There is a “Pragmatist turn” visible in the field of organization science today, resulting from a renewed interest in the work of Pragmatist philosophers like Dewey, Mead, Peirce, James and others, and in its implications for the study of organizations. Following Wicks and Freeman, in the past decade Pragmatism has also entered the field of business ethics, which, however, has not been uniformly applauded in that field. Some scholars fear that Pragmatism may enhance already existing positivist and managerialist tendencies in (...) current business ethics, while others see more emancipatory potential in Pragmatism, arguing that it complements and supports stakeholder theory. In this paper, a comparison of the philosophical underpinnings of Pragmatist and Critical conceptions of business ethics is offered, concentrating on the Pragmatism of John Dewey and the Critical theory of the Frankfurt School, in particular of Axel Honneth. It is argued that these two developed along two converging lines. Along the first line, Dewey was far more skeptical and critical of capitalism than is often thought. Along the second line, the reactions to Pragmatism of Frankfurt School Critical theorists developed over time from generally hostile, to partially inclusive, to more fully integrative. At the crossroads of these converging lines a Pragmatist Critical perspective is developed and exemplified, and its implications for business ethics are outlined. (shrink)