Insider trading has received a bad name in recent decades. The popular press makes it sound like an evil practice where those who engage in it are totally devoid of ethical principles. Yet not all insider trading is unethical and some studies have concluded that certain kinds of insider trading are actually beneficial to the greater investment community. Some scholars in philosophy, law and economics have disputed whether insider trading should be punished at all while others assert that it should (...) be illegal in all cases. This paper explores the nature of insider trading and analyzes the issues to determine the positive and negative aspects of insider trading, and how policy should be changed. The best hope would be for studies to be made that isolate the individuals or groups who are fraudulently harmed by insider trading. If any such groups exist, then clearly worded legislation could be passed to prevent any fraud from being committed against these individuals and groups, while allowing non-fraudulent transactions to be completed without fear of prosecution. Until it can be clearly determined that someone is fraudulently harmed by insider trading, there should be no law or regulation restricting the practice, since such restrictions violate individual rights and will likely have a negative market reaction. (shrink)

John Stuart Mill's Utilitarianism is one of the most important, controversial, and suggestive works of moral philosophy ever written. Mill defends the view that all human action should produce the greatest happiness overall, and that happiness itself is to be understood as consisting in "higher" and "lower" pleasures. This volume uses the 1871 edition of the text, the last to be published in Mill's lifetime. The text is preceded by a comprehensive introduction assessing Mill's philosophy and the alternatives to utilitarianism, (...) and discussing some of the specific issues Mill raises in Utilitarianism. (shrink)

Though the Revised Edition of A Theory of Justice, published in 1999, is the definitive statement of Rawlsıs view, so much of the extensive literature on ...

For forty years, successive editions of Ethical Theory and Business have helped to define the field of business ethics. The 10th edition reflects the current, multidisciplinary nature of the field by explicitly embracing a variety of perspectives on business ethics, including philosophy, management, and legal studies. Chapters integrate theoretical readings, case studies, and summaries of key legal cases to guide students to a rich understanding of business ethics, corporate responsibility, and sustainability. The 10th edition has been entirely updated, ensuring that (...) students are exposed to key ethical questions in the current business environment. New chapters cover the ethics of IT, ethical markets, and ethical management and leadership. Coverage includes climate change, sustainability, international business ethics, sexual harassment, diversity, and LGBTQ discrimination. New case studies draw students directly into recent business ethics controversies, such as sexual harassment at Fox News, consumer fraud at Wells Fargo, and business practices at Uber. (shrink)

The Greek philosopher Aristotle, writing over two thousand years before Wall Street, called people who engaged in activities which did not contribute to society "parasites." In his latest work, renowned scholar Robert C. Solomon asserts that though capitalism may require capital, but it does not require, much less should it be defined by the parasites it inevitably attracts. Capitalism has succeeded not with brute strength or because it has made people rich, but because it has produced responsible citizens and--however unevenly--prosperous (...) communities. It cannot tolerate a conception of business that focuses solely on income and vulgarity while ignoring traditional virtues of responsibility, community, and integrity. Many feel that there is too much lip-service and not enough understanding of the importance of cooperation and integrity in corporate life. This book rejects the myths and metaphors of war-like competition that cloud business thinking and develops an "Aristotelean" theory of business. The author's approach emphasizes several core concepts: the corporation as community, the search for excellence, the importance of integrity and sound judgment, as well as a more cooperative and humane vision of business. Solomon stresses the virtues of honesty, trust, fairness, and compassion in the competitive business world, and confronts the problem of "moral mazes" and what he posits as its solution--moral courage. (shrink)

An integrity-based approach to ethics management combines a concern for the law with an emphasis on managerial responsibility for ethical behavior. Though integrity strategies may vary in design and scope, all strive to define companies’ guiding values, aspirations, and patterns of thought and conduct. When integrated into the day-to-day operations of an organization, such strategies can help prevent damaging ethical lapses while tapping into powerful human impulses for moral thought and action. Then an ethical framework becomes no longer a burdensome (...) constraint within which companies must operate, but the governing ethos of an organization. (shrink)

Since it appeared in 1971, John Rawls's A Theory of Justice has become a classic. The author has now revised the original edition to clear up a number of difficulties he and others have found in the original book. Rawls aims to express an essential part of the common core of the democratic tradition--justice as fairness--and to provide an alternative to utilitarianism, which had dominated the Anglo-Saxon tradition of political thought since the nineteenth century. Rawls substitutes the ideal of the (...) social contract as a more satisfactory account of the basic rights and liberties of citizens as free and equal persons. "Each person," writes Rawls, "possesses an inviolability founded on justice that even the welfare of society as a whole cannot override." Advancing the ideas of Rousseau, Kant, Emerson, and Lincoln, Rawls's theory is as powerful today as it was when first published. (shrink)

With this volume, Werner Pluhar completes his work on Kant's three Critiques, an accomplishment unique among English language translators of Kant. At once accurate, fluent, and accessible, Pluhar's rendition of the Critique of Practical Reason meets the standards set in his widely respected translations of the Critique of Judgement (1987) and the Critique of Pure Reason (1996).

Though the revised edition of A Theory of Justice, published in 1999, is the definitive statement of Rawls's view, so much of the extensive literature on Rawls's theory refers to the first edition. This reissue makes the first edition once again available for scholars and serious students of Rawls's work.

I evaluate the adequacy of the three models of international business ethics that have been recently proposed by Thomas Donald son, Gerard Elfstrom and Richard De George. Using the example of the conduct of the aluminum companies in Jamaica, I argue that these three models fail to address the most important of the ethical issues encountered by multinationals because they focus too narrowly on human rights issues and on utilitarian considerations. In addition I argue that these models also evidence an (...) inadequate understanding of microeconomic theory. I end by proposing that these defects can be remedied by a model of ethics that incorporates a theory of moral rights, a utilitarian-based theory of the market, and a theory of justice. (shrink)

This is an important work for those studying the concept of utilitarianism, or those who are interested in the writings of John Stuart Mill.

This was scanned from the 1909 edition and mechanically checked against a commercial copy of the text from CDROM. Differences were corrected against the paper edition. The text itself is thus a highly accurate rendition. The footnotes were entered manually.

This article presents a reading of Mill in which his view of self is social rather than individualistic. I will provide criticisms of the radically-individualist interpretations of Mill offered by John Gray, R. P. Anschutz, and Robert Wolff. Gray and Anschutz get Mill wrong from the right, and Wolff gets Mill wrong from the left. Mill’s individualism has at times been overstated, leading to a neglect of the importance that he places on positive community influence of moral agents. This heavy (...) emphasis on individual detachment can lead to an (intended or not) impression that Mill’s individual is thoroughly atomistic. An overemphasis on the individualism in Mill neglects the importance of community’s role in nurturing the individual to be united with fellow citizens, to develop sympathetic affections, and to be integrated into a unified web of corroborative associations. (shrink)

Hardin demonstrates that many of these structural issues can and should be distinguished from the thornier problems of utilitarian value theory, and he is able ...

Insider trading has received a bad name in recent decades. The popular press makes it sound like an evil practice where those who engage in it are totally devoid of ethical principles. Yet not all insider trading is unethical and some studies have concluded that certain kinds of insider trading are actually beneficial to the greater investment community. Some scholars in philosophy, law and economics have disputed whether insider trading should be punished at all while others assert that it should (...) be illegal in all cases. This paper explores the nature of insider trading and analyzes the issues to determine the positive and negative aspects of insider trading, and how policy should be changed. The best hope would be for studies to be made that isolate the individuals or groups who are fraudulently harmed by insider trading. If any such groups exist, then clearly worded legislation could be passed to prevent any fraud from being committed against these individuals and groups, while allowing non-fraudulent transactions to be completed without fear of prosecution. Until it can be clearly determined that someone is fraudulently harmed by insider trading, there should be no law or regulation restricting the practice, since such restrictions violate individual rights and will likely have a negative market reaction. (shrink)

Wayne Norman and Chris MacDonald launch a strong attack against Triple Bottom Line or 3BL accounting in their article “Gettingto the Bottom of ‘Triple Bottom Line’” (2004). This response suggests that, while limitations to 3BL accounting do exist, the critique of Norman and MacDonald is deeply flawed.

This article presents a reading of Mill in which his view of self is social rather than individualistic. I will provide criticisms of the radically-individualist interpretations of Mill offered by John Gray, R. P. Anschutz, and Robert Wolff. Gray and Anschutz get Mill wrong from the right, and Wolff gets Mill wrong from the left. Mill’s individualism has at times been overstated, leading to a neglect of the importance that he places on positive community influence of moral agents. This heavy (...) emphasis on individual detachment can lead to an impression that Mill’s individual is thoroughly atomistic. An overemphasis on the individualism in Mill neglects the importance of community’s role in nurturing the individual to be united with fellow citizens, to develop sympathetic affections, and to be integrated into a unified web of corroborative associations. (shrink)

What distinguishes preference utilitarianism from other utilitarian positions is the axiological component: the view concerning what is intrinsically valuable. According to PU, intrinsic value is based on preferences. Intrinsically valuable states are connected to our preferences being satisfied.

Edwin Hartman argues that ethical principles should not derive from abstract theory, but from the real world of experience in organizations. He explains how ethical principles derive from what workers learn in their communities (firms), and that an ethical firm is one that creates the good life for the workers who contribute to its mission. His approach is based on the Aristotelian tradition of refined common sense, from recent work on collective action problems in organizations, and from social contract theory.

This paper attempts to provide a conceptual underpinning for codes of ethics in business and the professions. Rule-utilitarianism is a theory of ethics which I believe can successfully do this. Business persons and professionals, hopefully, will be able to develop codes of ethics in a manner consistent with a well-formulated general ethical theory. This will help enable codes of ethics to be a bridge between general ethical theory and specific ethical decisions made in business and the professions.

How do we think about what we plan to do? One dominant answer is that we select the best possible option available. However, a growing number of philosophers would offer a different answer: since we are not equipped to maximize we often choose the next best alternative, one that is no more than satisfactory. This strategy choice is called satisficing. This collection of essays explores both these accounts of practical reason, examining the consequences for adopting one or the other for (...) moral theory in general and the theory of practical rationality in particular. It aims to address a constituency larger than contemporary moral philosophers and bring these questions to the attention of those interested in the applications of decision theory in economics, psychology and political science. (shrink)

Wayne Norman and Chris MacDonald launch a strong attack against Triple Bottom Line or 3BL accounting in their article “Gettingto the Bottom of ‘Triple Bottom Line’” (2004). This response suggests that, while limitations to 3BL accounting do exist, the critique of Norman and MacDonald is deeply flawed.

I evaluate the adequacy of the three models of international business ethics that have been recently proposed by Thomas Donald son, Gerard Elfstrom and Richard De George. Using the example of the conduct of the aluminum companies in Jamaica, I argue that these three models fail to address the most important of the ethical issues encountered by multinationals because they focus too narrowly on human rights issues and on utilitarian considerations. In addition I argue that these models also evidence an (...) inadequate understanding of microeconomic theory. I end by proposing that these defects can be remedied by a model of ethics that incorporates a theory of moral rights, a utilitarian-based theory of the market, and a theory of justice. (shrink)

This paper examines ethical concerns of the utilitarian paradigm, the greatest good for the greatest number, advocated by many proponents and consultants in siting landfills. The implications of the consequentialist utilitarian approach are considered through the examination of a landfill-site-search case study in Ontario, Canada. Limitations to such an approach, in terms of differing values, equal consideration, equitable participation, distributive justice and the emphasis on non-quantifiable factors are discussed. Recommendations to improve the process are made based on the ethical analysis (...) of the case study. (shrink)

The growing awareness that corporate and public policy forming processes are intensively utilitarian has provoked a variety of criticism. The procedural difficulties of utilitarianism are well known; less well known but potentially more devastating is a set of charges that utilitarian policy processes intrude upon important relationships and societal processes. This paper defends utilitarian methods against these charges.More specifically, two criticisms are singled out for examination. The first is the claim that utilitarian policy processes systematically discriminate against the rights of (...) non-human life and suppress any feelings of sympathy or obligation humans might have for animals or plants. The second is the argument that utilitarianism ultimately circumvents considerations of process which are essential for the development of individual and societal identity. (shrink)

The notion of rationality underlying contemporary business and business ethics, or the “rational actor” model of moral decision-making in business, links a roughly utilitarian notion of the good to a contractarian notion of human agency. The “C-Umodel” provides inadequate means for explaining how business people do or ought to behave or think about their behavior, because the notion of rationality upon which it relies is far too narrow a picture of business people’s character. An alternative to these assumptions and to (...) the Contractarian-Utilitarian model, is offered in an ethics of virtue. Despite the traditional apparent conflict between these divergent models, the C-U model, if founded in a notion of rationality consistent with Aristotelian ethics, is recognized as a useful instrument in business ethics and business decision-making. Hence, a reconciliation is effected between the C-U model and virtue ethics. (shrink)

ABSTRACT:Utilitarianism is commonly defined in very different ways, sometimes in a single text. There is wide agreement that it mandates maximizing some kind of good, but many formulations also require a pattern of distribution. The most common of these take utilitarianism to characterize right acts as those that achieve “the greatest good for the greatest number.” This paper shows important ambiguities in this formulation and contrasts it (on any plausible interpretation of it) with the kinds of utilitarian views actually defended (...) by major proponents of utilitarianism. The aim is not to defend any of these views but to formulate them in a way that facilitates using them—or, more likely, some revised version suggested by the paper—in guiding decisions in business. The analysis provided here should also facilitate appraisal of utilitarianism, contribute to clarity in discussions of business ethics, and suggest a range of ethical standards that merit consideration for certain kinds of decision. If the results of the analysis are correct, a distributive reading of utilitarianism is at best misleading as a representation of its central thrust; it should not be described as the view that ethics calls for achieving “the greatest good for the greatest number”; and, understood as its major proponents take it, utilitarianism differs more from Kantian ethics than distributive readings imply and is more difficult to defend than it appears to be when viewed as intrinsically distributive. (shrink)

This paper considers the converse of the principle that ought implies can, namely, the principle that must implies ought. It argues that this principle is the central premiss for Mill's argument that happiness is desirable (worthy of desire), and it examines the sense of must that is relevant and the implications it has for Mill's moral philosophy.

How does a poet repeatedly over a lifetime make art out of an arbitrary assignment of fate? By asking this question of the work of four American poets - two men of the postwar generation, two young women writing today - Helen Vendler suggests a fruitful way of looking at a poet's career and a new way of understanding poetic strategies as both mastery of forms and forms of mastery.