The ongoing global economic and financial crisis has exposed the risks of considering market and business organizations only as instruments for creating economic wealth while paying little heed to their role in ethics and values. Catholic Social Teaching (CST) could provide a useful contribution in rethinking the role of values in business organizations and markets because CST puts forward an anthropological view that involves thinking of the marketplace as a community of persons with the aim of participating in the Common (...) Good (CG) of society. In the light of the CST tradition, and in particular Caritas in Veritate , this article investigates the thinking of some of the historical scholars of the Italian Economia Aziendale ( EA ), by focusing on the concept of azienda , in order to reinterpret in a more humanistic way the role of business organizations in society. By linking CST and EA , the dichotomy between for-profit and not-for-profit organizations and the stereotype of the so-called business amorality that has, for a long time, driven business managers can be transcended. The conclusions imply a forward-looking application of the ethical concepts embedded in the Italian science of EA. (shrink)

The problem : commerce and corruption -- Smith's defense of commercial society -- What is corruption? : political and psychological perspectives -- Smith on corruption : from the citizen to the human being -- The solution : moral philosophy -- Liberal individualism and virtue ethics -- Social science vs. moral philosophy -- Types of moral philosophy : natural jurisprudence vs. ethics -- Types of ethics : utilitarianism, deontology, and virtue ethics -- Virtue ethics : modern, ancient, and Smithean -- Interlude (...) : the what and the how of TMS VI -- The what : Sith's "practical system of morality" -- The how : rhetoric, audience, and the methods of practical ethics -- The how : the ascent of self-love in three stages -- Prudence or commercial virtue -- The challenge : from praise to prudence -- Educating the vain : fathers and sons -- Self-interest rightly understood -- The advantages and disadvantages of prudence -- Magnanimity or classical virtue -- The problems of prudence and the therapy of magnanimity -- Up from individualism : desert, praiseworthiness, conscience -- Modernity, antiquity, and magnanimity -- The dangers of magnanimity -- Beneficence or christian virtue -- Between care and caritas -- Benevolence and beneficence and the human telos -- The character and purposes of the wise and virtuous man -- Wisdom and virtue and Adam Smith's apology -- Epilogue: The "economy of greatness". (shrink)

In this article I address the question of whether corporations should be considered as part of the basic structure of society as defined in Rawls’s Theory of Justice. To do so, it becomes necessary to understand which institutions are crucial for defining Rawls’s basic structure of society. I will argue that a social ontology aimed at understanding how human institutions influence various aspects presupposed in Rawls’s basic structure of society can help addressing this topic. To do so, I shall draw (...) upon the social ontology elaborated by Searle, who follows an approach that is particularly suitable for showing how Rawls’s basic structure of society already contains an institutional setting that must take corporations into account in its very formulation, due to the implications of the activities of the corporation for distributive justice. (shrink)

Catholic Social Teaching takes a rather cautious view toward the value of the ideas of Adam Smith, due to his emphasis on negative political and economic liberty. Detractors of Smith within CST point to what they consider to be deficiencies within his works: an impoverished moral anthropology, a lack of concern for the common good, and markets untethered to human needs. Defenders of Smith within CST tend to emphasize the material benefits that derive from Smithian institutions, such as economic growth, (...) improvements in standards of living, and the new opportunities that arise from cultures focused on innovation. This paper argues that Smith’s ideas have real value for CST. However, this value primarily lies in his moral psychology. While not denying the dangers of business activity for our moral lives, Smith also helps us to understand the possibility of the moral corruption of those who wield political power, thus providing an indirect defense of political and economic liberty that coheres with important Christian ethical notions found in CST. This is the case even though CST does not consistently recognize concerns surrounding the dangers of wielding political power—and thus Smith’s arguments offer real challenges to CST as well. This paper further suggests that these basic insights are relevant regardless of one’s favored institutional arrangements. (shrink)

Adam Smith is the best known among economists for his book, The Wealth of Nations, often viewed as the keystone of modern economic thought. For many he has become associated with a quasi-libertarian laissez-faire philosophy. Others, often heterodox economists and social philosophers, on the contrary, focus on Smith's Theory of Moral Sentiments, and explore his moral theory. There has been a long debate about the relationship or lack thereof between these, his two great works. This work treats these dimensions of (...) Smith's work as elements in a seamless moral philosophical vision, demonstrating the integrated nature of these works and Smith's other writings. This book weaves Smith into a constructive critique of modern economic analysis and builds bridges between that discourse and the other social sciences. (shrink)

Although work–family conflict is highly relevant for both families and businesses, scarce attention has received from business ethics perspective. This article focuses on the latter, presenting a set of relevant insights from Catholic Social Teaching (CST). After reviewing the foundations and principles presented by CST regarding work–family relationships, a set of normative propositions are presented to develop work–family policies and for a correct personal work–family balance. It is argued that business responsibility with employees’ family should be considered as a part (...) of Corporate Social Responsibility. In addition, the applications of these principles and propositions can lead to a mutual enrichment of both business and family. (shrink)

The "justice of markets" is intricately connected to the treatment of the poor and the disadvantaged in market economies. The increased interest of multinational corporations in low-income market segments affords, on one hand, the opportunity for a more inclusive capitalism, and on the other, the threat of greater exploitation of poor and disadvantaged consumers. This article traces the contributions of Catholic Social Teaching and its basic principles toward providing insight into what constitutes "justice" in such "marketing to the impoverished" situations.

I describe an ethic for business administration based on the social tradition of the Catholic Church. I find that much current thinking about business falters for its conceit of truth. Abstractions such as the shareholder-value model contain truth - namely, that business is an economic enterprise to manage for the wealth of its owners. But, as in all abstractions, this truth comes at the expense of falsehood -namely, that persons are assets to deploy on behalf of owners. This last is (...) "wrong" in both senses of the word - it is factually wrong in that persons are far more than business assets, they are supernatural beings, children of God; and it is morally wrong in that it is an injustice to treat them as the former when they are the latter. I draw upon the social tradition of the Catholic Church to recognize that the business of business is not business, but is instead the human person. Following Church teachings, I describe a person-centered ethic of business based upon eight social principles that both correct and enlarge the shareholder-centered ethic of much current business thinking. I discuss implications of this person-centered ethic for business administration. (shrink)

Preface Introduction Christopher J. Berry: Adam Smith: Outline of Life, Times, and Legacy Part One: Adam Smith: Heritage and Contemporaries 1: Nicholas Phillipson: Adam Smith: A Biographer's Reflections 2: Leonidas Montes: Newtonianism and Adam Smith 3: Dennis C. Rasmussen: Adam Smith and Rousseau: Enlightenment and counter-Enlightenment 4: Christopher J. Berry: Adam Smith and Early Modern Thought Part Two: Adam Smith on Language, Art and Culture 5: Catherine Labio: Adam Smith's Aesthetics 6: James Chandler: Adam Smith as Critic 7: Michael C. (...) Amrozowicz: Adam Smith: History and Poetics 8: C. Jan Swearingen: Adam Smith on Language and Rhetoric: The Ethics of Style, Character, and Propriety Part Three: Adam Smith and Moral Philosophy 9: Christel Fricke: Adam Smith: The Sympathetic Process and the Origin and Function of Conscience 10: Duncan Kelly: Adam Smith and the Limits of Sympathy 11: Ryan Patrick Hanley: Adam Smith and Virtue 12: Eugene Heath: Adam Smith and Self-Interest Part Four: Adam Smith and Economics 13: Tony Aspromourgos: Adam Smith on Labour and Capital 14: Nerio Naldi: Adam Smith on Value and Prices 15: Hugh Rockoff: Adam Smith on Money, Banking, and the Price Level 16: Maria Pia Paganelli: Commercial Relations: from Adam Smith to Field Experiments Part Five: Adam Smith on History and Politics 17: Spiros Tegos: Adam Smith: Theorist of Corruption 18: David M. Levy & Sandra J. Peart: Adam Smith and the State: Language and Reform 19: Fabrizio Simon: Adam Smith and the Law 20: Edwin van de Haar: Adam Smith on Empire and International Relations Part Six: Adam Smith on Social Relations 21: Richard Boyd: Adam Smith, Civility, and Civil Society 22: Gavin Kennedy: Adam Smith on Religion 23: Samuel Fleischacker: Adam Smith and Equality 24: Maureen Harkin: Adam Smith and Women Part Seven; Adam Smith: Legacy and Influence 25: Spencer J. Pack: Adam Smith and Marx 26: Craig Smith: Adam Smith and the New Right 27: Tom Campbell: Adam Smith: Methods, Morals and Markets 28: Amartya Sen: The Contemporary Relevance of Adam Smith. (shrink)

In an effort to assess the latest thinking in the Roman Catholic Church on economic matters, we examine the newest encyclical by Pope Benedict XVI, Caritas in Veritate (Charity in Truth) for guidance concerning marketing and business strategy. Core ethical values, consistent with historical Catholic Social Teachings (CST), are retained. However, some important nuances are added to previous treatments, and, reflecting the mind of the current Pontiff, certain points of emphasis are shifted to account for recent global developments. Key areas (...) of consistency and differences (as we perceive them) are spelled out along with some brief commentary on the evolution of the CST position on matters of importance to business decision makers. We close our analysis with a brief discussion of how the lessons of the encyclical can be applied to selected marketing problems embedded with ethical issues, including some criteria for evaluating marketing programs. Finally, we note some editorial commentary published in the wake of the letter’s release along with our own summation. (shrink)

This new edition of The Life of Adam Smith remains the only book to give a full account of Smith's life whilst also placing his work into the context of his life and times.

This study analyses the influence that Adam Smith's philosophy had on his Wealth of Nations, and reveals the unity in Smith's extensive system of morals, politics, and economics. It concludes that Smith was motivated by a political ideal, which was moral liberalism.

The social sciences, and particularly economics, play an important role in business. This article reviews the account of the interdisciplinary conversation between Catholic Social Teaching and the social sciences (especially economics) over the last century, and describes Benedict XVI’s development of this account in Caritas in Veritate . Over time the popes recognized that the technical approach of economics was a barrier to fruitful collaboration between economics and Catholic Social Teaching, both because the economic approach is reductionist, and because modern (...) social science is skeptical of comprehensive accounts of human nature. Through an appeal to charity in truth, one can deduce from Caritas in Veritate that economists, along with business and management theorists, need to take seriously the project of reflecting on and promoting true human goods in society. To love the person one must reflect on what is truly good for the person; to discover the true good of the person, one must love the person. (shrink)

Although Adam Smith is best known as the founder of scientific economics and an early proponent of the modern market economy, political economy is only one part of his comprehensive intellectual system. Consisting of a theory of mind and its functions in language, arts, science and social intercourse, Smith's system was a towering contribution to the Scottish Enlightenment. This Companion provides an up-to-date examination of all aspects of Smith's thought. Collectively, the essays take into account his multiple contexts--Scottish, British, European, (...) Atlantic, biographical, institutional, political and philosophical. (shrink)

The marginalist revolution of the late nineteenth century consolidated what Karl Marx and Piero Sraffa called 'vulgar economy', bringing with it an emphasis on a scarcity theory that replaced the classical surplus theory. However, the classical political economy of Adam Smith and David Ricardo has been revived within the Cambridge economic tradition. This book looks at how different branches of the Cambridge economic tradition have focused on various aspects of this revival over time. The author shows that classical political economy (...) is distinct from vulgar political economy in terms of its economic, social, and ethical theory, with each difference resting on an issue of ontology. Structured in three parts, the book examines the central contested aspects of these theories, namely the nature of value, the relationship between human beings and social structure, and the nature of human wellbeing. The Cambridge Revival of Political Economy will be relevant to students and researchers within the fields of political economy, history of economic thought, politics and philosophy. (shrink)

In a previous essay (Sison and Fontrodona 2012), we defined the common good of the firm as collaborative work, insofar as it provides, first, an opportunity to develop knowledge, skills, virtues, and meaning (work as praxis), and second, inasmuch as it produces goods and services to satisfy society’s needs and wants (work as poiesis). We would now like to focus on the participatory aspect of this common good. To do so, we will have to identify the different members of the (...) firm as a community, drawing from corporate citizenship literature and stakeholder theory. Afterward, we will explore both the manner and the intensity of these different members’ participation and its impact on the firm’s common good. (shrink)

What does the history of Christian views of economic life mean for economic life in the twenty-first century? Here Daniel Finn reviews the insights provided by a large number of texts, from the Bible and the early church, to the Middle Ages and the Protestant Reformation, to treatments of the subject in the last century. Relying on both social science and theology, Finn then turns to the implications of this history for economic life today. Throughout, the book invites the reader (...) to engage the sources and to develop an answer to the volume's basic question. (shrink)

What contributions could we expect from Catholic Social Teaching (CST) on human dignity in relation to the dignity of work? This essay begins with an explanation of CST and its relevance for secular audiences. It then proceeds to identify the main features of human dignity based on the notion of imago Dei in CST. Next comes an analysis of the dignity of work in CST from which two normative principles are derived: the precedence of duties over rights and the priority (...) of the subjective dimension of work over the objective dimension. Afterwards, the “right to work” and the “rights of workers” are engaged with from this normative perspective, particularly within the context of globalization. (shrink)

Clarifies the character and fundamental structures of 'political economy' as an intellectual discipline in the texts of Adam Smith. This title is suitable for historians of economic thought and philosophers of social science.