The invisible hand image is at the centre of contemporary debates about capacities of markets, on which discussion of many other topics in business ethics rests. However, its meaning in Adam Smith's writings remains obscure, particularly the religious associations that were obvious to early readers. He drew on Isaac Newton's theories of divine action and providence, mediated through the moderate Calvinism of the eighteenth century Scottish circles in which he moved. I argue within the context of Smith's general providential account (...) of markets, the invisible hand operates restrain inequality and capital flight, thereby stabilizing the market system. Such an understanding of the invisible hand raises questions for contemporary religious and secular discussions of the capacities of markets in the wake of the global financial crisis. (shrink)

In this article we argue that puzzle of tax compliance can be explained, at least in part, by recognizing the typically neglected role of ethics in individual behavior; that is, individuals do not always behave as the selfish, rational, self-interested individuals portrayed in the standard neoclassical paradigm, but rather are often motivated by many other factors that have as their main foundation some aspects of “ethics.” We argue that it is not possible to understand fully an individual’s compliance decisions without (...) considering in some form these ethical dimensions. Specifically, we argue here that there is much direct and indirect evidence that ethics differ across individuals and that these differences matter in significant ways for their compliance decisions. We then put this in the larger context of the inability of the standard neoclassical paradigm to explain compliance of at least some individuals, and we suggest several possible avenues by which theory can be expanded to incorporate ethics. We conclude by arguing that a full house of compliance strategies is needed to combat tax evasion, strategies that include the traditional “enforcement” paradigm suggested by and consistent with neoclassical theory, a less traditional “service” paradigm that recognizes the important role of a “kinder and gentler” tax administration in encouraging compliance, and, importantly, a new “trust” paradigm that is built on the foundation of ethics, in which the tax administration must recognize that it can erode the ethics of taxpayers by its own decisions. (shrink)

We briefly review the recent literature on globalization, and present empirical evidence showing that economic globalization has been correlated with higher economic growth and lower poverty rates. We then evaluate the consequences of economic globalization in light of standards of commutative justice as Smith articulated, distributive justice as Rawls presented, and practical justice as Kolm explicated. This essay argues that economic globalization fulfills the requirements of all three species of justice.

This article surveys the output of contemporary Italian philosophers and distinguishes three principal ways of approaching their intellectual endeavor: denial, the “evil-queen syndrome,” and compliance. Philosophers in a state of denial seem unaware of the loss in status that Italian philosophy as an academic discipline suffers in international forums. The evil-queen syndrome concerns the habit of compiling surveys of past philosophies, focusing on traditions of which one considers oneself the privileged inheritor. Compliance—in its commendable aspect—refers to the growing number of (...) philosophers who participate in international debates, whose forums are for the most part Anglo-American peer-refereed journals. This article urges a less subservient intellectual attitude, capable of contributing new ideas and arguments to the international philosophical forum. (shrink)

This chapter appeared in: G. J. van Nes et al. (eds.), Relational Anthropology for Contemporary Economics. Dordrecht: Springer, 121-132. -/- Abstract: This chapter is a comment on the contribution of Rebecca Klein in this volume, preceded by a conceptual analysis of the argument that is developed in the Homo Amans position paper. The main question that is raised is twofold and concerns the relation between science and worldview on the one hand, and between science and economic life on the other. (...) With respect to the science – worldview relationship, it is doubted that science can play the role the authors of the Homo Amans project expect it can have. What they have in mind is that science helps in validating and legitimizing a biblically informed concept of love. This author disagrees, to a large extent. Science can indeed orient itself on ideas and intuitions that are based on one’s worldview. But it cannot prove the truth of these intuitions and ideas. To think so, is to commit a naturalistic fallacy. With respect to the relationship between science and economic life, the author is also not convinced that science and philosophy as academic disciplines will by themselves be able (and should be expected to be able) to transform deeply ingrained, institutionally anchored economic practices. New theories, concepts, and paradigms are a precondition for change, but they do not bring about change by themselves. What is needed is a change in the practices themselves, a change that is both personal and comprehensive. What is needed is a clear, succinct, and encompassing view on the intrinsic normativity of economic interactions between relevant stakeholders in what we call ‘the’ economy. This is a huge undertaking, that requires painstaking ‘phenomenological’ analyses of a wide variety of economic practices. The chapter agrees with most of Klein’s observations and concerns with respect to the position paper. These observations and concerns gain even more depth and relief given the conceptual distinctions that are made in the chapter. (shrink)

Humanistic management emphasises the importance of respecting humanity in and through meaningful work within organisations. In this paper we introduce a Levinasian approach to organising. Levinas argues that the Other appeals to us and allows us to take responsibility towards the Other – i.c. an employee, a customer, a supplier, etcetera. In this article our focus is on employees. By taking the Other as a starting point of his reflections, Levinas helps to transform the organisation and management of work and (...) humans in business organisations. Based on the concept of alterity and becoming susceptible to the appeal that comes to us through what Levinas refers to as the ‘face of the Other’, we argue that the philosopher calls for ‘an agapeic turn’ to management and organisation. This turn means that the focus on the well-being of the employee – and the needs, interests, ideas, and expectations as perceived by him or her – should be at the core of organising. As a result, this paper calls for an increased focus on self-determination and self-organisation to allow the Other both voice and control over her or his behaviour, actions and contributions to the outputs and outcomes of one’s organisational unit. Through our focus on a Levinas approach, we concretize and deepen the traditional understanding of agape, making it more relevant to our functioning in a business setting. As a result, agape is introduced as an analytical concept that guides the structuring and the effectuation of human interaction in and through organisations. (shrink)

How important is it for managers to have the “nice” virtues of modesty, civility, and humility? While recent scholarship has tended to focus on the organizational consequences of leaders having or lacking these traits, I want to address the prior, deeper question of whether and how these traits are intrinsically morally important. I argue that certain aspects of modesty, civility, and humility have intrinsic importance as the virtues of relational equality – the attitudes and dispositions by which we relate as (...) moral equals. I provide a novel account of the normative grounds of the virtues of relational equality and develop a corresponding framework for how these virtues can be enacted by managers. The virtues are grounded in the value of opposing objectionable forms of social hierarchy, which requires social norms that grant all persons the same personal authority over their lives and interactions. I show how this view of virtue contrasts with prevailing Aristotelian, Personalist, and Smithian views in business ethics. I then explain how, for managers, sustaining and enacting the virtues of relational equality involves a distinctive cluster of role-specific traits: respect for employees’ equal personal authority, a commitment to express such respect, and a disposition to give equal weight and deference to employees’ relevant interests. (shrink)

The main goal of this thesis is to provide a clear basis for the analysis of alternative currencies, such as Bitcoin, LETS, Local currencies, the WIR or Carbon currencies. It attempts to determine whether alternative currencies might constitute just and workable alternatives, either in the form of small-scale experiments or in the form of more radical reforms. The first chapter proposes a new way to classify currencies. The second examines the case in favour of monetary plurality. The third analyses the (...) claims in favour of restricting the use of money locally, within a community, or to certain goods. The fourth studies the link between money and the market. Finally, a post-scriptum focuses on Bitcoin and cryptocurrencies. This thesis highlights that these currencies are drivers of several potential conflicts. Their widespread use might conflict with the adequate management of monetary policy, with social justice, and with liberal values. These conflicts are potential, for they would come into existence only if alternative currencies increased in scope. However, there is no reason to disregard potential conflicts when the case in their favour relies mostly on their potential benefits. (shrink)

Commercial republicanism is the idea that a properly-structured commercial society can serve the republican end of minimizing the domination of citizens by states (imperium) and of citizens by other citizens (dominium). Much has been written about this idea in the last half-century, including analyses of individual commercial republicans (e.g., Adam Smith and Immanuel Kant) as well as discussions of national traditions of the same (e.g., in America, Britain, France, the Netherlands, and Italy). In this chapter, I review five kinds of (...) arguments that have been historically offered for how commercial society so understood advances the republican ideal of non-domination: first, by simply realizing non-dominating relationships in the marketplace itself (Instantiation); second, by encouraging the growth of a wide middle class that can offer a counterweight to other, dominating classes (Internal Check-and-Balance); third, by increasing the wealth and power of republics vis-à-vis other, dominating states in the international arena (External Check-and-Balance); fourth, by helpfully nurturing bourgeois-civic virtues in republican citizens (Cultivating Virtue); and finally, by transforming dangerous passions into more readily regulable, even socially beneficial material interests (Sublimating Vice). I end the chapter by briefly considering commercial republicanism’s prospects as a continuing research program. (shrink)

Paolo Silvestri interviews Deirdre Nansen McCloskey on the occasion of her latest book, Bettering Humanomics: A New, and Old, Approach to Economic Science. The interview covers her personal and intellectual life, the main turning points of her journey and her contributions. More specifically, the conversation focuses on McCloskey’s writings on the methodology and rhetoric of economics, her interdisciplinary ventures into the humanities, the Bourgeois Era trilogy with its history of the ‘Great Enrichment’, her liberal political commitments, and the value and (...) meaning of liberty, equality, and solidarity. Finally, the conversation returns to McCloskey’s ‘humanomics’ approach: an economics with the humans left in. (shrink)

Among business ethicists, Adam Smith is widely viewed as the defender of an amoral if not anti-moral economics in which individuals’ pursuit of their private self-interest is converted by an ‘invisible hand’ into shared economic prosperity. This is often justified by reference to a select few quotations from The Wealth of Nations. We use new empirical methods to investigate what Smith actually had to say, firstly about the relationship between free market institutions and individuals’ moral virtues, and secondly about the (...) further relationship between virtues and societal flourishing. We show with more quantitative precision than traditional scholarship that the invisible hand reading dramatically misrepresents both the nuance and the sum of Smith’s analysis. Smith paid a great deal of attention to a flourishing society’s dependence on virtues, including the non-self-regarding virtues of justice and benevolence, and he worried also about their fragility in the face of the changed incentives and social conditions of commercial society. (shrink)

ABSTRACTCommerce changes the production of wealth in a society as well as its ethics. What is appropriate in a non-commercial society is not necessarily appropriate in a commercial one. Adam Smith criticizes Stoic self-command in commercial societies, rather than embracing it, as is often suggested. He argues that Stoicism, with its promotion of indifference to passions, is an ethic appropriate for savages. Savages live in hard conditions where expressing emotions is detrimental and reprehensible. In contrast, the ease of life brought (...) about by commerce fosters the appropriate expressions and sharing of emotions. Imposing Stoicism on a commercial society is therefore imposing an ethic for savages onto a refined society – something to abhor. Smith’s rejection of Stoicism in commercial societies can thus be seen as a defence of commerce. (shrink)

Malón (Arch Sexual Behav 44(4):1071–1083, 2015) kam zu dem Schluss, dass die üblichen Argumente gegen sexuelle Beziehungen zwischen Erwachsenen und Kindern vor der Pubertät nicht ausreichen, um deren moralische Zulässigkeit unter allen Umständen auszuschließen. Diese postulierte Lücke versuchte Malón (Sex Cult 21(1):247–269, 2017) mit Tugendethik zu füllen. Diesen Tugendethikansatz im zweiten von Malóns Fachartikeln fechtet der vorliegende Aufsatz an, indem er (1) die Ansicht in Frage stellt, dass Sex ein außergewöhnlicher Teilaspekt der Moral ist, der eines Tugendansatzes bedarf, (2) die (...) Ansicht in Frage stellt, dass die Tugendethik greift, wo andere Argumente gegen die Zulässigkeit von sexuellen Kind-Erwachsenen-Beziehungen scheitern, und (3) geltend macht, dass solche Beziehungen im Lichte eines anderen Tugendverständnisses tugendhaft erscheinen können. [This is a German translation of „Childhood ‘Innocence’ is Not Ideal: Virtue Ethics and Child–Adult Sex“, Sexuality & Culture (2018). DOI 10.1007/s12119-018-9519-1]. (shrink)

Catholic Social Teaching takes a rather cautious view toward the value of the ideas of Adam Smith, due to his emphasis on negative political and economic liberty. Detractors of Smith within CST point to what they consider to be deficiencies within his works: an impoverished moral anthropology, a lack of concern for the common good, and markets untethered to human needs. Defenders of Smith within CST tend to emphasize the material benefits that derive from Smithian institutions, such as economic growth, (...) improvements in standards of living, and the new opportunities that arise from cultures focused on innovation. This paper argues that Smith’s ideas have real value for CST. However, this value primarily lies in his moral psychology. While not denying the dangers of business activity for our moral lives, Smith also helps us to understand the possibility of the moral corruption of those who wield political power, thus providing an indirect defense of political and economic liberty that coheres with important Christian ethical notions found in CST. This is the case even though CST does not consistently recognize concerns surrounding the dangers of wielding political power—and thus Smith’s arguments offer real challenges to CST as well. This paper further suggests that these basic insights are relevant regardless of one’s favored institutional arrangements. (shrink)

Uncertainty is a feeling of anxiety and a part of culture since the dawn of civilization. Civilizations have invented numerous ways to cope with uncertainty, statistics is one of those technologies. The rhetoric as the discourse of investment theory uncovers that the theory of statistics applied is a blind spot in the current conversation about investment theory and practice. Probability and prediction in investment theory look like a tying sale, since investment theory is founded on stochastical predictability. The proof of (...) unpredictability, however, lies outside the paradigm of statistics, because statistics assumes that the substrate, that produces probability outcomes, is stable. The theory of objective probabilities founds the Capital Asset Pricing Model but does not stochastically predict, and neither do Markowitz’s subjective probabilities for his portfolio theory. Statistical models for investing have a function, despite that they cannot predict: in essence, the models try to quantify statistically the equity, the fairness of the distribution of risk and return between parties involved. In the dissertation, a lot of ideas to change finance have had attention: the alternative statistical theory of Mandelbrot, bubble theory, political finance, the analysis of rhetoric, the analysis of culture, innovative practices, ethics in the form of virtue and value ethics, and the history of finance. How to make the culture of finance more heterogeneous? That starts with awareness of the current problems, the introduction of multiform metaphors for investment theory, and handling the ambiguity of theory uncertainty, by presenting, explaining and elaborating the alternatives. (shrink)

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 (...) human nature. Humans, like atoms, follow a natural law: they are driven by an emotion (defined as a non-emotion, rationality), namely selfishness. Thus economics became a ‘natural’ science. In the 20th century, the second reinterpretation removed all traces of humanity from the study of economics and declared economics to be a formal science like mathematics and logics. The actor in Phase 3 economics is homo economicus syntheticus, a postulate whose only connection to real humanity is the word homo. The paper asks what the results of this dramatic relocation are and why Phase 3 economics still claims descent from Smithian economics, despite the massive differences. (shrink)

Smith's famous invocation of the invisible hand -according to which self-interest promotes the greater good — has popularly been seen as a fundamental challenge to business ethics, a field committed to the opposite premise that the public interest cannot be advanced unless economic egoism is restrained by a more socially conscious mindset, one that takes into account the legitimate needs of stakeholders and the reciprocity inherent in networked relationships. Adam Smith has been brought into the discipline to show that his (...) authority cannot be summoned to fully support the free market sceptics of business ethics. Little has been done, however, to illustrate that Smith's moral writings actually contain the fundamentals of a business ethics teaching for managers who necessarily work within a variety of networks. This article analyses his moral thought to infer a Smithean framework of business ethics for managers. Smith believes that self-interest should be subordinated to moral imperatives, even in the business world. However, Smith rejects the principles of corporate social responsibility on the argument that benevolent impulses cannot be expected to prevail in the commercial arena. Instead of consciously trying to advance the social good, Smith's ideal manager will endeavour to personally live up to the standards enforced by an impartial spectator of his conduct, a theoretical entity reflecting the ethical requirements posed by the manager's social networks and stakeholder relationships. While this internalized onlooker expects a limited degree of benevolence, the overriding demand is for the manager to abide by the dictums of justice and prudence. (shrink)

The debate on the influence of markets on virtues has focused on two opposite hypotheses: the doux commerce thesis and the self-destruction thesis. Whereas the doux commerce hypothesis assumes that capitalism polishes human manners, the self-destruction hypothesis holds that capitalism erodes the moral foundation of society. This paper will develop a more balanced position by using the virtue ethics developed by Aristotle, which distinguishes several virtues. The research will focus on the question for which virtues the doux commerce or self-destruction (...) thesis is likely to hold. An extensive literature survey shows that market competition tends to stimulate diligence, crowd out temperance, generosity, and sociability, and stimulate envy. The effect on other virtues – i.e. courage, high-spiritedness, justice, and prudence – is ambiguous. (shrink)

This study investigates the processes involved in the shaping of a society's economic ethos. The discussion of ethics and economics has a very long history across multiple disciplines. The founder of modern economics, Adam Smith, likewise had a keen interest in this topic. However, with the development of economic science, scholarly assessment has shifted toward positive analysis while normative analysis has been left mainly to philosophers. By utilizing the newly developed morality of profit-making scale, the authors sought to understand how (...) respondents' economic ethical worldview shifts over time. Specifically, we theorized that the news media's copious negative coverage of the gasoline price crisis of 2006 would significandy impact individuals' MPM worldview. The results show that respondents' explicit attitudes toward MPM were significantly impacted. However, respondents' more deeply held, implicit economic ethical worldview was only slightly impacted. The authors argue that only patient, long-term explanation and argumentation can permanently affect a society's economic ethos. Implications and future research directions for business researchers are oudined. (shrink)

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 (...) allocation of goods in free markets thanks to the workings of an “invisible hand.” In this article, we question whether this standard view of Smith, the economist, is tenable. We provide an extensive review of the extant secondary literature from economists, business ethicists, and philosophers, comparing their assessments to crucial elements of Smith’s theoretical system. As a result, we show that Smith, far from being an advocate of a value-free or even value-averse conception of economic transactions, stood for a virtue-based and values-oriented model of business. Accordingly, we argue current management education and the pedagogy of business ethics ought to be changed, and certain strategic conclusions drawn for business practice. (shrink)

In this paper, I argue for the ethics of business based on the way that business activity may embody a vocation to partake in “the Good.” Following a Platonist framework for ethics and recent work on vocations by Robert M. Adams, I argue that understanding the ethics of vocations allows us to avoid the charges that business persons have to do something more for others—often couched in terms of social responsibility, sustainability, or consideration of stakeholders—in order to legitimize their careers (...) ethically. Rather, I claim, the ethics of a business vocation, as in any vocation, rests first and foremost in the way that a person pursues projects that answer an invitation to partake in the good things of this world. Thus, the promotion of the well-being of others, while ethically admirable and constitutive of some vocations, is not fundamental for understanding the ethics of vocations themselves, even in business. There are important implications for the ethics of markets, and I also consider a recent challenge to my approach that claims that true business vocations demand a more direct promotion of the well-being of others. (shrink)

(Conference proceedings 2014) This presentation (International Development Ethics Association, July 2014) considers economic vulnerability, exploring the risk of deprivation of necessary resources due to a complex and rarely discussed vulnerability that arises from hope. Pierre Bourdieu’s sociological account of French petit-bourgeois aspiration in The Social Structures of the Economy has recently inspired Wendy Olsen to introduce the term “aspiration paradox” to characterize cases wherein “a borrower's status aspirations may contribute to a situation in which their borrowings exceed their capacity to (...) repay,” leaving the individual much the worse, due to an aspiration to betterment. If such financial opportunities were not made available to these people – if some were denied loans due to a careful assessment of their vulnerability – would they be better off? We should seriously consider that they might be. I will hazard the straightforwardly paternalistic suggestion that limiting access to lending to those who are vulnerable to their aspirations can be a just policy. Because aspiration paradox is a cross-cultural phenomenon, and because lending frequently involves asymmetries in mathematical education between borrowers and lenders, I hope to elude at least some of the charges of colonialism that have gained a stronger purchase on adaptive preference arguments. (shrink)

This paper suggests that lessons from the field of environmental ethics and sociological perspectives on knowledge are important tools for rethinking what type of ethical analysis is needed for building up further the field of development ethics and, more generally, for addressing some of the most fundamental ethical problems related to global poverty and development. The paper argues for a methodologically pragmatist approach to development ethics that focuses on the interplay between facts, values, concepts and practices. It views development ethics (...) as a hybrid between a public moral?political philosophy and a public conception of social science. Ethical analyses of poverty and development must lead to fundamental changes in the ways knowledge is produced and justified and must challenge the dominance of global institutions and orthodox economics as the single sources of expert knowledge for development. Two of the main tasks of ethical analysis is to provide tools for the formulation of alternative knowledge for development centred on the equal moral worth of all human beings, and to influence global policy making as well as multilateral institutions' goals and policies. The last section of the paper argues that Amartya Sen's version of the Capability Approach is already methodologically pragmatist and points to some convergence between Sen's work and John Dewey's. Further sociological and methodologically pragmatist analysis of the approach is needed to assess the ways in which it is influencing debates on human development and leading to policy changes, and the possible distortions it suffers when adopted by multilateral agencies and policy makers. An earlier version of this paper was presented at the international conference on Ethics and Development at Michigan State University, East Landing (USA) 8?15 April 2005. The section on methodological pragmatism draws from an unpublished paper written with Andrew Light called ?A Pragmatist Methodology for Development Ethics,? presented at the American Philosophical Association (APA) meeting in New York, December 1999. I have updated, transformed and used some parts and insights developed with Light in a way he may not recognize. (shrink)

This paper describes and defends the “virtues of ingenuity”: detachment, lucidity, thoroughness. Philosophers traditionally praise these virtues for their role in the practice of using reasoning to solve problems and gather information. Yet, reasoning has other, no less important uses. Conviction is one of them. A recent revival of rhetoric and argumentative approaches to reasoning (in psychology, philosophy and science studies) has highlighted the virtues of persuasiveness and cast a new light on some of its apparent vices—bad faith, deluded confidence, (...) confirmation and myside biases. Those traits, it is often argued, will no longer look so detrimental once we grasp their proper function: arguing in order to persuade, rather than thinking in order to solve problems. Some of these biases may even have a positive impact on intellectual life. Seen in this light, the virtues of ingenuity may well seem redundant. Defending them, I argue that the vices of conviction are not innocuous. If generalized, they would destabilize argumentative practices. Argumentation is a common good that is threatened when every arguer pursues conviction at the expense of ingenuity. Bad faith, myside biases and delusions of all sorts are neither called for nor explained by argumentative practices. To avoid a collapse of argumentation, mere civil virtues (respect, humility or honesty) do not suffice: we need virtues that specifically attach to the practice of making conscious inferences. (shrink)

Gender greatly impacts access to opportunities, potential, and success in corporate leadership roles. We begin with a general presentation of why such discussion is necessary for basic considerations of justice and fairness in gender equality and how the issues we raise must impact any ethical perspective on gender in the corporate workplace. We continue with a breakdown of the central categories affecting the success of women in corporate leadership roles. The first of these includes gender-influenced behavioral factors, such as the (...) requirements and expectations of gendered verbal and nonverbal communication styles as well as appearance. We move on to address the impact of family on corporate leadership opportunities and success, discussing the asymmetrical evaluation of an individual’s potential, authority, and competence based on gender stereotypes of familial obligations and expectations. Finally, we address how gender impacts access to networking and sponsorship opportunities and the long-term effects of systematic limitations on women’s inclusion in the upper echelons of corporate leadership. We conclude with a summary of the questions and issues raised by our discussion and direct individuals to consider how different ethical systems and moral requirements might influence their interpretations of gender and leadership in the corporate workplace. (shrink)

Both Protestant theologians and “preference” economists believe that freedom is necessary for moral action, but such theologians and economists have seemingly irreconcilable accounts of freedom and, thus also, morality. Instead of learning from each other, they typically ignore each other or claim that one field reigns supreme over the other. This essay digs into the theological and economic traditions of each side to find points of similarity between them. It engages Adam Smith and Ernst Troeltsch to develop a view of (...) “ethical freedom” that pulls together the “libertarian freedom” emphasized by preference economics and the “egalitarian freedom” emphasized in much Protestant theology. The three-part view of freedom draws the disciplines together and opens possibilities for a more robust theory of moral action. (shrink)

This study investigates the processes involved in the shaping of a society’s economic ethos. The discussion of ethics and economics has a very long history across multiple disciplines. The founder of modern economics, Adam Smith, likewise had a keen interest in this topic. However, with the development of economic science, scholarly assessment has shifted toward positive analysis while normative analysis has been left mainly to philosophers. By utilizing the newly developed morality of profit-making scale (MPM), the authors sought to understand (...) how respondents’ economic ethical worldview shifts over time. Specifically, we theorized that the news media’s copious negative coverage of the gasoline price crisis of 2006 would significantly impact individuals’ MPM worldview. The results show that respondents’ explicit attitudes toward MPM were significantly impacted. However, respondents’ more deeply held, implicit economic ethical worldview was only slightly impacted. The authors argue that only patient, long-term explanation and argumentation can permanently affect a society’s economic ethos. Implications and future research directions for business researchers are outlined. (shrink)

The ongoing conflict between the economic imperative of stimulating consumption as part of the proliferation of neoliberal ideals of consumer supremacy and growing concern to increase environmental protection presents an opportunity to focus on consumption with respect to ethical behavior. Ethical concerns regarding purchasing and consumption behavior are addressed here in relation to the adoption of principles associated with temperance as applied to self-restraint in food purchase and consumption. The paper outlines theological links to the concept of temperance as applied (...) to environmental and health concerns. Employing a virtue ethics perspective, it examines people’s proactive attitudes that value the environment by adopting waste reduction behaviors. Within the context of normative ethics, it is asked: “Is temperance able to fulfill the role of a lever in consumers’ hands and thereby contribute to minimizing negative environmental impacts associated with food waste?” The research bears witness to the role that consumer behavior may play in promotion and application of temperance in daily life. Study results from a survey conducted in Romania extend the scant information on people’s food waste behavior in relation to religion, underscoring the relationship between religion, temperance-oriented behavior and environmental concerns. (shrink)

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., (...) moral imagination, the socially embedded individual, and humility. The connecting tissue between all three works is made up of sentiments and values. Smith regards the socially embedded human as the agent in all three realms, and humans are always driven by values. Smith not only conceives of economics as an applied moral philosophy, but also bases both research areas on a view of knowledge creation that stresses specific epistemic values. If mainstream economic theory wants to have any claim to Adam Smith, it would have to change not only what it argues but also how it argues. Economists would have to replace the language of mathematics with the language and logic of moral philosophy and give values centre stage. (shrink)

A recent conference had as a theme, Ethics in the Fractured State. That theme presumes that there is a fractured state – if not everywhere then somewhere, if not now, then soon. This paper looks at the nature of the fracture and at the implications for the teaching of ethics. Three important lines of fracture – plural, secular, anti-business – are considered in the paper, each described and distinguished separately. The fracture makes ethics more relevant not only in business schools (...) but also in professional faculties such as engineering and pharmacy. The recent rise in anti-business sentiment and its potential impact for the teaching of ethics, especially business and professional ethics, is discussed. The focus is on the implications for the teaching of applied ethics. (shrink)

In Free Market Fairness, John Tomasi defends classical-liberal principles not because of real-world considerations but on ideal-theoretic grounds. However, what constitutes a sufficiently “ideal” ideal theory is debatable since, as Tomasi shows, regimes that range from laissez faire to heavily interventionist can all be classified as legitimate from the perspective of ideal theory. Conversely, if ideal theory can allow for realistic constraints, as Rawls does, then we should recognize that even under ideal-theoretic conditions, political actors face logistical, epistemic, and motivational (...) challenges that only intensify in the real world, where questions of feasibility become paramount. (shrink)

This paper extends previous discussions of corporate character and corporate virtues. By drawing particularly on the work of Alasdair MacIntyre, it offers a perspective on context-dependent categories of the virtues. It then provides a philosophically grounded framework which enables a discussion of which virtues are required for business organizations to qualify as virtuous. It offers a preliminary taxonomy of such corporate virtues and provides a revised definition of corporate character.

The global expansion of free enterprise has been underway for some time, and the challenges for global companies are well‐known. Companies often operate in economically blighted communities and in corrupt environments without a rule of law. At the same time Western‐based global corporations are under increasing public pressure to take on responsibilities to these communities that are often beyond their expertise or economic purview. For example, at the 2008 Davos meetings Bill Gates proposed the idea of “creative capitalism, challenging business (...) to ‘meet the needs of the poor in ways that generate profits’...” In what follows I shall argue that while there have been many successful global ventures, the Gates’ challenge requires academics and managerial leaders to rethink their mind sets and expand their thinking about what we mean by globalization, poverty, and the multiple dimensions of free enterprise. (shrink)

As is well understood, the values inherent in the dominant neoclassical economic paradigm are self- interest and optimisation. These are the values that guide individuals and policymakers in advanced capitalist economies in their economic decision making. As a consequence, the economics discipline, arguably, is insufficiently oriented to helping people and organisations make wise choices, choices about what is really and truly in people's best interests. In other words, there is strong reason to believe that economics has a wisdom deficit. This (...) paper draws on great philosophers such as Aristotle to explain what wisdom is and why, although economics is concerned with the normative aspect of decision making, economics has too infrequently been used to help people or their societies make wise decisions. This paper is also concerned with how a society's economic decision-making processes can be improved in order that these processes incorporate a much greater dose of wisdom. One relevant question here is: can we learn with the help of philosophers, psychologists and organisation researchers how to make economic decisions that apply the practical wisdom that Aristotle advocated? This paper's overall purpose is first to point the way toward greater decision-making wisdom, and second to propose one method for improving the wisdom of important economic-related decision making. Hopefully, this paper will serve to put the issue of decision-making wisdom higher on the agenda of economists and, as a consequence, lead to wiser decisions in the economic sphere, thereby reducing the wisdom deficit. (shrink)

The paper argues that the notion of Pareto efficiency builds on two normative assumptions: the more general consequentialist norm of any efficiency criterion, and the strong no-harm principle of the prohibition of any redistribution during the economic process that hurts at least one person. These normative concerns lead to a constrained and static notion of efficiency in mainstream economics, ignoring dynamic efficiency gains from more equal allocations of resources. The paper argues that a weak no-harm principle instead provides an endogenous (...) efficiency criterion, which shifts attention away from equilibrium analysis in hypothetically perfect markets towards an evolutionary analysis of efficiency in real-world, non-equilibrium markets. Moreover, such an evolutionary notion of efficiency would be less normative than the Paretian concept. (shrink)

A vast majority of marketing theory and research has focused on relativism and idealism in order to understand ethical behavior. However, making ethical assessments that in turn influence behavior is much more complicated than it appears. One of the most important developments in contemporary philosophy has been the renewed interest in epistemic virtue. Epistemologists contend that belief is an ethical process that is susceptible to the intellectual virtue or vice of one’s own life and personal experiences. Open-mindedness, curiosity, careful thinking, (...) creativity, and intellectual courage are the foundations of epistemic virtues. Closed-mindedness, intellectual overconfidence, unimaginativeness, intellectual conformity, and wishful thinking are among epistemic vices. The purpose of this investigation is to introduce epistemology to marketing ethics by linking it to personal moral philosophies (idealism and relativism) and optimism to explain various ethically challenging organizational behaviors. The items of epistemology were developed and pretested by the lead author of this study. Structural equations (LISREL) analyses found that epistemic virtues and vices are better predictors of ethical behavior than were personal moral philosophies (idealism and relativism), and their influence on mild and severe levels of unethical behaviors was enhanced by the moderator variable, optimism. Implications are designed to develop suggestions for improving ethical behavior in the workplace. (shrink)

This article explains Iris Murdoch’s notion of moral vision and its importance as a basic concept within applied ethics. It does so by exploring the influence of Iris Murdoch upon Alasdair MacIntyre whose ideas are frequently discussed by business ethicists. Arguably, the British philosopher Iris Murdoch (1919–1999) who wrote – amongst others – Metaphysics as a Guide to Morals ( 1992 ), along with her contemporaries, Philippa Foot and Elizabeth Anscombe, pioneered the resurgence of Aristotle’s virtue ethics. Furthermore, Iris Murdoch (...) influenced Alasdair MacIntyre. Heather Widdows, in her biography of Iris Murdoch lists Alasdair MacIntyre amongst those ‘thinkers she inspired’ (Widdows, The moral vision of Iris Murdoch, Ashgate Publishing, Aldershot, 2005 , p. 10). And in his writings MacIntyre does both examine Murdoch’s work and acknowledge that ‘Iris Murdoch has … put us all in her debt’ (MacIntyre, 1993 , The New York Times on the Web , January 3, http://www.nytimes.com/books/98/12/20/specials/murdoch-metaphysics.html , p. 3). Murdoch was both an influential philosopher and a successful novelist. MacIntyre has stated that ‘Iris Murdoch’s novels are philosophy: but they are philosophy which casts doubt on all philosophy, including her own’ ( London Review of Books , 3–16 June, 1982 , p. 15). I therefore explore in this article the influence of Iris Murdoch’s literary work, where ‘true vision occasions right conduct’ upon Alasdair MacIntyre’s portrayal of us as ‘storytelling animals’ on a ‘narrative quest’. (shrink)

The overarching goal of environmentalism as a political movement is the creation of sustainable societies that share resources fairly among people, and among people and other species. The core objectives of environmental philosophy should include articulating the ideals and principles of such just and generous sustainability, arguing for them among academics and in the public sphere, and working out their implications in particular areas of our environmental decision-making. That means challenging the goodness of endless economic growth and helping other environmental (...) thinkers specify plausible and appealing alternatives to the economic status quo. It means ending our craven failure to honestly address population issues. It means committing to living according to our own environmental ideals. Interestingly, the mainstream philosophical tradition has some important, underutilized resources that, combined with new andcreative thinking, can help us achieve these goals and keep ethical philosophy relevant to meeting the challenges of the 21st century. (shrink)

This article explains Iris Murdoch's notion of moral vision and its importance as a basic concept within applied ethics. It does so by exploring the influence of Iris Murdoch upon Alasdair Maclntyre whose ideas are frequently discussed by business ethicists. Arguably, the British philosopher Iris Murdoch who wrote -amongst others -Metaphysics as a Guide to Morals, along with her contemporaries, Philippa Foot and Elizabeth Anscombe, pioneered the resurgence of Aristotle's virtue ethics. Furthermore, Iris Murdoch influenced Alasdair Maclntyre. Heather Widdows, in (...) her biography of Iris Murdoch lists Alasdair Maclntyre amongst those ' thinkers she inspired'. And in his writings Maclntyre does both examine Murdoch's work and acknowledge that ' Iris Murdoch has... put us all in her debt'. Murdoch was both an influential philosopher and a successful novelist. Maclntyre has stated that ' Iris Murdoch's novels are philosophy: but they are philosophy which casts doubt on all philosophy, including her own'. I therefore explore in this article the influence of Iris Murdoch's literary work, where ' true vision occasions right conduct' upon Alasdair Maclntyre's portrayal of us as ' storytelling animals' on a 'narrative quest'. (shrink)

The invisible hand image is at the centre of contemporary debates about capacities of markets, on which discussion of many other topics in business ethics rests. However, its meaning in Adam Smith’s writings remains obscure, particularly the religious associations that were obvious to early readers. He drew on Isaac Newton’s theories of divine action and providence, mediated through the moderate Calvinism of the eighteenth century Scottish circles in which he moved. I argue within the context of Smith’s general providential account (...) of markets, the invisible hand operates restrain inequality and capital flight, thereby stabilizing the market system. Such an understanding of the invisible hand raises questions for contemporary religious and secular discussions of the capacities of markets in the wake of the global financial crisis. (shrink)

The culture conveyed by global firms becomes the perfect tool to embody and strengthen the spirit of our time. Nothing is capable of enhancing and strengthening the values of the individual and his passions as the capitalist company. This is why the words and virtues of ‘business’ are becoming the words and virtues of our social life including politics, health care, education, and so on. Merit, efficiency, competition, leadership, incentives and innovation are now the only ‘good’ words of communal life. (...) In the absence of other safe places capable of producing a different culture and values, the virtues of companies present themselves as the only ones to be recognized and cultivated. This essay discusses virtues that, although not considered important by the current business culture, nevertheless are becoming more and more crucial for the survival and growth of organizations. In particular, work-related suffering shows that there are virtues that are not ‘buyable’. This advances a point about the necessity of welcoming vulnerability in work communities to prevent the systematic destruction of its values, creating a global culture of immunity. Conversely, such destruction will eventually lead to the dismantling of most of the world organizations. (shrink)

In recent decades, Alasdair MacIntyre has developed a style of moral philosophy and an argument for Neo-Aristotelian virtue ethics that has deeply influenced business ethics. Most of the work inspired by MacIntyre has dealt with individual and organisational dimensions of business ethics rather than the market economic environment in which individuals and organisations operate. MacIntyre has been a fierce critic of capitalism and economics. He has read Adam Smith an advocate of selfish individualism, rule-based ethics and the banishment of teleology. (...) This reading is seriously defective, and Smith in fact offers much of what MacIntyre calls for in economics. MacIntyre's ethical framework can be made more powerful and useful to business ethicists by incorporating Smithian insights, especially Smith's account of market virtues and teleological account of markets as extended cooperation directed towards the common good of wealth creation. Aside from issues of the interpretation of MacIntyre and Smith, this analysis opens new pathways for dialogue between business ethicists and economists. (shrink)