ABOVE THE BOTTOM LINE focuses on the issues of the individual in the business environment, rather than focusing on large-scale, ethical decision making. Business is defended as a necessary and valuable component of contemporary life, a range of entrepreneurial ventures that should be approached in a principled, thoughtful, and honest manner. Looking at the importance of corporate culture, students are given direction in making personal and professional decisions at work, relating these to the concepts of social responsibility, employer and employee (...) rights, whistle-blowing, corporate governance, bankruptcy, and many other timely business issues. This text explores moral choices within the business environment, and considers current business policy issues. It is also a guide on how to think about business and a life in business, using vignettes from history and bits of literature and anthropology to broaden the students' outlook on commercial endeavors. (shrink)

After experiments with various economic systems, we appear to have conceded, to misquote Winston Churchill that "free enterprise is the worst economic system, except all the others that have been tried." Affirming that conclusion, I shall argue that in today's expanding global economy, we need to revisit our mind-sets about corporate governance and leadership to fit what will be new kinds of free enterprise. The aim is to develop a values-based model for corporate governance in this age of globalization that (...) will be appropriate in a variety of challenging cultural and economic settings. I shall present an analysis of mental models from a social constructivist perspective. I shall then develop the notion of moral imagination as one way to revisit traditional mind-sets about values-based corporate governance and outline what I mean by systems thinking. I shall conclude with examples for modeling corporate governance in multi-cultural settings and draw tentative conclusions about globalization. (shrink)

In this stimulating work of political philosophy, acclaimed philosopher G. A. Cohen sets out to rescue the egalitarian thesis that in a society in which distributive justice prevails, peopleâes material prospects are roughly equal. Arguing against the Rawlsian version of a just society, Cohen demonstrates that distributive justice does not tolerate deep inequality. In the course of providing a deep and sophisticated critique of Rawlsâes theory of justice, Cohen demonstrates that questions of distributive justice arise not only for the state (...) but also for people in their daily lives. The right rules for the macro scale of public institutions and policies also apply, with suitable adjustments, to the micro level of individual decision-making. Cohen also charges Rawlsâes constructivism with systematically conflating the concept of justice with other concepts. Within the Rawlsian architectonic, justice is not distinguished either from other values or from optimal rules of social regulation. The elimination of those conflations brings justice closer to equality. (shrink)

This book continues and revises the ideas of justice as fairness that John Rawls presented in _A Theory of Justice_ but changes its philosophical interpretation in a fundamental way. That previous work assumed what Rawls calls a "well-ordered society," one that is stable and relatively homogenous in its basic moral beliefs and in which there is broad agreement about what constitutes the good life. Yet in modern democratic society a plurality of incompatible and irreconcilable doctrines--religious, philosophical, and moral--coexist within the (...) framework of democratic institutions. Recognizing this as a permanent condition of democracy, Rawls asks how a stable and just society of free and equal citizens can live in concord when divided by reasonable but incompatible doctrines? This edition includes the essay "The Idea of Public Reason Revisited," which outlines Rawls ' plans to revise _Political Liberalism,_ which were cut short by his death. "An extraordinary well-reasoned commentary on _A Theory of Justice_...a decisive turn towards political philosophy." --_Times Literary Supplement_. (shrink)

The three leading normative theories of business ethics are the stockholder theory, the stakeholder theory, and the social contracttheory. Currently, the stockholder theory is somewhat out of favor with many members of the business ethics community. Thestakeholder theory, in contrast, is widely accepted, and the social contract theory appears to be gaining increasing adherents. In thisarticle, I undertake a critical review of the supporting arguments for each of the theories, and argue that the stockholder theory is neitheras outdated nor as (...) flawed as it is sometimes made to seem and that there are significant problems with the grounding of both thestakeholder and social contract theory. I conclude by suggesting that a truly adequate normative theory of business ethics must ultimately be grounded in individual consent. (shrink)

Most agree that when it comes to so-called 'first-order' normative ethics and political philosophy, constructivist views are a powerful family of positions. When it comes to metaethics, however, there is serious disagreement about what, if anything, constructivism has to contribute. In this paper I argue that constructivist views in ethics include not just a family of substantive normative positions, but also a distinct and highly attractive metaethical view. I argue that the widely accepted 'proceduralist characterization' of constructivism in ethics is (...) inadequate, and I propose what I call the 'practical standpoint characterization' in its place. I then offer a general taxonomy of constructivist positions in ethics. Since constructivism's standing as a family of substantive normative positions is relatively uncontested, I devote the remainder of the paper to addressing skeptics' worries about the distinctiveness of constructivism understood as a metaethical view. I compare and contrast constructivism with three other standard metaethical positions with which it is often confused or mistakenly thought to be compatible: realism; naturalist reductions in terms of an ideal response; and expressivism. In discussing the contrast with expressivism, I explain the sense in which, according to the constructivist, the distinction between substantive normative ethics and metaethics breaks down. I conclude by distinguishing between two importantly different debates about the mind-dependence of value. I argue that a failure to make this distinction is part of what explains why the possibility of constructivism as a metaethical view is often overlooked. (shrink)

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)

And in this book the distinguished scholar Amartya Sen offers a powerful critique of the theory of social justice that, in its grip on social and political ...

This book originated as lectures for a course on political philosophy that Rawls taught regularly at Harvard in the 1980s.

The Corporate Social Responsibility (CSR) field presents not only a landscape of theories but also a proliferation of approaches, which are controversial, complex and unclear. This article tries to clarify the situation, mapping the territory by classifying the main CSR theories and related approaches in four groups: (1) instrumental theories, in which the corporation is seen as only an instrument for wealth creation, and its social activities are only a means to achieve economic results; (2) political theories, which concern themselves (...) with the power of corporations in society and a responsible use of this power in the political arena; (3) integrative theories, in which the corporation is focused on the satisfaction of social demands; and (4) ethical theories, based on ethical responsibilities of corporations to society. In practice, each CSR theory presents four dimensions related to profits, political performance, social demands and ethical values. The findings suggest the necessity to develop a new theory on the business and society relationship, which should integrate these four dimensions. (shrink)

Since its publication in 1965 _Political Argument_ has come to be recognized as occupying a key position in the revival of Anglo-American political philosophy. A number of the ideas introduced by Barry have become part of the standard vocabulary, such as the distinction between ideal-regarding and want-regarding principles and the division of principles into aggregative and distributive. _Political Argument_ provided the first precise analysis, still frequently cited, of the conception that political values have trade-off relations; the analysis of the notion (...) of the public interest has also enjoyed wide influence. For this long-awaited reprint, the author has prepared a substantial, new introductory essay in which he recounts the process of writing the book and sets it in the intellectual milieu of its time. He then offers extensive comments on the subsequent fate of some of the leading ideas and assesses the book in light of criticisms and later developments. Finally, Barry evaluates current approaches to political philosophy as they look today. This new edition of _Political Argument_ will interest political theorists, philosophers, economists, and a range of other scholars. Brilliant and incisive, it will engender discussion and debate from many quarters. (shrink)

In a field dominated by books that focus exclusively on the perspective of business in large corporations or that assume that business has a moral deficiency in need of reform, Al Gini and Alexei Marcoux offers students and business people alike a concise guide to what everyone ought to do when doing business. Where other books are organized topically, Gini and Marcoux look at the moral features of business that recur across topical areas, stressing the considerations that bear on business (...) people whether they be corporate functionaries, principals in family businesses, or solo entrepreneurs who do it all, end to end. They present to students the essential concepts, ideas, and issues involved in ethics in business and emphasize the individual acting person and what it means to have character and integrity when doing business. (shrink)

In this paper I trace the development of one of the central debates of late twentieth-century moral philosophy—the debate between realism and what Rawls called “constructivism.” Realism, I argue, is a reactive position that arises in response to almost every attempt to give a substantive explanation of morality. It results from the realist’s belief that such explanations inevitably reduce moral phenomena to natural phenomena. I trace this belief, and the essence of realism, to a view about the nature of concepts—that (...) it is the function of all concepts to describe reality. Constructivism may be understood as the alternative view that a normative concept refers schematically to the solution to a practical problem. A constructivist account of a concept, unlike a traditional analysis, is an attemptto work out the solution to that problem. I explain how the philosophies of Kant and Rawls can be understood on this model. (shrink)

Abstract:The term stakeholder is a powerful one. This is due, to a significant degree, to its conceptual breadth. The term means different things to different people and hence evokes praise or scorn from a wide variety of scholars and practitioners. Such breadth of interpretation, though one of stakeholder theory’s greatest strengths, is also one of its most prominent theoretical liabilities. The goal of the current paper is like that of a controlled burn that clears away some of the underbrush of (...) misinterpretation in the hope of denying easy fuel to the critical conflagration that would raze the theory. We aim to narrow its technical meaning for greater facility of use in management and organizational studies. By elaborating a number of common misinterpretations – critical and friendly – of the theory, we hope to render a stronger and more convincing theory as a starting place for future research. (shrink)

At the end of a thoughtful article on the future of nuclear war, Wiesner and York concluded that: "Both sides in the arms race are... confronted by the dilemma of steadily increasing military power and steadily decreasing national security. It is our considered professional judgment that this dilemma has no technical solution. If the great powers continue to look for solutions in the area of science and technology only, the result will be to worsen the situation.".

The dominance of agency theory can reduce our collective scope to analyse private equity in all its diversity and depth. We contribute to theorisation of private equity by developing a contrasting perspective that draws on a rich tradition of virtue ethics. In doing so, we juxtapose 'private equity' with 'public good' to develop points of rhetorical and analytical contrast. We develop a typology differentiating various forms of private equity, and focus on the 'take private' form. These takeovers are where private (...) equity funds are used to buy all a firm's publicly listed shares. Take private deals reduce reporting requirements and lessen the amount of public scrutiny a firm comes under. They allow greater control of a firm's assets and resources but also have effects in terms of the wider social fabric. The 'public good' and virtue ethics offer an alternative basis for theorisation of these deals. This provides a needed contrast to accounts of private equity based on agency theory. (shrink)

Just Business provides the first comprehensive, reasoned framework for resolving questions of business ethics and corporate governance. Innovative, accessible, and global in scope, its powerful Ethical Decision Model can be used to manage the ethical problems of business as they arise in all their complexity and variety. Just Business combines business realism with philosophical rigor, and demonstrates that it is not necessary to emasculate or to adulterate business for business to be ethical. The book benefits from Elaine Sternberg's extensive experience (...) as an academic philosopher, an international investment banker, and head of successful businesses. She is now Principal of a London-headquartered consultancy firm, and Research Fellow in Philosophy at the University of Leeds. (shrink)

One of the most influential ideas in the field of business ethics has been the suggestion that ethical conduct in a business context should be analyzed in terms of a set of fiduciary obligations toward various “stakeholder” groups. Moral problems, according to this view, involve reconciling such obligations in cases where stakeholder groups have conflicting interests. The question posed in this paper is whether the stakeholder paradigm represents the most fruitful way of articulating the moral problems that arise in business. (...) By way of contrast, I outline two other possible approaches to business ethics: one, a more minimal conception, anchored in the notion of a fiduciary obligation toward shareholders; and the other, a broader conception, focused on the concept of market failure. I then argue that the latter offers a more satisfactory framework for the articulation of the social responsibilities of business. (shrink)

Despite the so-called ‘paradigm wars’ in many social sciences disciplines in recent decades, debate as to the appropriate philosophical basis for research in business ethics has been comparatively non-existent. Any consideration of paradigm issues in the theoretical business ethics literature is rare and only very occasional references to relevant issues have been made in the empirical journal literature. This is very much the case in the growing fields of cross-cultural business ethics and undergraduate student attitudes, and examples from these fields (...) are used in this article. No typology of the major paradigms available for, or relied upon in, business ethics has been undertaken in the wider journal literature, and this article addresses that gap. It contributes a synthesis of three models of paradigms and a tabulated comparison of ontological, epistemological and methodological assumptions in the context of empirical business ethics research. The author also suggests the likely (and usually unidentified) positivist paradigm assumptions underlying the vast majority of empirical business ethics research published in academic journals and also argues for an increased reliance on less positivist assumptions moving forward. (shrink)

This article examines the ethical issues raised by the pricing of priceless goods. Priceless goods are defined as ones that are widely held to have some special non-market value that makes them unsuited for buying and selling. One subset of priceless goods isprescription drugs—particularly life-saving and life-enhancing ones. Drug makers are under pressure to price their medicines responsibly, which means to restrain their prices (and profits). However, this article argues that it is precisely because life-saving and life-enhancing medicines are priceless (...) that it is especially urgent to leave companies free to charge market prices for them. (shrink)

This paper contrasts universalist approaches to justice with contextualist approaches. Universalists hold that basic principles of justice are invariant — they apply in every circumstance in which questions of justice arise. Contextualists hold that different principles apply in different contexts, and that there is no underlying master principle that applies in all. The paper argues that universalists cannot explain why so many different theories of justice have been put forward, nor why there is so much diversity in the judgements that (...) ordinary people make. Several strategies open to universalists are considered and found to be wanting. Contextualism is defended against the charge that it cannot explain why contextually specific principles are all principles of justice, the charge that it can offer no practical guidance when principles conflict, and the charge that it inevitably collapses into a form of conventionalism. Key Words: justice • universalism • contextualism • conventionalism • Rawls • Walzer. (shrink)

This paper deals with the question of how to price drugs for tropical diseases. The thesis defended in the paper is: (i) there should be no legal constraints on the profits pharmaceutical companies can make on their products for tropical diseases. In essence, (i) expresses the idea that drugs for tropical diseases should be treated as any other product on the free market and that the producers of these drugs should be allowed to sell their products at whatever price the (...) market can bear. The main argument in favour of (i) is first outlined. Five common arguments against (i) are thereafter discussed, and it is argued that all of these fail in their intended purpose. (shrink)

One important aspect of globalization is the increasingly dense and influential regime of global rules that govern and shape interactions everywhere. Covering trade, investment, loans, patents, copyrights, trademarks, labor standards, environmental protection, use of seabed resources, production and marketing of weapons, maintenance of public security, and much else, these rules—structuring and enabling, permitting and constraining—have a profound impact on the lives of human beings and on the ecology of our planet. It is therefore important to think carefully, in moral terms, (...) about their design. (shrink)

The pharmaceutical industry has in recent years come under attack from an ethical point of view concerning its patents and thenon-accessibility of life-saving drugs for many of the poor both in less developed countries and in the United States. The industry has replied with economic and legal justifications for its actions. The result has been a communication gap between the industry on the one hand and poor nations and American critics on the other. This paper attempts to present and evaluate (...) the arguments on all sides and suggests a possible way out of the current impasse. It attempts to determine the ethical responsibility of the drug industry in making drugs available to the needy, while at the same time developing the parallel responsibilities of individuals, governments, and NGOs. It concludes with the suggestion that the industry develop an international code for its self-regulation. (shrink)