One way of ensuring that individual actions do not violate a group's moral norms is to develop within each individual a conscience. Conscience consists in the internalization or acceptance of a group's moral norms as correct and overriding one's self-interest when they conflict.Corporations as well as individuals need a conscience to monitor and control their behavior. The correlative of a personal conscience in a corporation consists in the representation of group interests in the running and managing of the firm. This (...) means consumer and employee representation on the board of directors and management is the most effective way to promote corporate moral behavior. (shrink)

The U.S. doctrine of employment-at-will, modified legislatively for protected groups, is being less harshly applied to managerial personnel. Comparable compensation is not otherwise available in the U.S. to workers displaced by technology. Nine pairs of arguments are presented to show how fundamentally management and labor disagree about a company's responsibility for its former employees. These arguments, born of years of labor-management debate, are kaleidoscopic claims about which side has what power. Ultimately, however, not even both together can solve without creative (...) public intervention the emerging problem of massive technological unemployment — the other side of the corporate dream of profit without payrolls. (Originally published as "Displaced Workers: Whose Responsibility?" in Social Policy and Conflict Resolution, eds. T. Attig, D. Callen, and R.G. Frey, Bowling Green, OH: Bowling Green Studies in Applied Philosophy VI, 1984.). (shrink)

The moral foundations of the free society are not epitomized by democratic decisions about costs and benefits, as Michael Novak recently argued in The American Vision: An Essay on the Future of Democratic Capitalism. Nor is equality of opportunity, insured through government measures that prohibit private discrimination, a component of the liberty that characterizes the free society, as Milton and Rose Friedman recently argued in their Free To Choose. Rather, it is the theory of rights — which is the theory (...) of private property, broadly understood — that underpins and epitomizes the free society, justifying the capitalist economic order in the process. For that theory describes our basic moral and legal relationships, and shows as well that capitalism, unlike socialism, is a fundamentally moral system. (shrink)

There is a very apparent conflict between economists and ethicists over the moral standards that should be applied to the managers of business firms. The view of most economists is that moral standards in business are not relevant, beyond the normal personal obligations to speak the truth and observe the law, because profit maximizing behaviour, under market and resource constraints, leads inexorably to social welfare optimization. The opposing view of most humanists is that modern markets are not competitive enough to (...) be constraining, that profit maximization often leads to social harm, and that welfare benefits are unjustly distributed. The article examines the moral constructs in microeconomic theory and the ethical objections to that theory at both the pragmatic and theoretic levels, and concludes that inappropriate assumptions about the nature and worth of human beings in the economic paradigm require the use of moral standards for business decisions and actions. (shrink)