This book provides an integrated and philosophically-grounded framework which enables a coherent approach to organizations and organizational ethics from the perspective of practitioners in the workplace, from the perspective of managers in organizations, as well as from the perspective of organizations themselves.

Imagine first the case of J (who might be anybody, jemand). J used to inhabit a social order, or rather an area within a social order, where socially approved roles were unusually well-defined. Responsibilities were allocated to each such role and each sphere of role-structured activity was clearly demarcated. These allocations and demarcations were embodied in and partly constituted by the expectations that others had learned to have of those who occupied each such role. For those who occupied those roles (...) to disappoint those expectations by failing to discharge their assigned responsibilities was to invite severe disapproval and other sanctions. To refuse to find one's place within the hierarchies of approved roles, or to have been refused a place, because judged unfit for any such role, was to be classified as socially deviant and irresponsible. The key moral concepts that education had inculcated into J were concepts of duty and responsibility. His fundamental moral beliefs were that each of us owes it to others to perform her or his assigned duties and to discharge her or his assigned responsibilities. A good human being performs those duties, discharges those responsibilities, and does not trespass into areas that are not her or his concern. A philosopher who comes across the likes of J will understand his attitudes as cultural parodies, in part of Plato (conceiving of justice as requiring ‘that each do her or his own work and not meddle with many things’ Republic 433a) and in part of Kant (doing one's duty just because it is one's duty and not for the sake of any further end), authors who had influenced J's school teachers. A sociologist will entertain the suspicion that in certain types of social order it may be only in the form of parodies that some types of concept can continue to find expression. But for the moment let us put this thought on one side and return to J. (shrink)

Abstract:This paper is a further development of two previous pieces of work (Moore 2002, 2005) in which modern virtue ethics, and in particular MacIntyre’s (1985) related notions of “practice” and “institution,” have been explored in the context of business. It first introduces and defines the concept of corporate character and seeks to establish why it is important. It then reviews MacIntyre’s virtues-practice-institution schema and the implications of this at the level of the institution in question—the corporation—and argues that the concept (...) of corporate character follows from, but is a novel development of, MacIntyre’s schema. The paper contrasts corporate character and virtues with the more familiar concepts of corporate culture and values. The constitutive and substantive elements of corporate character, including the essential corporate virtues, are then drawn out and illustrated with reference to the cases explored in Koehn (1998). Finally, the paper acknowledges and counters a specific criticism of this approach. (shrink)

Terence Irwin presents a historical and critical study of the development of moral philosophy over two thousand years, from ancient Greece to the Reformation. Starting with the seminal ideas of Socrates, Plato, and Aristotle, he guides the reader through the centuries that follow, introducing each of the thinkers he discusses with generous quotations from their works. He offers not only careful interpretation but critical evaluation of what they have to offer philosophically. This is the first of three volumes which will (...) examine the history of ethics in the Socratic tradition, up to the late 20th century. (shrink)

This paper argues that attempts to apply Alasdair MacIntyre’s positive moral theory to business ethics are problematic, due to the cognitive closure of MacIntyre’s concept of a practice. I begin by outlining the notion of a practice, before turning to Moore’s attempt to provide a MacIntyrean account of corporate governance. I argue that Moore’s attempt is mismatched with MacIntyre’s account of moral education. Because the notion of practices resists general application I go on to argue that a negative application, which (...) focuses on regulation, is more plausible. Large-scale regulation, usually thought antithetical to MacIntyre’s advocacy of small-scale politics, has the potential to facilitate practice-based work and reveals that MacIntyre’s own work can be used against his pessimism about the modern order. Furthermore, the conception of regulation I defend can show us how management is more amenable to ethical understanding than MacIntyre’s work is often taken to imply. (shrink)

ABSTRACTFinance may suffer from institutional deformations that subordinate its distinctive goods to the pursuit of external goods, but this should encourage attempts to reform the institutionalization of finance rather than to reject its potential for virtuous business activity. This article argues that finance should be regarded as a domain-relative practice. Alongside management, its moral status thereby varies with the purposes it serves. Hence, when practitioners working in finance facilitate projects that create common goods, it allows them to develop virtues. This (...) argument applies MacIntyre’s widely acknowledged account of the relationship between practices and the development of virtues while questioning some of his claims about finance. It also takes issue with extant accounts of particular financial functions that have failed to identify the distinctive goods of financial practice. (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.

Virtue ethics has often been regarded as complementary or laissez-faire ethics in solving business problems. This paper seeks conceptual and methodological improvements by developing a virtue character scale that will enable assessment of the link between organizational level virtue and organizational performance, financial or non-financial. Based upon three theoretical assumptions, multiple studies were conducted; the content analysis of 158 Fortune Global 500 firms ethical values and a survey of 2548 customers and employees. Six dimensions of organizational virtue (Integrity, Empathy, Warmth, (...) Courage, Conscientiousness and Zeal) are identified through confirmatory factor analysis, and validated against satisfaction measure. Strategic implications of virtue characters are discussed. (shrink)

In this article, we shall attempt to lay down the parameters within which the practice of the virtues may be enabled in the field of finance. We shall be drawing from the three main sources, Aristotle, Catholic Social Teaching and MacIntyre, on which virtue ethics is based. The research question is what ought to be done for financial activities to truly contribute to eudaimonia or human flourishing, to the achievement of three distinct kinds of goods as required of virtue, “those (...) internal to practices, those which are the goods of an individual life and those which are the goods of the community”, and to “[help] man on the path of salvation” in the midst of complex network of relationships in modern societies. These parameters could then be taken as conditions financiers ought to fulfill in order to live the virtues in their work and across different life spheres. (shrink)

This paper applies emerging research on epistemic virtues to business ethics. Inspired by recent work on epistemic virtues in philosophy, I develop a view in which epistemic virtues contribute to the acquisition of knowledge that is instrumentally valuable in the realisation of particular ends, business ends in particular. I propose a conception of inquiry according to which epistemic actions involve investigation, belief adoption and justification, and relate this to the traditional ‘justified true belief’ analysis of knowledge. I defend the view (...) that epistemic virtues enable and/or motivate people to perform epistemic actions. An examination of the key epistemic virtues of love of knowledge, epistemic courage, temperance, justice, generosity and humility provides some initial evidence suggesting that the way epistemic virtues enable or motivate is by countering a number of biases that have been uncovered by behavioural economics, and also indicates ways in which the instrumental epistemic value view is superior to other approaches to epistemic virtue offered in the literature. (shrink)

Editor's IntroductionWhen Oxford University Press sent us the three enormous volumes of Irwin's The Development of Ethics, we had two thoughts: First, the book is very important and demands a review; second, since human sacrifice is abolished in North America, it will be very difficult to find a reviewer. We handed the volumes to several interested persons, who in the end returned the books saying the task was beyond them. Then, my wife, a lifetime worker at that center of communal (...) thought, the United Nations, suggested that we form a team to review the book. We put an announcement out on the Web, asking for reviewers to do a chapter each, at 250 words a review. We got several hundred volunteers, and chose 82 to review the 96 chapters of Irwin. We got 81 of 82 reviews, 75 before the deadline, six slightly later. For purposes of completeness, I filled in the sole missing review. Would that the students in my seminars were so punctual! I would like to thank Elyse Turr at Oxford University Press for the PDFs, and my 82 reviewers for their expertise and diligence. I am grateful to all the volunteers who showed an interest in this strange and perhaps unprecedented project, and who patiently endured the vetting process. Special thanks is due to Laura di Summa, who coordinated all the pieces of this incredible puzzle. Did we accomplish something, something new, by mobilizing 82 minds to review one book? I hope so, but I can now only say what they say on television: “America, it's up to you.”. (shrink)

The study of the virtues has largely dropped out of modern philosophy, yet it was the predominant tradition in ethics fom the ancient Greeks until Kant. Traditionally the study of the virtues was also the study of what constituted a successful and happy life. Drawing on such diverse sources as Aristotle, Augustine, Aquinas, Shakespeare, Hume, Jane Austen, Hegel, Nietzsche, and Sartre, Casey here argues that the classical virtues of courage, temperance, practical wisdom, and justice centrally define the good for humans, (...) and that they are insufficiently acknowledged in modern moral philosophy. He suggests that values of success, worldliness, and pride are active parts of our moral thinking, and that the conflict between these and our equally important Christian inheritance leads to tensions and contradictions in our understanding of the moral life. (shrink)

Who a manager is, as a person of moral character, has been only of tangential interest in social science definitions of management, which have focused on functions, roles, behaviors, and environmental influences. But how do managers themselves speak of managerial excellence? This paper answers this for a particular corporation, based on a three-phased research process that deliberately imposes no descriptive or normative categories, but allows the answer to emerge, listening to what managers themselves say when discussing excellent managers and their (...) behaviors. This approach finds that: (1) virtue ethics and virtue language is fluently used by practicing managers, (2) virtue language is important to understanding managerial excellence, and (3) whereas the set of virtues defining the excellent manager can be expected to be dependent on the societal, industry, and organizational context, such a set of manager virtues can be identified and prioritized within a particular organizational milieu. The implication is that, once an organization's management better understands the meaning of the excellent manager in terms of the virtue language already used by its own employees, it is better equipped to implement a practical ethic of virtues, one helpful toward recognizing and developing excellent managers. Ethics researchers are challenged to increase their understanding of extant virtue language as the basis for a renewed development of virtue ethics theory and applications. (shrink)

In this study, we propose and test a model of the effects of organizational ethical culture and organizational architecture on the perceived unethical behavior of employees towards customers. This study also examines the relationship between organizational ethical culture and moral acceptability judgment, hypothesizing that moral acceptability judgment is an important stage in the ethical decision-making process. Based on a field study in one of the largest financial institutions in Europe, we found that organizational ethical culture was significantly related to the (...) perceived frequency of unethical behavior towards customers and to the moral acceptability judgment of this type of unethical behavior. No support was found for the claim that features of organizational architecture are associated with the perceived frequency of unethical behavior towards customers. This is the first study to document the differential effects of organizational architecture and organizational ethical culture on perceived unethical behavior of employees towards customers, in wholesale banking. Implications for managers and future research are discussed. (shrink)

Contemporary virtue ethics was revolutionized by Alasdair MacIntyre’s reconfiguration using practices as the starting point for understanding virtues. However, MacIntyre has very pointedly excluded the professions of the financial world from the reformulation. He does not count these professions as practices, and further charges that virtue would actually hinder or even rule out one’s pursuit of these professions. This paper addresses three tasks, in regard to the financial profession of investment advising. First, the paper lays out MacIntyre’s soon-to-be-published charges against (...) the investment world, as specified to this profession. Second, it sets forth the role function of investment advising and shows that it does possess internal goods—the crucial aspect of practices disputed by MacIntyre in this case—including goods of production and goods of performance. Third, it demonstrates that this function, and the goods tied to it, cannot be achieved apart from the virtuous pursuit of the profession, thereby showing that MacIntyre’s charges are mistaken. Investment advising is shown to be a virtue-based practice, and the groundwork is laid for showing that other financial professions are so, as well. (shrink)

Starting from MacIntyre’s virtue ethics, we investigate several codes of conduct of banks to identify the type of virtues that are needed to realize their mission. Based on this analysis, we define three core virtues: honesty, due care, and accuracy. We compare and contrast these codes of conduct with the actual behavior of banks that led to the credit crisis and find that in some cases banks did not behave according to the moral standards they set themselves. However, although banks (...) and the professionals working in them can be blamed for what they did, one should also acknowledge that the institutional context of the free market economy in which they operated made it difficult to live up to the core values lying at the basis of the codes of conduct. Given the neo-liberal free market system, innovative and risky strategies to enhance profits are considered desirable for the sake of shareholder’s interests. A return to the core virtues in the financial sector will therefore only succeed if a renewed sense of responsibility in the sector is supported by institutional changes that allow banks to put their mission into practice. (shrink)

Can a business be said to demonstrate moral virtues, and does being virtuous mean that it is more likely to behave ethically?

Starting from MacIntyre’s virtue ethics, we investigate several codes of conduct of banks to identify the type of virtues that are needed to realize their mission. Based on this analysis, we define three core virtues: honesty, due care, and accuracy. We compare and contrast these codes of conduct with the actual behavior of banks that led to the credit crisis and find that in some cases banks did not behave according to the moral standards they set themselves. However, although banks (...) and the professionals working in them can be blamed for what they did, one should also acknowledge that the institutional context of the free market economy in which they operated made it difficult to live up to the core values lying at the basis of the codes of conduct. Given the neo-liberal free market system, innovative and risky strategies to enhance profits are considered desirable for the sake of shareholder’s interests. A return to the core virtues in the financial sector will therefore only succeed if a renewed sense of responsibility in the sector is supported by institutional changes that allow banks to put their mission into practice. (shrink)

In a 2015 article entitled “The Irrelevance of Ethics,” MacIntyre argues that acquiring the moral virtues would undermine someone’s capacity to be a good trader in the financial system and, conversely, that a proper training in the virtues of good trading directly militates against the acquisition of the moral virtues. In this paper, we reconsider MacIntyre’s rather damning indictment of financial trading, arguing that his negative assessment is overstated. The financial system is in fact more internally diverse and dynamic, and (...) more reformable, than suggested by MacIntyre’s treatment. The challenge at the heart of MacIntyre’s claims can be crystallized in the question, “under which conditions, if any, can a person be an effective trader and simultaneously live a worthy human life?” We conclude that there are realistic possibilities of integrity and growth in moral virtue for those who work in the financial sector, at least for those operating in a work environment minimally permissive toward virtue, provided they possess characters of integrity and genuine aptitude for the skills and attitudes required in their professional tasks. (shrink)

A recent special issue in the Journal of Business Ethics gathered together a variety of papers addressing the challenges of putting virtue ethics into practice :563–565, 2013). The editors prefaced their outline of the various papers with the assertion that exploring the practical dimension of virtue ethics can help business leaders discover their proper place in working for a better world, as individuals and within the family, the business community and society in general :563–565, 2013). Scholars are yet to explore (...) the role of virtuous organisational leaders in the pursuit of Eudaimonia. This paper is a qualitative study which considered company directors’ self-understandings in light of a virtue ethics conceptual framework. The aim of the study is to explore whether virtue ethics rather than deontology and consequentialism is a better vehicle for expressing directors’ self-understandings about their ideals and role. (shrink)

Business Ethics: A European Review, EarlyView.

This study examined some ethical implications of two different individual competitive orientations. Winning is crucially important in hypercompetitiveness , whereas a personal development (PD) perspective considers competition as a means to self-discovery and self-improvement. In a sample of 263 senior-level undergraduate business students, survey results suggested that hypercompetitiveness was generally associated with “poor ethics” and PD competitiveness was linked with “high ethics”. For example, hypercompetitive individuals generally saw nothing wrong with self-interested gain at the expense of others, but PD competitors (...) viewed such activities as largely inappropriate. Hypercompetitive people also tended to be highly Machiavellian but not ethically idealistic. In contrast, PD competitors tended to be ethically idealistic but not Machiavellian. Managers that are interested in both high ethics and high functioning work groups may wish to consider the potential importance of attempting to channel hypercompetitive tendencies into PD directions. (shrink)

Abstract:The discussion of the global economy and worldwide expansion of the capitalist and market economic system barely deals with the topic of public goods, although they are of paramount importance precisely in this international setting. Fortunately, the theory of public economics systematically developed the central concept of the public good with its far-reaching implications so that this knowledge can be applied also to global issues. In order to treat these often vaguely discussed issues, a typology of international relations is proposed. (...) These and other considerations prepare the way to ask the question about the implied ethos. Because a common and sustainable ethos for public goods in the global economy is of great relevance and high urgency, both religious and non-religious ethical traditions are called for making their necessary contributions to this foundation. (shrink)

The state governance system seems to be incapable to address sufficiently global public goods problems or to regulate global business so that the public interest is served. At the same time, international governmental organizations are unable to fill the governance gap while nongovernmental organizations criticize the behavior of business firms along their supply chains. Therefore, business firms are confronted with increasing social and environmental demands and are requested to take responsibility for issues of public concern. As a response, some business (...) firms engage with corporate social responsibility projects and directly contribute to the production of public goods. These developments challenge the received theory of the firm and its strict separation of public and private domains. Corporations become political actors. In this introductory essay, the guest editors first elaborate on the concept of politics and describe the challenges that lead to the new political role of global business firms and, second, will introduce the articles in this special issue and briefly comment on their contribution. (shrink)

The key concept in Business Ethics has changed from ‘corporate social responsibility’ to ‘integrated risk‐management’. This change, first wrought by American laws, has been extended to other countries through globalization. The most important laws concern corruption, anti‐trust, consumer safety, environmental protection and insider‐trading. The ‘Federal Corporate Sentencing Guidelines’ have particularly been helpful in identifying and valuing business risks. The author proposes a ‘next‐generation’ Business Ethics integrating personal, professional and organizational ethics in the context of an institutionalized, country‐sensitive ‘corporate culture’.

The current article offers a short critique of some of the pre-suppositions of the positive psychology approach. It takes the seminal book 'Character Strengths and Virtues' by Peterson and Seligman as the key text, and then explores an alternative programme of enquiry offered by virtue ethics as articulated by MacIntyre. The MacIntyrean approach developed here is consciously focused on traditions of virtue ethics, engaging in empirical enquiry from within a particular tradition, and enquiring into the practical ethics of others who (...) may themselves be members of that same tradition, or who may be adherents of some alternative tradition. The purpose of this article is to explore some of the fundamental differences between this kind of virtue ethics approach and that offered by positive psychology. It is suggested that philosophy is much better placed to undertake empirical work than Peterson and Seligman assume, and that their claims to possess superior data should be treated with caution, particularly in respect of their championing of measurement over philosophy. (shrink)

High-profile failures in financial trading have led to interest in how the culture of the industry produces risky and unethical behaviours among traders. Yet, there is no established theoretical framework for studying this: we apply safety culture theory to examine ten recent high-profile trading mishaps investigated by the UK financial regulator. The results show that the dimensions of safety culture used to understand organisational accidents in domains such as aviation also explain failures in Risk Management within financial trading organisations. This (...) counters narratives focusing on traders who are unethical ‘rule breakers’, and emphasises the value of a systemic approach, whereby safety culture theory is used to explain why risky behaviours in financial trading occur. Safety culture therefore provides a conceptual basis for further research on risky and unethical behaviours in financial trading, alongside providing insights for possible intervention. (shrink)

This article examines the potential for moral agency in human resource management practice. It draws on an ethnographic study of human resource managers in a global organization to provide a theorized account of situated moral agency. This account suggests that within contemporary organizations, institutional structures—particularly the structures of Anglo-American market capitalism— threaten and constrain the capacity of HR managers to exercise moral agency and hence engage in ethical behaviour. The contextualized explanation of HR management action directly addresses the question of (...) whether HRM is inherently unethical. The discussion draws on MacIntyre’s conceptualization of moral agency within contemporary social structures. In practice, HR managers embody roles that may not be wholly compartmentalized. Alternative institutional structures can provide HR managers with a vocabulary of motives for people-centred HRM and widen the scope for the exercising of moral agency, when enacted within reflective relational spaces that provide milieus for critical questioning of logics and values. This article aims to contribute to and extend debate on whether HRM can ever be ethical, and provide a means of reconnecting business ethics with longstanding concerns in critical management studies. (shrink)

This article addresses the connection of ethics to risk management, and argues that there are compelling reasons to consider good ethical practice to be an essential part of such risk management. That connection has significant commercial outcomes, which include identifying potential problems, preventing fraud, the preservation of corporate reputation, and the mitigation of court penalties should any transgression arise. Information about the legal position, examples of cases, and arguments about the potential benefits of ethics are canvassed. The orientation of this (...) article is essentially Australian. It is hoped that it may provide some insights of value to other countries. (shrink)

Review of §68 of Terence Irwin's "The Development of Ethics.".