The most serious ethical challenge facing multinational corporations in the next century is their exportation of the mental model of Western-style capitalism. This model promises that industrialized free enterprise in a free trade global economy, where businesses and entrepreneurs can pursue their interests competitively without undue regulations or labor restrictions, will produce growth and well-being, i.e., economic good, in every country or community where this phenomenon is allowed to operate. This paper points to some limitations to this model and illustrates (...) how multinational corporations might meet this challenge. (shrink)

Provides a philosophical and critical analysis of F.A. Hayek's version of Classical Liberalism. Highlighting weaknesses of the agnostic, evolutionary ethics that Hayek, a recipient of the Nobel Prize in Economics, considers foundational to his free-market system, the study explores alternative moral foundations within Christian ethics.

MANY thinkers deny the possibility of businessmen having responsibilities or ethical obligations. A businessman has no alternative, in view of the competition of the market-place, to do anything other than buy at the cheapest and sell at the dearest price he can. In any case, it would be irrational-if, indeed, it were possible-not to do so. Admittedly, there is a framework of law within which he has to operate, but that is all, and so long as he keeps the law (...) he is free to maximise his profits without being constrained by any moral or social considerations, or any further sense of responsibility for what he does. (shrink)