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Enactment of responsible management (RM) can be fostered by giving actors discretionary freedom to act responsibly and/or by controlling them to act responsibly. RM research has dominantly taken a contingency approach that focuses on conditions under which actors should choose either freedom or control. However, this approach does not offer insights into entangled freedom and control dynamics and is a poor fit for the inherently processual RM phenomenon. We propose a paradox process alternative, mobilizing the lens of smoothing–striating dynamics, which (...) |
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In both the public and the business world, in academe as well as in practice, the ideas of Adam Smith are regarded as the bedrock of modern economics. When present economic conditions and management practices are criticised, Adam Smith is referred to by defenders and detractors of the current status quo alike. Smith, it is believed, defined the essential terms of reference of these debates, such as the rational pursuit of self-interest on part of the individual and the resultant optimal (...) |
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This study addresses a fundamental concern of research on economic ethics by examining the values of economics. While other studies have linked the study of economics to the adoption of rational economic behavior, this study goes one level deeper, investigating the values that underpin neoclassical economics and whether they are transmitted to students. We find that the study of economics is associated with an increase in hedonism and power values, a decrease self-direction value, and possibly a decrease in universalism value. (...) |
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The notion of dignity as that which has intrinsic value has arguably been neglected in economics and management despite its societal importance and eminent relevance in other social sciences. While management theory gained parsimony, this paper argues that the inclusion of dignity in the theoretical precepts of management theory will: improve management theory in general, align it more directly with the public interest, and strengthen its connection to social welfare creation. The paper outlines the notion of dignity, discusses its historical (...) |
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This article is the editorial introduction to the special issue “Subsidiarity and the Logic of Gift in Business.” It provides a conceptual overview of subsidiarity and the logic of gift in business and society and it introduces the five essays that compose the special issue. This introduction and the five essays open new perspectives on subsidiarity, a principle that enables people, organizations, and society to address different needs at the appropriate level, working to achieve human flourishing, and the common good. |
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We sketch out two basic paradigms informing banking practice: the economistic paradigm focusing on profit maximization and the humanistic one, serving the common good. We then highlight paradigmatic cases to explore how each of these business models fared during the quasi-natural experiment of the financial crisis. We find that many humanistic banks outperformed traditional economistic banks. Despite the uneven playing field humanistic banks fared remarkably well with regard to traditional financial performance judgements, muting criticisms of competitiveness. We find that overall (...) |
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Today’s globalized economy cannot be governed by legal strictures alone. A combination of self-interest and regulation is not enough to avoid the recurrence of its systemic crises. We also need virtues and a sense of corporate responsibility in order to assure the sustained success of the global economy. Yet whose virtues shall prevail in a pluralistic world? The moral theory of Thomas Aquinas meets the present need for a business ethics that transcends the legal realm by linking the ideas of (...) |
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In management literature, practical wisdom is increasingly perceived as a necessary resource for excellence in judgment. However, so far, little effort has been devoted to provide substantive guidance on how to apply practical wisdom into day-to-day managerial decision-making processes. In order to close this gap, we develop an item-based guideline for self-guided decision-making, which explores the specific aspects a practically wise decision-making process inherently entails. To do so, we introduce the concept of practical wisdom, highlight its recent adaptions in management, (...) |
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Michael Jensen made a name for himself in the 1970s–1990 s with his ‘agency theory’ and its application to questions of corporate governance and economic policy. The effects of his theory were acutely felt in the pedagogics of business studies, as Jensen lent his authority to combat all attempts to integrate social considerations and moral values into business education. Lately, however, Michael Jensen has come to defend quite a different approach, promoting an ‘integrity theory’ of management learning. Jensen now rather (...) |
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This paper argues that the MBA, probably the most successful academic program of the last 50 years, negatively affects the theory and practice of management with regard to ethics through its pedagogy, structure, and its underlying epistemic assumptions. In particular I seek to demonstrate how the syllabus, the pedagogy and the epistemological assumptions of MBA programs together make managers/leaders unable and unwilling to deal with ethics. I also argue that while the what and the how play a very important role, (...) |
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Lamenting the deplorable state of business ethics is, itself, a staple of the deplorable state of business ethics. But if, as its many critics claim, business ethics continuously fails to deliver on its promise, what could take its place in management education? After business ethics—How else can we integrate ethics into the curriculum? This article argues that an ethical grounding of business theory and corporate practice requires a critique of conventional economics, replacing the mechanistic paradigm that predominated economics over the (...) |
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It is drearily fashionable to criticise the business community for its chronic refusal to take values - beyond the bottom line - seriously. A more honest investigation of the phenomenon of moral bankruptcy in global business and finance, however, reveals that a prior crisis among humanists - widespread denial of the very existence and even desirablility of universal values - predates the financial crises and big business scandals of recent decades, and deserves a healthy portion of the blame for them. (...) |
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Today, capitalism is in question, as the 2013 Academy of Management conference theme claimed. Many view business skeptically because they see capitalism as incompatible with ethics. The same problem pervades the business ethics education classroom. Business ethics can be taught in a way that demonstrates that economics and ethics are compatible and are integrated most directly in the function of management. This essay provides an overview of Ayn Rand’s philosophy as an alternative to current conventions but largely consistent with approaches (...) |
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Property regimes are based on fundamental values of the society or group that designs and reproduces them. This paper analyses the ethical underpinnings of Progressive Commons in comparison to the values underlying private property and traditional Commons. Against this backdrop, we discuss the potential of Progressive Commons to address major challenges in context of the twenty-first century economy. Seed Commons serve as an example. Our analysis shows that Progressive Commons respond to contemporary societal and environmental challenges by re-interpreting the classical (...) |
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We identify a normative paradox of responsible management education. Business educators aim to promote social values and develop ethical habits and socially responsible mindsets through education, but they attempt to do so with theories that have normative underpinnings and create actual normative effects that counteract their intentions. We identify a limited conceptualization of freedom in economic theorizing as a cause of the paradox. Economic theory emphasizes individual freedom and understands this as the freedom to choose from available options. However, conceptualizing (...) |
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This paper argues that economics, over the past 200 years, has become steadily more anti-philosophical and that there are three stages in the development of economic thought. Adam Smith intended economics to be a descriptive social science, rooted in an understanding of the moral and psychological processes of an individual’s decision-making and its connection to society in general. Yet, immediately after Smith’s death, economists made a clean cut and invented a totally new discipline: they switched towards a physicalist understanding of (...) |
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In today’s world, given the relative importance that companies are giving to corporate social responsibility, sustainability, human rights, and ethics, it is logical to assume that the humanistic trend is gaining support over the economistic, especially in the most developed countries. The paper serves both to introduce the topic of circular migration and to suggest that humanistic management principles are not applied to circular migration programs. First, we contrast humanism with economism as fundamental approaches to business goal setting. Then, we (...) |
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In order to provide context and ground for a future assessment of the manifold overlap and possible differences between the Humanistic Management Project and the Weltethos Project, this article offers a comprehensive assessment of the history, arguments, and relevance of the Weltethos Project as applied to economics and business. A literature review of foundational documents on “Weltethos” and “Weltethos for business” outlines essential elements and arguments from two main Weltethos Project pioneers. It first recounts how its founder, the theologian Hans (...) |
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Presently it is en vogue to search and research business models heedful to concerns of social, moral, and ecological sustainability. On the view here defended, however, we ought not to strive for piecemeal corrections but for a thoroughgoing paradigm change of the predominant economic theories and practices in favor of a genuinely ‘humanistic management.’ This very call for humanistic management serves as an introduction into this paper. The article then lays out a concept of humanistic management in three methodologically distinct (...) |
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Innovation is strongly associated with survival and growth of all kind of organizations in a global competitive economy. Moreover, nowadays companies are increasingly questioned on how they deliver innovative solutions to deep-seated problems, such as poverty. Our research aims to understand how Economy of Communion companies respond to this challenge by applying the logic of gratuitousness and giving. This paper examines the altruistic behaviour of EoC leaders and the connection with organizational innovation, necessary for firm’s survival in the long-term. We (...) |
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The paper takes a fresh look at two essays that Adam Smith wrote at the very beginning of his career. In these essays, Smith explains his philosophy of science, which is social constructivist. A social constructivist reading of Smith strengthens the scholarly consensus that The Wealth of Nations needs to be interpreted in light of the general moral theory he explicates in The Theory of Moral Sentiments, as the two essays and TMS stress the importance of the same concepts: e.g., (...) |
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The Confucian tradition, which places the virtue of ren or fellow feeling at its heart as a ‘gateway’ to the more concrete virtues of common Western parlance, offers a potential antidote to the excesses of a Western business ethics which, even after its recent academic reembrace of the Aristotelian tradition, in practice still too often instrumentalises virtue in the service of a ‘rational’ or ‘reasonable’ constraining of the profit motive. The deeper, intrinsic ‘ethos’ promised by a Confucian approach also finds (...) |
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