Free riding involves benefiting from common resources or services while avoiding contributing to their production and maintenance. Few studies have adequately investigated the propensity to overestimate the prevalence of free riding. This is a significant omission, as exaggeration of the phenomenon is often used to justify control and coercion systems. To address this gap, we investigate how the common good approach may mitigate the flaws of a system excessively focused on free-riding risk. In this conceptual paper featuring illustrative vignettes, we (...) argue that the common good perspective is realistic and effective in preventing this excessive attention by promoting trust as an unconditional gift and a response to vulnerability. We discuss the common good perspective’s originality over the dominant approaches and propose a set of ethical and managerial recommendations that may be the best protection against this excessive focus and maybe even against free riding itself. (shrink)

Alasdair MacIntyre’s critique of managerial capitalism is well known, with some arguing that MacIntyrean thought is antithetical to contemporary capitalist business. Nevertheless, substantial efforts have been taken to demonstrate how different business activities constitute MacIntyrean practices, which points to an incoherence at the heart of MacIntyrean business ethics scholarship. This article proposes a way of bridging these perspectives, suggesting a reimagined MacIntyrean approach to business that is thoroughly ‘practice-led.’ A detailed comparison of accounting and management shows that while neither are (...) practices in ‘good order,’ they differ in significant ways: where management does not meet the criteria for a MacIntyrean practice, accounting is a ‘distorted’ practice. This leads to a categorisation of practice-led business activity, whereby the traditional tasks of management are subsumed, shared or subordinated to practices and practitioners. Insights on how this can be implemented are drawn from the ‘communities of practice’ literature and a consideration of professions. (shrink)

Entry on MacIntyre and Business Ethics forthcoming in Poff, D. C. & Michalos, A. C. (Eds.) Encyclopedia of Business and Professional Ethics. Springer.

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)

Consistent with the idea that business ethics is a form of applied ethics, many virtue ethicists make use of an extant (pure) moral philosophy framework, namely, one developed by Alasdair MacIntyre. In doing so, these authors have refined MacIntyre’s work, but have never really challenged it. In here questioning, and developing an alternative to, the MacIntyrean orthdoxy, I illustrate the merit of business ethicists adopting a broader philosophical perspective focused on constructing (new) theory. More specifically—and in referring to action sports (...) (e.g., mountain biking, snowboarding)—I propose that an external good motive is not only much more consistent with virtuous practical excellence than MacIntyreans acknowledge, but that such a motive is fundamental to identifying and explaining how practices can be deliberately created (by businesses). Consequently, and in stark contrast with MacIntyre’s deeply pessimistic outlook on modern business and society, I propose that those who value practices might celebrate our current era. (shrink)

This paper draws a distinction between ‘right MacIntyreans’ who are relatively optimistic that MacIntyre’s vision of ethics can be realised in capitalist society, and ‘left MacIntyreans’ who are sceptical about this possibility, and aims to show that the ‘left MacIntyrean’ position is a promising perspective available to business ethicists. It does so by arguing for a distinction between ‘community-focused’ practices and ‘excellence-focused’ practices. The latter concept fulfils the promise of practices to provide us with an understanding of the best work (...) for humankind and highlights the affinities between MacIntyre’s concept of a practice and Marx’s conception of good work as free, creative activity. The paper concludes with a suggestion that we reflect on the best forms of work so that we can strive to ensure the very best activities, those most consonant with our flourishing, one day become available to all. (shrink)

This paper argues that Quaker business ethics can be understood as a MacIntyrean tradition. To do so, it draws on three key MacIntyrean concepts: community, compartmentalisation, and the critique of management. The emphasis in Quaker business ethics on finding unity, as well as the emphasis that Quaker businesses have placed on serving their local areas, accords with MacIntyre’s claim that small-scale community is essential to human flourishing. The emphasis on integrity in Quaker business ethics means practitioners are well-placed to resist (...) the compartmentalising pressures of contemporary work. Quaker business ethics is also highly critical of the manipulative forms of management that MacIntyre regards as dominant. As such, Quaker business ethics provides evidence that more morally ameliorative forms of running business organisations is possible, even if they remain difficult to achieve. (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)

AbstractEnduring unethical behavior in trading has generated much research interest, and scholars disagree on the reasons for this situation. According to MacIntyre (2015), this has to do with the personal traits of traders, whereas Rocchi and Thunder (2019) argue this is due to permissive work environment that can potentially be changed to favoring ethical trading. We contribute to this debate by exploring how interactions between organizational culture and management control systems (MCSs) may affect the enduring unethical behaviors of traders. We (...) conceptualize this with the concepts of organized hypocrisy (Brunsson 1986, 1989, 1993) and decoupling (Meyer and Rowan 1977). An in-depth case study of fraud (Jerome Kerviel at Societe Generale), informs the empirical inquiry. We develop the concept of organized decoupling to characterize how the MCSs are articulated with the organizational culture favoring unethical behavior, while being used as a ‘safety mechanism’ to manage the legal and reputational risk of the bank. The analysis highlights three key features of the organized decoupling of MCS: physical distance, technical distance and social distance. The study contribution lies in showing that decoupling is not only emergent but might be intended and therefore organized. The findings also raise doubts on the role of MCSs in monitoring trading activities as presented by investment banking institutions and regulators, suggesting more organized hypocrisy, and raising significant concerns regarding the creation of tolerable work environment welcoming ethical behaviors in the investment banking sector. (shrink)

Financial misconduct has come into the spotlight in recent years, causing market regulators to increase the reach and severity of interventions. We show that at times the economic benefits of illicit financial activity outweigh the costs of litigation. We illustrate our argument with data from the US Securities and Exchanges Commission and a case of investment misconduct. From the neoclassical economic paradigm, which follows utilitarian thinking, it is rational to engage in misconduct. Still, the majority of professionals refrain from misconduct, (...) foregoing economic rewards. We suggest financial activity could be reimagined taking into account intrinsic and prosocial motivations. A virtue ethics framework could also be applied, linking financial behavior to the quest for moral excellence and shared flourishing. By going beyond utilitarian thinking and considering alternative models, we offer a fuller account of financial behavior and a better perspective from which to design deterrence methods. (shrink)

This article considers financial risk management practice using a virtue ethics lens, in response to ongoing critiques of risk management from within business ethics. Risk management should be seen as embedded within a complex system of cultures, organizations and regulations that are underpinned by a quantitatively reductive or ‘mechanistic’ economic paradigm, where dominant logics of self-interest, profit maximization and short-termism prevail. Building on recent work applying virtue ethics in finance, an alternative to the values, normative expectations and priorities in financial (...) risk management is presented in the form of a refined ‘taxonomy’ of the virtues that can be applied to individuals and organizations engaged in financial risk management. This article aims to contribute to and extend debate on the ethical aspects of risk management and presents an alternative to more technically based critiques which do not engage with the underlying socially constructed foundations of risk management practice. It thereby provides a basis to critique the mechanistic and narrow approach used in the current regulation of the sector. (shrink)