The primary appeal of stakeholder theory in business ethics derives from its promise to help solve two large and often morally difficult problems: (1) how to manage people fairly and efficiently and (2) how to determine the extent of a firm's moral responsibilities beyond its obligations to enhance its profits and economic value. This article investigates a variety of conceptual quandaries that stakeholder theory faces in addressing these two general problems. It argues that these quandaries pose intractable obstacles for stakeholder (...) theory which prevent it from delivering on its large promises. Acknowledging that various versions of stakeholder theory have made a contribution in elucidating the complex nature of firms and business decision making, the article argues that it is time to move on. More precise explications of the nature of modern firms focusing on the application of basic moral principles to different business contexts and situations are likely to prove more accurate and useful. (shrink)

One can work for another person, probably for all the others in an ethical way, and not for money. This is the main idea pursued in this article. When it comes to labour, we are inclined to deal with Marx. But even Marx apparently did not notice this ethical side of labour, because his focus was mainly on the creation of value, which was common among thinkers at that time, such as Locke and Smith. In contrast, Hegel consistently tackled the (...) same issue from another angle: ethics. In terms of this, he went so far as to say the dignity of humans should be located in labour. We shed light on this very aspect of Hegel’s philosophy by reference to Alexandre Kojève’s famous commentary, Introduction à la lecture de Hegel. (shrink)

This article presents the most important strands of the philosophical debate about markets. It offers some distinctions between the concept of markets and related concepts, as well as a brief outline of historical positions vis-à-vis markets. The main focus is on presenting the most common arguments for and against markets, and on analyzing the ways in which markets are related to other social institutions. In the concluding section questions about markets are connected to two related themes, methodological questions in economics (...) and the topics of business ethics and corporate social responsibility. (shrink)

This essay provides an overview of business ethics. I describe important issues, identify some of the normative considerations animating them, and offer a roadmap of references for those wishing to learn more. I focus on issues in normative business ethics, but discuss briefly the growing body of work in descriptive business ethics. I conclude with a comment on the changing nature of the field.

Abstract What do we mean to say when we call some person a good business manager? And where do the criteria flow from by which we judge people good business managers? I answer these questions by drawing on von Wright's distinction between several varieties of goodness. We can then discriminate between instrumental, technical and moral senses of the expression ?to be a good business manager?. The first two senses presume that business managers have a characteristic task or that they engage (...) in typical activities. It is natural to specify this task and these activities by appealing to goods and to the good of a business. These goods may then be identified as goods for people. Insofar as the welfare of people is of moral value, we obtain a morally loaded account of business management. I argue against this account and plead for a more sober understanding of economic goods and of the good of a business. The latter can be understood in analogy to the good of an individual person, but is largely determined by the goals of the founders and owners. Economic goods are things that are wanted by some people and thus exchanged on markets. If this is so, then there is no direct conceptual path from instrumentally or technically good business managers to morality even though there are certain affinities. To conclude, I trace the consequences for our understanding of business ethics. (shrink)

Nowadays most of the big companies pride themselves on their social responsibility. When visiting the websites of IBM, Cisco, ING, Philips, BP, etc., one will easily find a tab called ‘corporate social responsibility’, or ‘sustainability’.1 Here, companies describe how they contribute to the community and balance their impact on the environment. Why do they do that? There is a long tradition of moral considerations for commerce. In the early days of capitalism, the goal of the business was solely to make (...) profits. This changed when business was challenged by social movements and legislation. Nowadays, business is not only responsive to external pressure, but is rather proactive in its social responsibility. Companies keep extending their responsible agenda, often going beyond legislation. It appears that companies have adopted their ethical dimension. Corporate Social Responsibility seems to have found a way to make capitalism work for societies, with businesses driving social betterment. (shrink)