The importance of business ethics is not contrdicted in any way by Adam Smith’s pointer to the fact that our “regards to our own interests” provide adequate motivation tor exchange. There are many important economic relationships other than exchange, such as the institution of production and arrangements of distribution. Here business ethics can playa major part. Even as far as exchange is concerned, business ethics can be crucially important in terms of organization and behavior, going weil beyond basic motivation.

The purpose of this paper is to enter the conversation about stakeholder theory with the goal of clarifying certain foundational issues. I want to show, along with Boatright, that there is no stakeholder paradox, and that the principle on which such a paradox is built, the Separation Thesis, is nicely self-serving to business and ethics academics. If we give up such a thesis we find there is no stakeholder theory but that stakeholder theory becomes a genre that is quite rich. (...) It becomes one of many ways to blend together the central concepts of business with those of ethics. Rather than take each concept of business singly or the whole of “business” together and hold it to the light of ethical standards, we can use the stakeholder concept to create more fine-grained analyses that combine business and ethics; or more simply, we can tell many more, and more interesting, stories about business. (shrink)

The foundation for a system of morals, this 1749 work is a landmark of moral and political thought. Its highly original theories of conscience, moral judgment, and virtue offer a reconstruction of the Enlightenment concept of social science, embracing both political economy and theories of law and government.

Both Adam Smith and Herbert spencer, albeit in quite different ways, have been enormously influential in what we today take to be philosophies of modern capitalism. Surprisingly it is Spencer, not Smith, who is the individualist, perhaps an egoist, and supports a "night watchman" theory of the state. Smith's concept of political economy is a notion that needs to be revisited, and Spencer's theory of democratic workplace management offers a refreshing twist on contemporary libertarianism.

The paper starts with a presentation of three interrelated theses based on conceptual differentiations needed to account for the semantic complexity of the concept of rationality. The first thesis relates to the concept of observer’s rationality. The logic of observation does not differ in respect to different types of object. Therefore rationality in the social sciences is in accordance with scientific rationality in general. The second thesis argues that the rationality of the observer is sufficient for economic and sociological inquiry, (...) as demonstrated by the example of time series analysis. The third thesis refers to particular characteristics of human action that pertain to analysis in the social sciences. In many cases rationality of the observer in economics and sociology is tied to an assumption that the actor behaves with rationality in selecting the ends of action and the norms regulating social relationships. The three theses are then discussed in a context of reexamination of the works of historically important theorists, including the physiocrats, BenthamBentham, Jeremy, MarxMarx, Karl, MarshallMarshall, Alfred, and ParetoPareto, Vilfredo, as well as more general methodological and philosophical traditions. (shrink)

'Most of us are still groping for answers about what makes life worth living, or what confers meaning on individual lives', writes Charles Taylor in Sources of the Self. 'This is an essentially modern predicament.' Charles Taylor's latest book sets out to define the modern identity by tracing its genesis, analysing the writings of such thinkers as Augustine, Descartes, Montaigne, Luther, and many others. This then serves as a starting point for a renewed understanding of modernity. Taylor argues that modern (...) subjectivity has its roots in ideas of human good, and is in fact the result of our long efforts to define and attain the good. The modern turn inwards is far from being a disastrous rejection of rationality, as its critics contend, but has at its heart what Taylor calls the affirmation of ordinary life. He concludes that the modern identity, and its attendant rejection of an objective order of reason, is far richer in moral sources that its detractors allow. Sources of the Self provides a decisive defence of the modern order and a sharp rebuff to its critics. (shrink)

'Foot stands out among contemporary ethical theorists because of her conviction that virtues and vices are more central ethical notions than rights, duties, justice, or consequences - the primary focus of most other contemporary theorists. This volume brings together a dozen essays published between 1957 and 1977, and includes two new ones as well. In the first, Foot argues explicitly for an ethic of virtue, and in the next five discusses abortion, euthanasia, free will/determination, and the ethics of Hume and (...) Nietzsche. The final eight essays chart her growing disenchantment with emotivism and prescriptivism and their account of moral arguments. All the essays embody to some extent her commitment to an ethics of virtue... Foot's style is straightforward and readable, her arguments subtle, ingenious, and some of them important.' Choice. (shrink)

Smith defines the business enterprise primarily as the endeavor of an individual who remains fully embedded in the broader society and subject to its moral demands. For him, the conceptions of the local community and its normative framework, of the enterprise, and of the individuals within it need to be aligned with each other and developed together. Over time, four processes have, however, led to a widening gap between the business world and the local community. These are the dissemination of (...) the corporate model, the transformation of the entrepreneurial role toward an agency role, changes in the ownership structure, and changes in the relation to the local community. This article presents Smith’s integrative conception of business and its contributions to the development of integrative theories of organizations and of business–society relations in the twenty-first century. Among others, it discusses the necessity to develop a normative-relational dimension of organizations that addresses the relations between the organization, its members, and the normative framework of the local community. This integrative approach of business–society relations challenges current business ethics research which often suggests that solutions to the current scandals lie either within the framework, the organization, or the individuals. (shrink)

Includes material on John Cotton, John Winthrop, Thomas Hooker, Roger Williams, Nathaniel Ward, John Eliot, Samuel Sewall, Increase Mather, Cotton Mather, John Wise, Jonathan Edwards, Benjamin Franklin, Thomas Hutchinson, Daniel Leonard, Jonathan Boucher, John Dickinson, Samuel Adams, John Trumbull, Francis Hopkinson, Jonathan Odell, Samuel Peters, Alexander Hamilton, John Adams, Thomas Paine, Thomas Jefferson, the Hartford Wits, Philip Freneau, Joel Barlow, and Hugh Henry Brackenridge.

This paper presents a theoretical elaboration of the ethical framework of classical capitalism as formulated by Adam Smith in reaction to the dominant mercantilism of his day. It is seen that Smith's project was profoundly ethical and designed to emancipate the consumer from a producer and state dominated economy. Over time, however, the various dysfunctions of a capitalist economy — e.g., concentration of wealth, market power — became manifest and the utilitarian ethical basis of the system eroded. Contemporary capitalism, dominated (...) as it is by large corporations, entrenched political interests and persistent social pathologies, bears little resemblance to the system which Smith envisioned would serve the common man. Most critiques of capitalism are launched from a Marxian-based perspective. We find, however, that by illustrating the wide gap between the reality of contemporary capitalism and the model of amoral political economy developed by Smith, the father of capitalism proves to be the most trenchant critic of the current order. (shrink)

Hühn and Dierksmeier argue that a better understanding of Adam Smith’s work would improve business ethics research and education. I worry that their approach encourages two scholarly sins. First, anachronistic historiography in which we distort Smith’s ideas by making him answer questions about contemporary debates in CSR theory. Second, treating him as a prophet by assuming that finding out what Smith would have thought about it is the right way to answer such questions.

This eagerly anticipated new book from Tony Lawson contends that economics can profit from a more explicit concern with ontology than has been its custom. By admitting that economics is not exactly a picture of health at the moment, Lawson hopes that we can move away from the bafflingly intransigent belief that economics is at its core reliant upon mathematical modelling. This maths-envy is the reason why economics is in a state of such disarray. Far from being a polemic against (...) the mainstream, this excellent new book is concerned that if economics is to be saved from itself then there must be a realistic dialogue between the classical heterodox fields. Of interest to philosophers, sociologists and social scientists as well as economists, this comprehensive, logical book is a vital contribution to an important debate. (shrink)

This book examines the use, principally in economics, of the concept of the invisible hand, centering on Adam Smith. It interprets the concept as ideology, knowledge, and a linguistic phenomenon. It shows how the principal Chicago School interpretation misperceives and distorts what Smith believed on the economic role of government. The essays further show how Smith was silent as to his intended meaning, using the term to set minds at rest; how the claim that the invisible hand is the foundational (...) concept of economics is repudiated by numerous leading economic theorists; that several dozen identities given the invisible hand renders the term ambiguous and inconclusive; that no such thing as an invisible hand exists; and that calling something an invisible hand adds nothing to knowledge. Finally, the essays show that the leading doctrines purporting to claim an invisible hand for the case for capitalism cannot invoke the term but that other nonnormative invisible hand processes are still useful tools. (shrink)

Smith's famous invocation of the invisible hand -according to which self-interest promotes the greater good — has popularly been seen as a fundamental challenge to business ethics, a field committed to the opposite premise that the public interest cannot be advanced unless economic egoism is restrained by a more socially conscious mindset, one that takes into account the legitimate needs of stakeholders and the reciprocity inherent in networked relationships. Adam Smith has been brought into the discipline to show that his (...) authority cannot be summoned to fully support the free market sceptics of business ethics. Little has been done, however, to illustrate that Smith's moral writings actually contain the fundamentals of a business ethics teaching for managers who necessarily work within a variety of networks. This article analyses his moral thought to infer a Smithean framework of business ethics for managers. Smith believes that self-interest should be subordinated to moral imperatives, even in the business world. However, Smith rejects the principles of corporate social responsibility on the argument that benevolent impulses cannot be expected to prevail in the commercial arena. Instead of consciously trying to advance the social good, Smith's ideal manager will endeavour to personally live up to the standards enforced by an impartial spectator of his conduct, a theoretical entity reflecting the ethical requirements posed by the manager's social networks and stakeholder relationships. While this internalized onlooker expects a limited degree of benevolence, the overriding demand is for the manager to abide by the dictums of justice and prudence. (shrink)

This is a significantly expanded edition of one of the greatest works of modern political theory. Sheldon Wolin's Politics and Vision inspired and instructed two generations of political theorists after its appearance in 1960. This new edition retains intact the original ten chapters about political thinkers from Plato to Mill, and adds seven chapters about theorists from Marx and Nietzsche to Rawls and the postmodernists. The new chapters, which show how thinkers have grappled with the immense possibilities and dangers of (...) modern power, are themselves a major theoretical statement. They culminate in Wolin's remarkable argument that the United States has invented a new political form, "inverted totalitarianism," in which economic rather than political power is dangerously dominant. In this new edition, the book that helped to define political theory in the late twentieth century should energize, enlighten, and provoke generations of scholars to come. Wolin originally wrote Politics and Vision to challenge the idea that political analysis should consist simply of the neutral observation of objective reality. He argues that political thinkers must also rely on creative vision. Wolin shows that great theorists have been driven to shape politics to some vision of the Good that lies outside the existing political order. As he tells it, the history of theory is thus, in part, the story of changing assumptions about the Good. In the new chapters, Wolin displays all the energy and flair, the command of detail and of grand historical developments, that he brought to this story forty years ago. This is a work of immense talent and intense thought, an intellectual achievement that will endure. (shrink)

In this paper we seek to uncover and analyse unitarist ideology within the field of HRM, with particular emphasis on the manner in which what we call ‘new unitarism’ is ideologically performative in HRM scholarship. Originally conceived of as a way of understanding employer ideology with regard to the employment relationship, unitarist frames of reference conceive a workplace that is characterised by shared interests and a single source of authority. This frame has continuously evolved and persistently formed thinking about HRM; (...) however, this influence has been largely covert and unexamined. Using an epistemic analysis informed by theories of knowledge, we examine new unitarism against three types of validity claims—descriptive, normative, and instrumental—in order to understand how it has been ideologically constitutive of HRM scholarship. We consider the implications of this analysis for HRM research and practice and contend that an alternative frame, namely ‘new pluralism’, has potential to offer a more valid account of the employment relationship, to provide a framework for assessing how power affects the pursuit of employee interests, and to allow space for taking up deeply ethical questions related to employment. (shrink)

In his presentation at the 1993 Society of Business Ethics conference, Ed Freeman offered a provocative explanation for why the normative core of business and society (B&S) research is perceived as fundamentally at odds with the pervasive wisdom on business and the academic literature on management (e.g., "business ethics is an oxymoron"). He termed this explanation the separation thesis. This article explores the possibility that the separation thesis captures a pervasively held view about corporations, even among B &S researchers. To (...) support this claim, the author looks at whether three value dichotomies, which provide the conceptual underpinnings of the separation thesis, are prevalent in the literature. The article provides evidence from the literatures in ethics, corporate social responsibility/ performance, and wider management issues to support its claims, and then looks at alternative possibilities for developing inquiry to avoid the pitfalls of these value dichotomies and, therefore, the separation thesis. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Michelet and Social Romanticism: Religion, Revolution, NatureArthur MitzmanIn 1851, shortly before his second and definitive suspension from his teaching at the Collège de France, Jules Michelet told a young friend of his dissatisfaction with the meager political impact of the Republican professors of the time: “Our present propaganda... has resembled strongly that which might be made by a man enclosed in a crystal glass. He finds his voice to (...) be resounding and very strong: that’s because it breaks against the inner surface. But those who are outside, the men of the people, hear nothing.” 1Michelet had become painfully aware of how little his voice had been heard outside the crystal in June 1848, when barricade-builders outside his house on the Rue des Postes responded to his son-in-law’s appeal not to expose the dwelling of the great historian to artillery fire by asking, “Who is Michelet?” 2 This occurred two years after the publication of Le Peuple and only months after the appearance of his celebration of the commoners’ festivals of federation in 1790, both texts being landmarks in the social romantic anticipation of 1848. In fact it was the 1848 Revolution itself that had diminished the resonance of Michelet’s ideas, by polarizing the country in a way that made it impervious to his message of social harmony.Before 1848, Michelet was a central figure in the intellectual disaffection that delegitimized the July Monarchy. His work in the 1840s had shifted from the historical erudition of his many-volumed Histoire de France to contemporary polemics against the clergy and the government: attacks on the Jesuits and the Church 3 swiftly broadened to a conflict with the intellectual and political establishment of the period. In Le Peuple (1846), Michelet combined an analysis of the profound social divisions within the French nation with a remarkable sketch of the relation between civilization and nature, a Rousseauian appeal to the natural qualities of the common people and an [End Page 659] invocation of the genius of the future, who would be gifted with “the two sexes of the spirit.”Le Peuple was the first of a series of works on nature, women, and the common people, those three “others” of nineteenth-century high culture, that have throughout this century fascinated cultural historians. In the historiographical tradition, its author has been celebrated by those who viewed him as their predecessor in the broadening of history-writing to include culture and mentalities, such as Lucien Febvre and Jacques Le Goff, and denigrated by those, like Pieter Geyl, who have been outraged by his nationalistic pathos and his blatant subjectivity. 4 I shall suggest in this essay that all of these aspects of Michelet’s work are rooted in his significance in the 1840s as a social romantic, the contemporary and friend of George Sand, Lamennais, Pierre Leroux, and others.For apart from what Michelet has come to mean, as totem or as scarecrow, to the scholarship of the twentieth century, he was enmeshed in the ideological conflicts of his own time. Without an understanding of those conflicts, an important perspective on his place in the history of ideas will be missing, a perspective which, moreover, may shed some light on the broader historical significance of the social romanticism he represented. For example, the “ideological” Michelet was best known in his own time as an anti-clerical. 5 Indeed, his version of the Romantic évangile éternel, which he developed in the 1840s, takes a privileged place among the efforts of intellectuals in the first half of the nineteenth century to work out new religious conceptions to replace a moribund Catholicism. 6 Yet the principal framework of his polemical activity was not the Church but the liberal academic establishment, with which he was at war from his 1843 lectures on the Jesuits to his dismissal from his official functions at the beginning of the Second Empire.Michelet and the July Monarchy: From Liberalism to Social RomanticismSeen from the standpoint of the early years of his career, roughly 1825 to 1835, Michelet would seem an improbable candidate for any kind of romanticism. Given his impoverished, artisan background as well... (shrink)

The most arresting aspect of the Scottish Enlightenment is its conception of commercial society as a distinct and distinctive social formation. Christopher Berry explains why Enlightenment thinkers considered commercial society to be wealthier and freer than earlier forms, and charts the contemporary debates and tensions between Enlightenment thinkers that this idea raised. The book analyses the full range of literature on the subject, from key works like Adam Smith's 'Wealth of Nations', David Hume's 'Essays and Treatises on Several Subjects' and (...) Adam Ferguson's 'Essay on the History of Civil Society' to lesser-known works such as Robert Wallace's 'Dissertation on Numbers of Mankind'. (shrink)

In both the public and the business world, in academe as well as in practice, the ideas of Adam Smith are regarded as the bedrock of modern economics. When present economic conditions and management practices are criticised, Adam Smith is referred to by defenders and detractors of the current status quo alike. Smith, it is believed, defined the essential terms of reference of these debates, such as the rational pursuit of self-interest on part of the individual and the resultant optimal (...) allocation of goods in free markets thanks to the workings of an “invisible hand.” In this article, we question whether this standard view of Smith, the economist, is tenable. We provide an extensive review of the extant secondary literature from economists, business ethicists, and philosophers, comparing their assessments to crucial elements of Smith’s theoretical system. As a result, we show that Smith, far from being an advocate of a value-free or even value-averse conception of economic transactions, stood for a virtue-based and values-oriented model of business. Accordingly, we argue current management education and the pedagogy of business ethics ought to be changed, and certain strategic conclusions drawn for business practice. (shrink)

Frederic Bastiat was an influential economic writer of the middle 1800s. In his work,Economic Sophisms (1848), Bastiat proposed a dual system of ethics, containing economic ethics and religious ethics.Bastiat first described the tendency of individuals toward plunder as a means of satisfying their economic needs. Men, he held, could work and produce what they needed by toil, but history had shown that men preferred to take what they could from others who had toiled. Bastiat identified two main types of plunder (...) — force and fraud. (shrink)