sooner—within the next decade. The costs and benefits of automation will not be distributed evenly; while most of us will be positively affected by the lower prices overall, those losing their livelihoods to the automated (...) semi-trucks and other similar work vehicles will be much worse off. This sets up a classic distributive justice problem: how do we balance the harms and benefits of automation? In this paper, the authors recommend work alternatives: policies that the government would enact in order to ensure that each person could live a decent life even if one could not work, especially for reasons like having one’s job automated. After arguing for this position, we propose some policy guidelines. (shrink)

The ethical basis of trade unionism is the principle of solidarity, according to which “an injury to one is an injury to all.” The principle is analyzed in accordance with three competing interpretations: a “common-interest” interpretation, a “common-fate” interpretation, and a “common front” interpretation. The last of these interpretations, according to which the principle sets out “the terms of a mutually advantageous practice of reliable and reciprocal defence of one another, as if we were each defending ourselves,” is explained and (...) defended. (shrink)

Any effort to specify identity conditions for corporations faces significant challenges. Corporations are amorphous. Nature draws no hard lines defining where they start or stop, whether in space or time. Corporations are also frustratingly dynamic. They often change the most basic aspects of their composition by exchanging parts, splitting and merging, changing ownership, and reworking fundamental internal operations. -/- Even so, we apply corporate identity conditions all the time. Both law and common intuition recognize that corporations do things—like pollute environments (...) or mislabel addictive medications—that call for judgment. Imposing judgment on corporations presupposes some implicit view of corporate identity that allows us to say, “This corporation that we now judge is the same one that misbehaved.” -/- This chapter draws on evidence from court decisions and experimental philosophy to unpack the fundamentally different visions of corporate identity implicitly encoded in law and in common intuition. The discrepancies suggest important lessons for lawmakers and corporate managers. (shrink)

This essay examines the concept of leadership as it is commonly understood within the field of leadership studies today. The inquiry is framed by an analysis of three generally accepted definitions of leadership. I look at the selected definitions from four angles, which I call the four dimensions of leadership: the behavioral (what the leader does, or ought to do, that makes it leadership), the asymmetrical (in what sense a leader is different from the others in the group), the social (...) (what it is that the leader is leading), and the teleological (what the direction is). By doing this, I find that these definitions can be problematic, if instructively so. I identify two underlying concerns. The first problem is the tendency to fuse informal and formal leadership into a single concept. I argue that informal and formal leadership can be more helpfully understood, rather, as two separate, if sometimes overlapping, concepts, each needing its own definition and analysis. This is because formal leadership is a functional concept, while informal leadership is not; this entails not only that each type of leader is leading a different type of entity, but also that each is judged by different standards. The second problem is, paradoxically, a bias against leadership. To put this less polemically: scholars who recognize that organizational success can be hindered by excessive emphasis upon hierarchy, and who thus study the dynamics of egalitarian collaboration, can inadvertently generate confusion by allowing the honorific of “leadership” to be applied also to that work. So, I propose definitions of the two key concepts, formal and informal leadership, with the suggestion that this provides a helpful method of sorting leadership scholarship into three categories: formal leadership; informal leadership; and egalitarianism. (shrink)

Should we kill animals to save animals? This question lies at the heart of this case study. Sovereign nations have an interest in protecting and conserving their natural resources, and in particular their distinctive flora and fauna. As they seek to promote these interests, they inevitably face the economic question of how they are going to finance their conservation efforts. One way of answering this question is to engage in the practice of selling big game hunting licenses and using the (...) revenues to fund conservation programs. This strategy is counterintuitive (and to some, morally repellent); but it has a partial track record of success in places such as Namibia, South Africa, and the United States. Despite its successes, there are some who believe that the moral objections to such a strategy outweigh any potential benefits. This case study provides the student with an opportunity to explore the tension between the desire to save endangered animals and the possibility that the best way to do that involves killing some of them. (shrink)

This chapter defends the view that manipulated behaviour is explained by an injustice. Injustices that explain manipulated behaviour need not involve agential features such as intentionality. Therefore, technology can manipulate us, even if technological artefacts like robots, intelligent software agents, or other ‘mere tools’ lack agential features such as intentionality. The chapter thus sketches a comprehensive account of manipulated behaviour related to but distinct from existing accounts of manipulative behaviour. It then builds on that account to defend the possibility that (...) we are being manipulated by technology. (shrink)

Are we being manipulated online? If so, is being manipulated by online technologies and algorithmic systems notably different from human forms of manipulation? And what is under threat exactly when people are manipulated online? This volume provides philosophical and conceptual depth to debates in digital ethics about online manipulation. The contributions explore the ramifications of our increasingly consequential interactions with online technologies such as online recommender systems, social media, user-friendly design, micro-targeting, default-settings, gamification, and real-time profiling. The authors in this (...) volume address four broad and interconnected themes: • What is the conceptual nature of online manipulation? And how, methodologically, should the concept be defined? • Does online manipulation threaten autonomy, freedom, and meaning in life, and if so, how? • What are the epistemic, affective, and political harms and risks associated with online manipulation? • What are legal and regulatory perspectives on online manipulation? The Philosophy of Online Manipulation brings these various considerations together to offer philosophically robust answers to critical questions concerning our online interactions with one another and with autonomous systems. It will be of interest to researchers and advanced students working in moral philosophy, digital ethics, philosophy of technology, and the ethics of manipulation. (shrink)

Amartya Sen’s remarkable endeavour to realize the normative capability of welfare economics goes beyond the impecunious resultants of the neoclassical welfare economy. The neoclassical welfare economy decoratively bracketed values to speculate about factual observations. This was due to the influence of logical positivists and their convictions about experimental scientific statements (primarily mathematical) and their vicinity to empirical truths and analytic statements. Sen adequately inquires “whether morality can be expressed in the form of choice between preference patterns rather than between actions” (...) (Sen, 1997a, 78). “A new phase classical theory” in economics from the hands of Sen and some others put forth two pivotal issues in a unified manner: a. Mathematical models of an economy. b. Ethical reflection on the subject of welfare economy–a value-laden enterprise in Sen’s literature. -/- In general, welfarists and utilitarians affirm that moral values are anchored in individual agency and involve mental metric utilities (pleasure, happiness, pain etc.). This focus, first of all, results in a disadvantage, as it undermines freedom in terms of achievement. Secondly, it pays no heed to achievement reasonably giving more importance to those who are incapable of reflecting on any one of those mental metrics. Besides, Sen argues that equality of opportunity does not accord with the equality of freedom, and its reason is rooted in the scope of the incongruity of human beings and the diversified meanings of efficiency. Developing a general methodological approach to revisit the notion of inequality concerned by exploring a particular substantive stand that Sen aims to underscore involves examining how social arrangements work to define freedom, capabilities, and welfare to ensure comparisons and assessments of quality of life. (shrink)

This paper introduces a body of research on Organizational Behavior and Industrial/organizational Psychology that expands the range of empirical evidence relevant to the ongoing character-situation debate. This body of research, mostly neglected by moral philosophers, provides important insights to move the debate forward. First, the OB/io scholarship provides empirical evidence to show that social environments like organizations have significant power to shape the character traits of their members. This scholarship also describes some of the mechanisms through which this process of (...) reshaping character takes place. Second, the character-situation debate has narrowly focused on situational influences that affect behavior episodically and haphazardly. The OB/io research, however, highlights the importance of distinguishing such situational influences from influences that, like organizational influences, shape our character traits because they are continuous and coordinated. Third, the OB/io literature suggests that most individuals display character traits that, while local to the organization, can be consistent across situations. This puts pressure on the accounts of character proposed by traditional virtue ethics and situationism and provides empirical support to interactionist models based on cognitive-affective processing system theories of personality. Finally, the OB/io literature raises important challenges to the possibility of achieving virtue, provides valuable and untapped resources to cultivate character, and suggests new avenues of normative and empirical research. (shrink)

Man essentially is a being who pursues meaning and love. How is it possible that today, the concept of man as the rational economic man dominates the current human stage of thought? Why and how has this concept of man taken precedence over the Platonic description? What has made for the triumph of Homo oeconomicus? What has happened to the human race since money has vanquished beauty as the defining essence of humanity? What does it mean that Plato’s ideas sound (...) so alien to us now, so far-fetched, when to the Athenians, they made perfect sense? What does it mean that contemporary man would consider it to be absurd to define the motivating drive of the human being as being led by Eros to the pursuit of beauty when to the ancient Athenians it would be absurd to define the motivating drive of the human being as being led by the goal of the maximization of profit? (shrink)

In this chapter, we will argue that the very concept of risk management must be called into question. The argument will take the form that the use of the phrase ‘risk management’ operates to cover over the ethical dimensions of what is at the bottom of the problem, namely, risky decision making. Risky decision making takes place whenever and wherever decisions are taken by those whose lives are not immediately threatened by the situation in which the risk to other people’s (...) lives is created by their decision. The concept of risk management implies that risk is already there, not created by the decision, but lies already inherent in the situation that the decision sets into motion. The risk that exists in the objective situation simply needs to be “managed”. By changing the semantics of ‘risk management’ to ‘risk taking’ or ‘risky decision making’, the ethics of responsibility for risking other people’s lives will come into focus. The argument of the chapter is that by heightening the ethical sensitivity of decision makers, these decision makers will be less likely to make decisions that will cause harm and/or death to those who are the principal actors in the situation created by the decision. (shrink)

The argument of this paper, written by an ethicist and a philosopher, is that self-interest economics is fundamentally flawed and needs to be replaced by a spiritual economics or a value based economics. Its argument contains two interwoven threads. One thread is an attempt to show why the fundamental philosophical notions of Adam Smith, taken as an illustration of self-interest economics, cannot lead to an equitable society. Smith’s Wealth of Nations, according to Jacob Viner, ‘ became a significant factor in (...) determining the course of national policy not only in Britain but in other countries as well. This is much more than any other economic work has ever achieved; and Smith probably has had much more influence than any other economist.’ One wonders if it is Smith that Keynes had in mind when he famously quipped that all of us are slaves of some defunct economist. This despite Schumpeter’s trumpeted dictum that ‘the Wealth of Nationsdoes not contain a single analyticidea, principle or method that was entirely new in 1776.’. (shrink)

Corruption devours profts, people, and the planet. Ethical leaders promote ethical behaviors. We develop a frst-stage moderated mediation theoretical model, explore the intricate relationships between ethical leadership (member rated, Time 1) and employee ethical behaviors (leader rated, Time 3), and treat ethical climate and organizational justice (member rated,Time 2) as dual mediators and leaders’ moral attentiveness (leader rated, Time 3) as a moderator. We investigate leadership from two perspectives—leaders’ self-evaluation of moral attentiveness and members’ perceptions of ethical leadership. We theorize: (...) These dual mediation mechanisms are more robust for high moral leaders than low moral leaders. Our three-wave data collected from multiple sources, 236 members and 98 immediate supervisors in the Republic of Iraq, support our theory. Specifcally, ethical leadership robustly impacts organizational justice’s intensity and magnitude, leading to high employee ethical behaviors when leaders’ moral attentiveness is high than low. However, ethical leadership only infuences the ethical climate’s intensity but has no impact on the magnitude when leaders’ moral attentiveness is high than low. Therefore, organizational justice is a more robust mediator than the ethical climate in the omnibus context of leader moral attentiveness. Our fndings support Western theory and constructs, demonstrating a new theory for Muslims in Arabic’s emerging markets. Individual decision-makers (subordinates) apply their values (ethical leadership) as a lens to frame their concerns in the immediate (organizational justice and ethical climate) and omnibus (leader moral attentiveness) contexts to maximize their expected utility and ultimate serenity-happiness. Ethical leadership trickles down to employee ethical behaviors, providing practical implications for improving the ethical environment, corporate social responsibility, leader-member exchange (LMX), business ethics, and economic potentials in the global competitive markets. (shrink)

In today's global economy, organizational effectiveness and innovation have become top priorities, putting pressure on all businesses worldwide. Therefore, this study aims to explore the impact of organizational culture on effectiveness through organizational innovation. We analysed organizational resistance as a boundary condition on the relation of organizational innovation and effectiveness to seek whether organizational resistance enhances the positive effect of organizational innovation on effectiveness and on the indirect effect of organizational culture on the effectiveness of organization via organizational effectiveness. Organizational (...) resistance is important because it occurs when employees understand how they fit into the new way of doing things, such that organizational innovation has a positive impact on organizational effectiveness. The data were collected in two waves from 280 manager-employee dyads operating in Pakistan’s banking industry. The outcomes indicated that organizational culture positively influences organizational effectiveness; therefore, this relationship is mediated by organizational innovation. The positive influence of organizational innovation on organizational effectiveness is greater among individuals who embraced improvements rapidly than among those who did not. Additionally, organizational resistance reinforces the relationship between organizational culture and effectiveness through organizational innovation, such that the relationship is greater for those who embrace compliant advancement. Thus, the theoretical and practical implications of this study are discussed. (shrink)

En el Perú, el 2021 se ha caracterizado por una presencia significativa de inestabilidad política; principalmente, por la lucha mediática y pretenciosa que emprendió la candidata de ultraderecha, Keiko Fujimori, por asumir el poder y negar cualquier medio legítimo que optara el actual presidente de la República, Pedro Castillo. A ello, se le añadió el impacto negativo que dejó la pandemia del COVID-19 en los distintos ámbitos; en especial, en el económico. En ese contexto, la entrevista hecha al inversionista Julio (...) César Galarreta Koicheoski busca dilucidar aquellos medios alternativos, legales y eficaces que existen para que los ciudadanos no resulten afectados. Una de sus alternativas consiste en el negocio que él está desarrollando con respecto a los préstamos que se realizan en las casas de empeño, sin que para ello se asuman riesgos mayores. Esta modalidad es muy diferente de la que emplean los bancos, las financieras, las cajas o las cooperativas de ahorro y crédito, puesto que sus clientes no requieren un historial crediticio favorable, como el de figurar en Infocorp con una calificación indeseable o el de tener préstamos impagados. Más bien, necesitan contar con un artículo que posea un valor dentro del mercado contemporáneo. La valuación, la cotización y los intereses del mismo se producirán a partir de esa lógica, con la finalidad de que exista un beneficio mutuo entre el cliente y la casa de empeño. La dinámica económica que oscila en esta conversación resulta neurálgica, merced a que brinda al lector una información que le permitirá conocer los medios a los que puede acceder para obtener un préstamo en caso de que tenga dificultades al solicitarlo en las formas tradicionales. (shrink)

At the centenary of Frank H. Knight’s Risk, Uncertainty, and Profit (1921), we explore the continuing relevance of Knightian uncertainty to the theory and practice of entrepreneurship. There are three challenges facing such assessment. First, RUP is complex and difficult to interpret. The key but neglected element of RUP is that Knight’s account is not solely about risk and uncertainty as states of nature, but about how an agent’s beliefs about uncertain outcomes and confidence in those beliefs guide their choices. (...) Second, RUP is Knight’s only effort in this area. His subsequent career led elsewhere, so he did not engage with subsequent interpretations of this work. Third, much of the current literature emphasizes that decisions must be different under the two states of nature with a consequent misunderstanding of entrepreneurial agency. This paper addresses each challenge in sequence. First, we explicate Knight’s (1921) approach and explain why that approach is murky. Second, as a complement to Knight’s interpretation, we examine Frank P. Ramsey’s approach to subjective probabilities to help clarify Knight’s murky approach. What links Knight and Ramsey is a shared pragmatism about entrepreneurial agency under uncertainty that depends upon the beliefs about, and confidence in, their judgments of possible outcomes. This Knight-Ramsey approach does not require actor’s behaviors to be determined by the class of uncertain environment (whether risk, uncertainty, or ambiguity) they face. We focus on the response by the entrepreneur to the existence of uncertainty in all its forms. We argue that this reductive account provides a foundation to examine common problems in management, including managerial hubris, the interaction between entrepreneurs and venture capitalists, and the need for experimentation (such as prototyping and market research) in advance of new product and venture launches. Third, we critique current literature that favors epistemic purism about the ontology of risk and uncertainty and ignores Knight-Ramsey pragmatism in meeting uncertainty, such as using formal and informal institutions for uncertainty mitigation. Our account locates Frank Knight’s subtleties in entrepreneurial behavior firmly in the literature on entrepreneurial agency a century later. (shrink)

Translation into Portuguese of SEP entries on Philosophy of Economics.

There are two opposing views concerning intuitive cases of wage exploitation. The first denies that they are cases of exploitation at all. It is based on the nonworseness claim: there is nothing wrong with a discretionary mutually beneficial employment relationship. The second is the reasonable view: some employment relationships can be exploitative even if employers have no duty towards their employees. This article argues that the reasonable view does not completely defeat defences of wage exploitation, because these do not rely (...) solely on the nonworseness claim. They also rely on the idea, popularised by Alan Wertheimer, that exploitation is a form of disequilibrium price occurring in defective markets. The article then proceeds to criticise Wertheimer’s account through neoclassical, new institutional, and Austrian economics. It concludes that considerations for economic efficiency are irrelevant to assessing intuitions regarding exploitation. (shrink)

Political theorists have recently sought to replace the liberal, contractual theory of the firm with a political view that models the authority relation of employee to firm, and its appropriate regulation, on that of subject to state. This view is liable to serious difficulties, however, given existing discontinuities between corporate and civil authority as to their coerciveness, entry and exit conditions, scope, legal standing, and efficiency constraints. I here inspect these, and argue that, albeit in some cases significant, such discontinuities (...) fail to undermine the firm/state analogy, either because they are not significant enough to do so or because the particular trait on which they hinge is not decisive for how authority, in the state and in the firm, should be regulated to be legitimate. A pro tanto requirement exists, I thus argue, that corporate authority be held to regulatory norms comparable to those legitimate states abide by, including civil liberties, rule-of-law constraints, and accountability to subjects. (shrink)