The three leading normative theories of business ethics are the stockholder theory, the stakeholder theory, and the social contracttheory. Currently, the stockholder theory is somewhat out of favor with many members of the business ethics community. Thestakeholder theory, in contrast, is widely accepted, and the social contract theory appears to be gaining increasing adherents. In thisarticle, I undertake a critical review of the supporting arguments for each of the theories, and argue that the stockholder theory is neitheras outdated nor as (...) flawed as it is sometimes made to seem and that there are significant problems with the grounding of both thestakeholder and social contract theory. I conclude by suggesting that a truly adequate normative theory of business ethics must ultimately be grounded in individual consent. (shrink)

Phenomenological analysis yields three characteristics of human dignity: elevation, intimacy and autonomy. Philosophy describes human dignity as the superior good of the absolute. And ontology locates such nobility in the peculiar subsistence of the human subject that receives its own actus essendi in the spiritual soul, both immortal and necessary.

The author presents and defends three theses: (1) "the first is that it is not profitable for us at present to do moral philosophy; that should be laid aside at any rate until we have an adequate philosophy of psychology." (2) "the second is that the concepts of obligation, And duty... And of what is morally right and wrong, And of the moral sense of 'ought', Ought to be jettisoned if this is psychologically possible...." (3) "the third thesis is that (...) the differences between the well-Known english writers on moral philosophy from sidgwick to the present day are of little importance." (staff). (shrink)

Normative theories of obligation, moral and nonmoral value, and meta-ethical issues and theories are considered.

Introductory Remarks IN A MAJOR WORK planned for the near future I will attempt to develop a non-formal ethics of Values on the broadest possible basis of ...

This classic and controversial book examines the roots of the idea of virtue, diagnoses the reasons for its absence in modern life, and proposes a path for its recovery.

Virtue ethics is perhaps the most important development within late twentieth-century moral philosophy. Rosalind Hursthouse, who has made notable contributions to this development, here presents a full exposition and defense of her neo-Aristotelian version of virtue ethics. She shows how virtue ethics can provide guidance for action, illuminate moral dilemmas, and bring out the moral significance of the emotions.

Morals from Motives develops a virtue ethics inspired more by Hume and Hutcheson's moral sentimentalism than by recently-influential Aristotelianism. It argues that a reconfigured and expanded "morality of caring" can offer a general account of right and wrong action as well as social justice. Expanding the frontiers of ethics, it goes on to show how a motive-based "pure" virtue theory can also help us to understand the nature of human well-being and practical reason.

In this book, Slote offers the first full-scale foundational account of virtue ethics to have appeared since the recent revival of interest in the ethics of virtue. Slote advocates a particular form of such ethics for its intuitive and structural advantages over Kantianism, utilitarianism, and common-sense morality, and he argues that the problems of other views can be avoided and a contemporary plausible version of virtue ethics achieved only by abandoning specifically moral concepts for general aretaic notions like admirability and (...) virtue. Although this study is not bound by particular Aristotelian doctrines, it places an Aristotelian emphasis on both self-benefiting and other-benefiting virtues. Slote criticizes Kantian and common-sense morality for internal incoherencies and for downgrading the moral individual and her well-being in some previously unnoticed ways. By contrast, this book defends a distinctive, intuitive, and symmetric ethical principle according to which we should balance self-concern with concern for others, but it also concludes that there is, contrary to utilitarianism, no single basis for status as a virtue nor any simple relation between the virtues and human well-being. (shrink)

This book is a unique collection of essays by the leading scholars in business ethics. The purpose of the volume is to examine the emergence of business ethics as an important element of managerial practice and as an integral area of scholarship. The four lead essays--by Norman Bowie, Kenneth Goodpaster, Thomas Donaldson, and Ezra Bowen--are examples of some of the best thinking about the role of ethics in business. These essays examine such issues as the nature of scholarship and knowledge (...) in business ethics, how ethics is a central factor in managerial leadership, the complexities of ethics in multinational and multicultural settings, and the problems of ethical literacy and moral debate in a free society. Each lead essay develops several themes which are then explored by other prominent thinkers, including Robert Solomon, Richard DeGeorge, and Joanne Cuilla. (shrink)

"The golden rule" (Matthew 7:12) is a formulation of natural moral law, a logical way to divide good from evil. It has been attacked by J.W. Hennessey, Jr. and Bernard Gert as a "particularist preachment." On the contrary, it remains a useful, universal guide to moral conduct and cannot be considered a self-centered, subjective guide to the moral life. We must agree with Jeffrey Wattles that there are multiple possible meanings to the "rule", some legitimate and some spurious. The legitimate (...) meanings, such as the "standard of God-like behavior," all yield the same judgment on morally doubtful actions such as forgery. The so-called "platinum" rule, "Do unto others as they would have you do unto them" has face appeal, but is fatally flawed in its logic, and does not supercede "the golden rule" because part of the treatment I wish from others is a full understanding of my true needs and wishes, even when I do not judge my own needs correctly. (shrink)

This paper examines the extent to which the voluntary adoption of codes of conduct by multinational corporations (MNCs) renders MNCs accountable for the performance of actions specified in a code of conduct. In particular, the paper examines the ways in which codes of conduct coordinate the expectations of relevant parties with regard to the provision of assistance by MNCs on grounds of rescue or justice. The paper argues that this coordinative role of codes of conduct renders MNCs more accountable for (...) the performance of actions specified in a code of conduct than they would be without a code of conduct. This interpretation of the significance of codes of conduct is contrasted with the view that codes of conduct render MNCs accountable for performing actions specified in a code of conduct by grounding contractual obligations for the performance of such actions. (shrink)

A new volume of philosophical essays by Bernard Williams. The book is a successor to Problems of the Self, but whereas that volume dealt mainly with questions of personal identity, Moral Luck centres on questions of moral philosophy and the theory of rational action. That whole area has of course been strikingly reinvigorated over the last deacde, and philosophers have both broadened and deepened their concerns in a way that now makes much earlier moral and political philosophy look sterile and (...) trivial. Moral Luck contains a number of essays that have contributed influentially to this development. Among the recurring themes are the moral and philosophical limitations of utilitarianism, the notion of integrity, relativism, and problems of moral conflict and rational choice. The work presented here is marked by a high degree of imagination and acuity, and also conveys a strong sense of psychological reality. The volume will be a stimulating source of ideas and arguments for all philosophers and a wide range of other readers. (shrink)

The phenomenon of globalization of markets has been accompanied by calls for a globalization of ethical norms. One principle often referred to in such calls is the so-called Golden Rule. The rule, often stated as Do unto others as you would have others do unto you, has long been used and referenced in the business literature. But those who use it often do so without full realization of the rule itself and what it stands for. This paper examines the history, (...) meaning, and problems of the rule and attempts to show, through a case analysis, how these problems surface when using the rule in a business context. In so doing it attempts to clarify exactly what the rule means and how it can fit into a universal code of morality. (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)

_Moral Theory_ sets out the basic system used to solve moral problems, the system that consequentialists deride as 'traditional morality'. The central concepts, principles and distinctions of traditional morality are explained and defended: rights; justice; the good; virtue; the intention/foresight distinction; the acts/omissions distinction; and, centrally, the fundamental value of human life.

Natural Law and Natural Rights is widely recognised as a seminal contribution to the philosophy of law, and an essential reference point for all students of the subject. This new edition includes a substantial postscript by the author responding to thirty years of comment, criticism, and further work in the field.

Selected by Christianity Today as one of the 100 most important books on religion of the twentieth century. Leading theological ethicist Stanley Hauerwas shows how discussions of Christology and the authority of scripture involve questions about what kind of community the church must be to rightly tell the stories of God. He challenges the dominant assumption of contemporary Christian social ethics that there is a special relation between Christianity and some form of liberal democratic social system.

This article explores differences in the ways in which utilitarian, deontological and virtue/aretic ethics treat of act, outcome, and agent. I argue that virtue ethics offers important and distinctive insights into business practice, insights overlooked by utilitarian and deontological ethics.

Abstract:There is good reason to take a virtue-based approach to business ethics. Moral principles are fairly useful in assessing actions, but understanding how moral people behave and how they become moral requires reference to virtues, some of which are important in business. We must go beyond virtues and refer to character, of which virtues are components, to grasp the relationship between moral assessment and psychological explanation. Virtues and other character traits are closely related to (in technical terms, they supervene on) (...) personality traits postulated by personality psychologists. They may therefore be featured in respectable psychological explanations. But good character fits no familiar psychological pattern. A person of good character is sufficiently self-aware and rational that his or her virtues are not accompanied by the vices that psychologists find usually associated with them. A course in business ethics can help develop this self-awareness, which a good life in business requires. (shrink)

The paper begins by exploring whether a “tendency to avarice” exists in most capitalist business organisations. It concludes that it does and that this is problematic. The problem centres on the potential threat to the integrity of human character and the disablement of community.What, then, can be done about it? Building on previous work (Moore, 2002) in which MacIntyre’s notions of practice and institution were explored (MacIntyre, 1985), the paper offers a philosophically based argument in favour of the rediscovery of (...) craftsmanship by those who work in business organisations, and the exercise of craftsmanship in community.The practical implications for individuals of this way of conceptualising business, and the virtues which must then come to the fore, are discussed. (shrink)

The first edition was awarded the '2005 Textbook Award of the Association of University Professors of Management (Verband der Hochschullehrer fur ...

Offers a critique of prevalent approaches to human good and virtue. Slote shows that typical philosophical accounts of the virtues and human goods oversimplify the subject and that a more exact approach is needed.

After exploring MacIntyre’s (1985) practice—institution distinction, the article demonstrates its applicability to business-as-practice and to corporations as institutions. It then considers the implications of MacIntyre’s schema to ethical schizophrenia, to the claim that themarket is a source of the virtues and to the opposite claim that capitalism corrodes character. A fully worked out modern virtue ethics, based on MacIntyre’s work, is then established and the claim is made and substantiated that such an understanding of MacIntrye’s work revitalises it and makes (...) it directly applicable to business and to corporations. (shrink)

The criticism that voluntary codes of conduct are ineffective can be met by giving greater centrality to human rights in such codes. Provided the human rights obligations of multinational corporations are interpreted as moral obligations specifically tailored to the situation of multinational corporations, this could serve to bring powerful moral force to bear on MNCs and could provide a legitimating basis for NGO monitoring and persuasion. Approached in this way the human rights obligations of MNCs can be taken to include (...) support for political as well as economic rights. This will go some way towards filling the regulatory gap created by the difficulty of controlling the activities of corporations operating globally. However, such a proposal will require a measure of ‘meta-regulation’ whereby the operations of MNCs are legally required to be sufficiently transparent to create the conditions for effective external moral scrutiny. (shrink)

This article echoes those voices that demand new approaches and ‹senses’ for management education and business programs. Much of the article is focused on showing that the polemic about the educative model of business schools has moral and epistemological foundations and opens up the debate over the type of knowledge that practitioners need to possess in order to manage organizations, and how this knowledge can be taught in management programs. The article attempts to highlight the moral dimension of management through (...) a reinterpretation of the Aristotelian concept of practical wisdom. I defend the ideas that management is never morally neutral and that Aristotelian practical wisdom allows the recovery of moral considerations in management practice. I analyze the impact and implications that the introduction of practical wisdom in business schools entails for the conception and objectives of management education. This view reconfigures management education in terms of attention to values, virtues and context. Therefore, management programmes should prepare students to critically evaluate what they hear and to make decisions coherent with their values and virtues. In the final section, I reflect on the pedagogical implications of this approach. I point out that an integrated model of ethics and practical wisdom promotes education of cognition and education of affect as well. I provide an example to illustrate my perspective and to support my conclusions. (shrink)

To teach that being ethical requires knowing foundational ethical principles – or, as Socrates claimed, airtight definitions of ethical terms – is to invite cynicism among students, for students discover that no such principles can be found. Aristotle differs from Socrates in claiming that ethics is about virtues primarily, and that one can be virtuous without having the sort of knowledge that characterizes mathematics or natural science. Aristotle is able to demonstrate that ethics and self-interest may overlap, that ethics is (...) largely compatible with common sense, and that Aristotle’s virtuous person can make ethical decisions rationally. Case studies can help students improve their ethical perception and keep their values from being overwhelmed by corporate culture. (shrink)

Basic human rights are supposed to protect people from abuse and harm. They are the means whereby we protect our humanity. One would expect, therefore, that basic human rights would be valid and sacred in any context, including industrial relations. However, the complexity of the employee–employer relationship obscures this issue, and it is not clear whether such rights can be protected or whether they are valid in the context of industrial relations. Since rights are relational, they are preconditioned on the (...) special nature of the relationship between employee and employer. Hence, the specific meaning that these rights have in industrial relations cannot be grounded in the notion of human rights as such, but rather depends on the special relationships between employers and employees. Though much legislation has been passed to regulate the relationship between employees and employers, the issues surrounding this relationship remain one of the most debated topics in business ethics. Our paper focuses specifically on the right to equal pay and the right to privacy. With respect to the right to property, the paper examines whether there is a conflict between general human rights and the fundamental right of employers to their property. The Israeli legislature has responded to this conflict by enacting ‘protective laws’ that legally outline and mandate certain human rights. Under these laws, employees are prevented and prohibited from waiving the rights granted to them by law, even if employed in private industries. Despite this legislative effort, market forces are at times stronger, and consequently some basic rights are not fully applied or implemented. (shrink)

Abstract:This paper is a further development of two previous pieces of work (Moore 2002, 2005) in which modern virtue ethics, and in particular MacIntyre’s (1985) related notions of “practice” and “institution,” have been explored in the context of business. It first introduces and defines the concept of corporate character and seeks to establish why it is important. It then reviews MacIntyre’s virtues-practice-institution schema and the implications of this at the level of the institution in question—the corporation—and argues that the concept (...) of corporate character follows from, but is a novel development of, MacIntyre’s schema. The paper contrasts corporate character and virtues with the more familiar concepts of corporate culture and values. The constitutive and substantive elements of corporate character, including the essential corporate virtues, are then drawn out and illustrated with reference to the cases explored in Koehn (1998). Finally, the paper acknowledges and counters a specific criticism of this approach. (shrink)

Presenting with moving insight the relations between man, as a person and as an individual, and the society of which he is a part, Maritain's treatment of a lasting topic speaks to this generation as well as those to come. Maritain employs the personalism rooted in Aquinas's doctrine to distinguish between social philosophy centered in the dignity of the human person and that centered in the primacy of the individual and the private good.

After briefly describing the philosophy of personalism this article assesses each of three normative leadership paradigms in terms of five major themes of this phenomenological philosophy. Servant leadership appears to be closest to personalism. The critical ingredient for servant leadership is also personalism’s starting point, i.e. the dignity of each human person. A genuine servant leader works with his followers in building a community of participation and solidarity. However, some claim that servant leaders are subject to manipulation by their followers. (...) If so, and if transformational leaders, when too successful, gain too much power or manipulate using bogus empowerment, a superior approach might be provided by a combination in which a morally tough servant leader adopts certain transforming behaviors of Bass’s altruistic transformational leader. The leader and the followers would focus on a jointly formulated and refined vision, avoiding manipulation by any party through a mutual commitment to participation, solidarity of community, and respect for each person. (shrink)

This paper argues that widely accepted understanding of the respective responsibilities of business and government in the post war industrialized world can be traced back to a tacit social contract that emerged following the second world war. The effect of this contract was to assign responsibility for generating wealth to business and responsibility for ensuring the equitable sharing of wealth to governments. Without question, this arrangement has resulted in substantial improvements in the quality of life in the industrialized world in (...) the intervening period. I argue that with advance of economic globalization and the growing power and influence of multi national corporations, this division of responsibilities is not longer viable or defensible. What is needed, fifty years after the United Nations Declaration of Human Rights, is a new social contract that shares responsibilities for human rights and related ethical responsibilities in a manner more in keeping with the vision captured by the post war Declaration. I conclude by suggesting some reasons for thinking that a new social contract may be emerging. (shrink)

Tasubinsa is a "Special Employment and Occupational Center" constituted in accordance with Spanish Law where 90% of the workers have mental, sensorial or physical impairments of at least 30%. Its positive experience of more than 15 years provides entirely different responses from mainstream neoclassical theory (transaction cost theory, agency theory, and shareholder theory) to basic questions such as "What is a firm?", "What is its purpose?", "Who owns a firm?", and "What do a firm's owners seek?". The article discusses how (...) these different premises give rise to a distinctive corporate culture centered on the handicapped person. (shrink)

This article examines the relevance and value of Confucian Ethics to contemporary Business Ethics by comparing their respective perspectives and approaches towards business activities within the modern capitalist framework, the principle of reciprocity and the concept of human virtues. Confucian Ethics provides interesting parallels with contemporary Western-oriented Business Ethics. At the same, it diverges from contemporary Business Ethics in some significant ways. Upon an examination of philosophical texts as well as empirical studies, it is argued that Confucian Ethics is able (...) to provide some unique philosophical and intellectual perspectives in order to forge a richer understanding and analysis of the field of contemporary Business Ethics. (shrink)

_Formal Ethics_ is the study of formal ethical principles. The most important of these, perhaps even the most important principle of life, is the golden rule: "Treat others as you want to be treated". Although the golden rule enjoys support amongst different cultures and religions in the world, philosophers tend to neglect it. _Formal Ethics_ gives the rule the attention it deserves. Modelled on formal logic, _Formal Ethics_ was inspired by the ethical theories of Kant and Hare. It shows that (...) the basic formal principles of ethics, like the golden rule, are very similar to principles of logic, and gives a firm basis for our ethical thinking. As an introduction to moral rationality, _Formal Ethics_ also considers non-formal elements, and is applied to areas of practical concern such as racism and moral education. (shrink)

It may be nearly impossible to use standard principles to make a decision about a complex ethical case. The best decision, say virtue ethicists in the Aristotelian tradition, is often one that is made by a person of good character who knows the salient facts of the case and can frame the situation appropriately. In this respect ethical decisions and strategic decisions are similar. Rationality plays a role in good ethical decision-making, but virtue ethicists emphasize the importance of intuitions and (...) emotions as well.Virtue ethics suggests a reconciliation of the factual and the normative. Virtues may explain as well as justify actions. The same is true of other psychological states and events. That psychological terms have normative implications does not render them useless in explanation. As Aristotle does not distinguish cleanly between the normative and empirical, so many moral philosophers today reject the is-ought dichotomy. They are prepared to learn from economists, psychologists, and other empirical scientists who offer information about the nature of the good life and of values. Social psychologists who study community or corporate culture suggest a close relationship between organizational and ethical features, much as Aristotle saw a close relationship between politics and ethics. We should infer from all this that in business ethics there is good reason for philosophers and organization scholars to work closely together. (shrink)

Basic human rights are supposed to protect people from abuse and harm. They are the means whereby we protect our humanity. One would expect, therefore, that basic human rights would be valid and sacred in any context, including industrial relations. However, the complexity of the employee–employer relationship obscures this issue, and it is not clear whether such rights can be protected or whether they are valid in the context of industrial relations. Since rights are relational, they are preconditioned on the (...) special nature of the relationship between employee and employer. Hence, the specific meaning that these rights have in industrial relations cannot be grounded in the notion of human rights as such, but rather depends on the special relationships between employers and employees. Though much legislation has been passed to regulate the relationship between employees and employers, the issues surrounding this relationship remain one of the most debated topics in business ethics. Our paper focuses specifically on the right to equal pay and the right to privacy. With respect to the right to property, the paper examines whether there is a conflict between general human rights and the fundamental right of employers to their property. The Israeli legislature has responded to this conflict by enacting ‘protective laws’ that legally outline and mandate certain human rights. Under these laws, employees are prevented and prohibited from waiving the rights granted to them by law, even if employed in private industries. Despite this legislative effort, market forces are at times stronger, and consequently some basic rights are not fully applied or implemented. (shrink)

The theory of the social responsibility of the firm oscillates between two extremes: one that reduces the firm's responsibility to the obtainment of (the greatest possible) profit for its shareholders, and another that extends the firm's responsibility to include a wide range of actors with an interest or "stake" in the firm. The stakeholder theory of the social responsibility of business is more appealing from an ethical point of view, and yet it lacks a solid foundation that would be acceptable (...) to a variety of schools of thought.In this paper I argue that the stakeholder theory could be founded on the concept of the common good. First, I explain the foundations of the theory of the common good, the concept itself, how it relates to the individual good, and its role in the firm. Following that, I explain how the theory of the common good could be applied to the stakeholder theory. Finally, I draw some conclusions. (shrink)

McInerny revisits the basics of Thomas's teachings and offers a brief, intelligible, and persuasive summary.

Peter Frankental, Head of Business Networks, Amnesty International, explores the role of The UN Universal Declaration of Human Rights as a corporate code of conduct. Frankental observes a changing business context, which overall increases the risk to business of dealing with other parties, including countries, subcontractors, joint venture partners and their stockholders. The paper proceeds to examine the barriers to integration of human rights, and identifies dilemmas that firms need to resolve. While in the author’s view ethical behaviour does not (...) confer competitive advantages in the short run, companies that base their codes of conduct on the UN Universal Declaration of Human Rights are likely to find themselves in the stronger position to protect their reputation, brands and assets in the longer term. (shrink)

Business ethicists have increasingly used Aristotelian “virtue ethics” to analyze the actions of business people and to explore the question of what the standard of ethical behavior is. These analyses have raised many important issues and opened up new avenuesfor research. But the time has come to examine in some detail possible limitations or weaknesses in virtue ethics. This paper arguesthat Aristotelian virtue ethics is subject to many objections because the psychology implicit within the ethic is not well-suited for analyzing (...) some problematic forms of behavior. Part One offers a brief overview of the firm and of the good life from a virtue ethics perspective. Part Two develops a number of criticisms of this perspective. (shrink)

This article examines whether and to what extent Confucianism as a resilient Chinese cultural tradition can be used as a sound basis of business practice and management model for Chinese corporations in the twenty-first century. Using the core elements of Confucianism, the article constructs a notion of a Confucian Firm with its concepts of the moral person ( Junzi ), core human morality ( ren, yi, li ) and relationships ( guanxi ), as well as benign social structure (harmony), articulated (...) in corporate and organizational terms. The basic character of the Confucian Firm is described, and its philosophical and cultural foundation is critically assessed with respect to its moral legitimacy and relevant to today’s China. China’s recent Corporate Social Responsibility (CSR) development is a high profile response to global business ethics concerns. Efforts have been made to emulate and develop good business practice fashioned in CSR norms and visions. The so-called “human-based” and “virtue-based” business practices rooted in local cultural heritage have been touted as a Chinese response to this problem. This investigation is particularly relevant in the context of the increasingly prominence of the Chinese corporations (China Inc.) in the wake of the rise of China as a global power. How relevant is Confucianism to the building of a modern Chinese corporation that is willing and able to practice reasonable norms of business ethics? The findings of this discussion, which include the organizational implications of the Confucian familial collectivism, have implications for other Chinese communities (Taiwan, Hong Kong, and Singapore) where Confucian tradition is endorsed and practiced. (shrink)