ABSTRACT:There is considerable overlap between the interests of business ethicists and those of political philosophers. Questions about the moral justifiability of the capitalist system, the basis of property rights, and the problem of inequality in the distribution of income have been of central importance in both fields. However, political philosophers have developed, especially over the past four decades, a set of tools and concepts for addressing these questions that are in many ways quite distinctive. Most business ethicists, on the other (...) hand, consider their field to be primarily a domain of applied ethics, and so adopt methods and conceptual frameworks developed by moral philosophers. In this paper, we discuss some of the salient differences between these two approaches, and suggest some ways in which business ethicists could benefit from taking a more “political philosophy” approach to these questions. Throughout, we underline the importance of seeking greater compatibility among the principles used in normative theorizing about markets, regulations, corporate governance, and business practices. (shrink)

This paper proposes a theory of institutional pluralism to deal with the question whether and to what extent limits should be placed on the market. It reconceives the pluralist position as it was presented by Michael Walzer and others in several respects. First, it argues that the options on the institutional menu should not be principles of distribution but rather economic mechanisms or ‘modes of provision’. This marks a shift from a distributive to a provisional logic. Second, it argues that (...) we should drop the assumption that any good should only be placed in one sphere, i.e. distributed according to one distributive principle. This marks a shift to ‘complex pluralism’: for at least some goods it is appropriate that they are provided through the market and through one or more non-market alternatives simultaneously. Finally, it argues that the often used conventionalist justification should be traded for a capability approach to the moral evaluation of markets and non-market alternatives. Any institutional option on our menu has value to the extent that it enhances the morally relevant capabilities of the producers and/or consumers of the good that is to be provided. This approach will be illustrated with two examples of goods for which it yields complex pluralist conclusions: the provision of care and the provision of media content. (shrink)

In Why Some Things Should Not Be for Sale, philosopher Debra Satz takes a penetrating look at those commodity exchanges that strike most of us as problematic. What considerations, she asks, ought to guide the debates about such markets? What is it about a market involving prostitution or the sale of kidneys that makes it morally objectionable? How is a market in weapons or pollution different than a market in soybeans or automobiles? Are laws and social policies banning the more (...) noxious markets necessarily the best responses to them? Satz contends that categories previously used by philosophers and economists are of limited utility in addressing such questions because they have assumed markets to be homogenous. Accordingly, she offers a broader and more nuanced view of markets--one that goes beyond the usual discussions of efficiency and distributional equality--to show how markets shape our culture, foster or thwart human development, and create and support structures of power. (shrink)

Department of Economics, University of Calgary, 2500 University Dr NW, Calgary AB, T2N 1N4, Canada. Tel.: +1403220 5861; Fax: +1403220 5861; Email: ahollis{at}ucalgary.ca ' + u + '@' + d + ' '//--> . Abstract The Health Impact Fund has been proposed as an optional, comprehensive advance market commitment system offering financial payments or ‘prizes’ to patentees of new drugs, which are sold globally at an administered low price. The Fund is designed to offer payments based on the therapeutic impact (...) of the drugs or vaccines, so that innovators will have efficient incentives to develop drugs that maximize health gains. Consumers would have improved access to such drugs because of low prices. CiteULike Connotea Del.icio.us What's this? (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 ...

Capitalist societies are full of unacceptable inequalities. Freedom is of paramount importance. These two convictions, widely shared around the world, seem to be in direct contradiction with each other. Fighting inequality jeopardizes freedom, and taking freedom seriously boosts inequality. Can this conflict be resolved? In this ground-breaking book, Philippe Van Parijs sets a new and compelling case for a just society. Assessing and rejecting the claims of both socialism and conventional capitalism, he presents a clear and compelling alternative vision of (...) the just society: a capitalist society offering a substantial and unconditional basic income to all its members. Not just an exercise in political theory, this book reveals a new ideal of a free society and its meaning in the real world by drawing out its policy implications. It is essential reading for anyone concerned about the just society and the welfare state as we move into the twenty-first century. (shrink)

Women as commercial baby factories, nature as an economic resource, life as one big shopping mall: This is what we get when we use the market as a common ...

Should we pay children to read books or to get good grades? Should we allow corporations to pay for the right to pollute the atmosphere? Is it ethical to pay people to test risky new drugs or to donate their organs? What about hiring mercenaries to fight our wars? Auctioning admission to elite universities? Selling citizenship to immigrants willing to pay? In this book the author takes on one of the biggest ethical questions of our time: Is there something wrong (...) with a world in which everything is for sale? If so, how can we prevent market values from reaching into spheres of life where they don't belong? What are the moral limits of markets? In recent decades, market values have crowded out nonmarket norms in almost every aspect of life including medicine, education, government, law, art, sports, even family life and personal relations. Without quite realizing it, the author argues, we have drifted from having a market economy to being a market society. Is this where we want to be? What is the proper role of markets in a democratic society, and how can we protect the moral and civic goods that markets don't honor and that money can't buy? (shrink)

In recent years, the free market position has been gaining strength. In this book, Radin provides a nuanced response to its sweeping generalization.

In this book, Daniel Shapiro argues that the dominant positions in contemporary political philosophy - egalitarianism, positive rights theory, communitarianism, and many forms of liberalism - should converge in a rejection of central welfare state institutions. He examines how major welfare institutions, such as government-financed and -administered retirement pensions, national health insurance, and programs for the needy, actually work. Comparing them to compulsory private insurance and private charities, Shapiro argues that the dominant perspectives in political philosophy mistakenly think that their (...) principles support the welfare state. Instead, egalitarians, positive rights theorists, communitarians, and liberals have misunderstood the implications of their own principles, which in fact support more market-based or libertarian institutional conclusions than they may realize. Shapiro's book is unique in its combination of political philosophy with social science. Its focus is not limited to any particular country; rather it examines welfare states in affluent democracies and their market alternatives. (shrink)