Adam Smith is usually thought to argue that the result of everyone pursuing their own interests will be the maximization of the interests of society. The invisible hand of the free market will transform the individual''s pursuit of gain into the general utility of society. This is the invisible hand argument.Many people, although Smith did not, draw a moral corollary from this argument, and use it to defend the moral acceptability of pursuing one''s own self-interest.

In this paper we reconsider Adam Smith’s ethics, what he means by self-interest and the role this plays in the famous “invisible hand.” Our efforts focus in part on the misreading of “the invisible hand” by certain economists with a view to legitimizing their neoclassical economic paradigm. Through exegesis and by reference to notions that are developed in Smith’s two major works, we deconstruct Smith’s ideas of conscience, justice, self-interest, and the invisible hand. We amplify Smith’s insistence, through his notions (...) of the virtues, that as human beings, and by analogy, organizations, we are intrinsically social, rather than selfish and or egoistically self-centered. Thus, we have responsibilities to and because of others. We conclude that such a managerialist preoccupation with shareholder value is challenged, if not completely refuted, by taking seriously the social character of Smith’s complex vision of commerce. (shrink)

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)

“Supposing that truth is a women-what then?” This is the very first sentence in Nietzsche’s Beyond Good and Evil . Not very often are philosophers so disarmingly explicit in their intention to discomfort the reader. In fact, one might say that the natural state of Nietzsche’s reader is one of perplexity. Yet it is in the process of overcoming the perplexity that one realizes how rewarding to have one’s ideas challenged. In Beyond Good and Evil, Nietzsche critiques the mediocre in (...) modernity and challenges the reader to accept their state of becoming and accept improvisation and creativity of the process. Nietzsche’s book is carefully designed to disorient the reader, to systematically provoke and tease her to the point of stealing away her certainties. It is challenging yet rewarding to overcome the perplexities of Nietzsche’s teachings. (shrink)

The Giving Voice to Values pedagogy and curriculum is described as an example of a powerful leverage point in the integration of business ethics and values-driven leadership across the business curriculum. GVV is post-decision-making in that it identifies an ethical course of action and asks practitioners to identify who are the parties involved and what’s at stake for them; what are the main arguments to be countered; and what levers that can be used to influence those who are in disagreement. (...) The internalization of GVV’s constructs allows faculty to comfortably raise and endorse ethics as part of the natural order of business decision-making because the stakes of doing so have been normalized. Methods for introducing and using GVV in undergraduate through MBA courses are given. An illustration is given for economics courses. (shrink)

D. D. Raphael examines the moral philosophy of Adam Smith (1723-90), best known for his famous work on economics, The Wealth of Nations, and shows that his thought still has much to offer philosophers today. Raphael gives particular attention to Smith's original theory of conscience, with its emphasis on the role of 'sympathy' (shared feelings).

Charles Griswold has written a comprehensive philosophical study of Smith's moral and political thought. Griswold sets Smith's work in the context of the Enlightenment and relates it to current discussions in moral and political philosophy. Smith's appropriation as well as criticism of ancient philosophy, and his carefully balanced defence of a liberal and humane moral and political outlook, are also explored. This 1999 book is a major philosophical and historical reassessment of a key figure in the Enlightenment that will be (...) of particular interest to philosophers and political and legal theorists, as well as historians of ideas, rhetoric, and political economy. (shrink)

This article approaches the field of business ethics from a Nietzschean vantage point, which means explaining the weakness of the field by means of providing an etiological account of the values esteemed by the decadent business ethicists therein. I argue that such business ethicists have wandered from their immanent philosophical ground to act as scientists, business persons, and preaching-moralists as a way of evading their human self-contradictions. In actuality, this fleeing exacerbates them into a sickness of self-idolatry and selfloathing. I (...) bring in Nietzsche's approach to the value of truth and his ascetic priest figure to get to the origin of this problem. Moreover, I attend throughout to delimiting the field of business ethics as that branch of ethics that can be taught in business schools. Indeed, the article itself is a movement in this direction, being inherently and intentionally philosophical. (shrink)

This article will defend a very simple thesis. In a diverse globalized “flat” world with expanding economic opportunities and risks, we will need to revisit and revise our mindsets about free enterprise, corporate governance, and leadership. That we can change our mindsets and world view is illustrated by studies of primate behavior, and the kind of leadership necessary in a global economy is, interestingly, exemplified by women.

Abstract:Previous research has identified multiple approaches to the design and implementation of corporate ethics programs (Paine, 1994; Weaver, Treviño, and Cochran, in press b; Treviño, Weaver, Gibson, and Toffler, in press). This field survey in a large financial services company investigated the relationships of the values and compliance orientations in an ethics program to a diverse set of outcomes. Employees’ perceptions that the company ethics program is oriented toward affirming ethical values were associated with seven outcomes. Perceptions of a compliance (...) orientation were associated with four of these outcomes. The interaction of values and compliance orientations was associated with employees’ willingness to report misconduct. In general, a values orientation makes a greater unique contribution to the measured outcomes when compared to a compliance orientation. (shrink)

Abstract:Previous research has identified multiple approaches to the design and implementation of corporate ethics programs (Paine, 1994; Weaver, Treviño, and Cochran, in press b; Treviño, Weaver, Gibson, and Toffler, in press). This field survey in a large financial services company investigated the relationships of the values and compliance orientations in an ethics program to a diverse set of outcomes. Employees’ perceptions that the company ethics program is oriented toward affirming ethical values were associated with seven outcomes. Perceptions of a compliance (...) orientation were associated with four of these outcomes. The interaction of values and compliance orientations was associated with employees’ willingness to report misconduct. In general, a values orientation makes a greater unique contribution to the measured outcomes when compared to a compliance orientation. (shrink)

Friedrich A. von Hayek influenced many areas of inquiry including economics, psychology and political theory. This article will offer one possible interpretation of the ethical foundation of Hayek’s political and social contributions to libertarianism and free market capitalism by analyzing several of his important non-economic publications, primarily The Road to Serfdom, The Fatal Conceit, The Constitution of Liberty and Law, Legislation and Liberty. While Hayek did not offer a particular ethical foundation for free market capitalism, he argued consistently that free (...) markets are liberating and, for the markets to be truly free and for individuals to participate freely in markets, they should be subject to little control. Beyond some very basic principles, such as the protection of private property, that enable the free market to function properly, individuals are both free to and required to determine their own ethical compass. The central question, then, is what are the ethical principles that underlie Hayek’s view of the successful organization and operation of a free market? If formal rules and regulations must be kept to a minimum, then ethical behavior is an individual choice as well as an important foundation for the self-regulating free market. This article will argue that one possible ethical foundation underlying Hayek’s libertarian justification for free market capitalism are Friedrich Nietzsche’s “will to power” and noble/slave ethics. This article will rely primarily on Nietzsche’s On The Genealogy of Morals, Beyond Good and Evil, Zarathustra, and the Will to Power. (shrink)

Friedrich A. von Hayek influenced many areas of inquiry including economics, psychology and political theory. This article will offer one possible interpretation of the ethical foundation of Hayek's political and social contributions to libertarianism and free market capitalism by analyzing several of his important non-economic publications, primarily The Road to Serfdom, The Fatal Conceit, The Constitution of Liberty and Law, Legislation and Liberty. While Hayek did not offer a particular ethical foundation for free market capitalism, he argued consistently that free (...) markets are liberating and, for the markets to be truly free and for individuals to participate freely in markets, they should be subject to little control. Beyond some very basic principles, such as the protection of private property, that enable the free market to function properly, individuals are both free to and required to determine their own ethical compass. The central question, then, is what are the ethical principles that underlie Hayek's view of the successful organization and operation of a free market? If formal rules and regulations must be kept to a minimum, then ethical behavior is an individual choice as well as an important foundation for the self-regulating free market. This article will argue that one possible ethical foundation underlying Hayek's libertarian justification for free market capitalism are Friedrich Nietzsche's "will to power" and noble/slave ethics. This article will rely primarily on Nietzsche's On The Genealogy of Morals, Beyond Good and Evil, Zarathustra, and the Will to Power. (shrink)

The Epicureans, Skeptics, and Stoics practiced philosophy not as a detached intellectual discipline, but as a worldly art of grappling with issues of daily and urgent human significance: the fear of death, love and sexuality, anger and aggression. Like medicine, philosophy to them was a rigorous science aimed both at understanding and at producing the flourishing of human life. In this engaging book, Martha Nussbaum examines texts of philosophers committed to a therapeutic paradigm--including Epicurus, Lucretius, Sextus Empiricus, Chrysippus, and Seneca--and (...) recovers a valuable source for our moral and political thought of today.The Epicureans, Skeptics, and Stoics practiced philosophy not as a detached intellectual discipline, but as a worldly art of grappling with issues of daily and urgent human significance: the fear of death, love and sexuality, anger and aggression. Like medicine, philosophy to them was a rigorous science aimed both at understanding and at producing the flourishing of human life. In this engaging book, Martha Nussbaum examines texts of philosophers committed to a therapeutic paradigm--including Epicurus, Lucretius, Sextus Empiricus, Chrysippus, and Seneca--and recovers a valuable source for our moral and political thought of today. (shrink)

The version of the invisible hand argument in Adam Smith's Theory of Moral Sentiments differs in important respects from the version in The Wealth of Nations. Both are different, in turn, from the version invoked by Milton Friedman in Free to Choose. However, all three have a common structure. Attention to this structure can help sharpen our sense of their essential thrust by highlighting the questions (about the nature of economic motivation, the structure of markets, and conceptions of the public (...) interest) to which answers of certain kinds would have to be available for any of the versions to succeed. (shrink)

Adam Smith's lectures present a bleak theory of history in which the innate human results in the perpetuation of increasingly repressive slave societies. This theory challenges common conceptions about the philosophical and historical foundations of Smith's thought, and accounting for it requires moving beyond traditional dichotomies between an sphere grounded on asocial wants and a sphere grounded on sociability. For Smith, under the influence of earlier thinkers like La Rochefoucauld, Mandeville, and Rousseau, all human behavior is rooted in our esteem-seeking (...) social nature, and the dominant form of esteem-seeking is a one based on external superiority. Understanding these foundations explains why Smith views both European commercial society and its central motive of economic self-interest as historically contingent, the product of a long series of unintended historical consequences. (shrink)

When we think of theories that attempt to root capitalism in nature, the one that comes most readily to mind is Social Darwinism. In this theory, nature - driven by Darwinian natural selection (the struggle for existence and the survival of the fittest) - is interpreted to imply, when applied to human activities, that extreme competition will allow the most "fit" competitors to rise to the top and to survive in this "struggle for existence," and this process of dog-eat-dog competition (...) leads to both material and social progress. Not only has this theory been shown to be seriously flawed, the putative social implications of Darwinian natural selection do not accord with the findings of contemporary neoDarwinists who maintain, for example, that the behavior of monkeys and apes reveals a blend of competition and cooperation and, generally, a close connection to human moral behavior. Adam Smith provides a more helpful view of the connection between nature and capitalism. He maintains that nature's wisdom, as seen in its harmony and balance, is displayed in economics and human nature. Competitive free enterprise, as a vehicle for exchange, functions within a cooperative context and exhibits virtues and values such as mutual help and benefit, trust, harmony, and friendship. I shall show that neoDarwinists agree with Smith's view that nature supports a connection between competition and cooperation, and they maintain that moral activity, rather than destructive dog-eat-dog competition, is necessary to achieve the goals of natural selection. (shrink)

Critical discourse analysis explores the role of discourse structures in constituting social inequality. Metaphorical structure, however, has received relatively little attention in explicit CDA. The paper aims to redress this by developing a coherent theoretical framework for CDA and metaphor. This framework adopts conceptual blending theory over conceptual metaphor theory, where the latter is perceived to be incompatible with CDA. The framework is applied in a CDA of metaphors for nation and immigration in the British National Party's 2005 general election (...) manifesto. (shrink)

Charles Griswold has written a comprehensive philosophical study of Smith's moral and political thought. Griswold sets Smith's work in the context of the Enlightenment and relates it to current discussions in moral and political philosophy. Smith's appropriation as well as criticism of ancient philosophy, and his carefully balanced defence of a liberal and humane moral and political outlook, are also explored. This 1999 book is a major philosophical and historical reassessment of a key figure in the Enlightenment that will be (...) of particular interest to philosophers and political and legal theorists, as well as historians of ideas, rhetoric, and political economy. (shrink)

Giving Voice To Values (GVV) serves as a framework to teach individuals methods to speak up when they witness actions that are contrary to their professional and personal values. This essay illustrates how GVV serves as a catalyst to advance both research and teaching activities.

Giving Voice To Values (GVV) serves as a framework to teach individuals methods to speak up when they witness actions that are contrary to their professional and personal values. This essay illustrates how GVV serves as a catalyst to advance both research and teaching activities.

Reexamines the Western philosophical tradition, looking at the basic concepts of the mind, time, causation, morality, and the self.

The Art Firm explores the seemingly unorthodox alliance of the arts, management, and marketing. Art firms—as avant-garde enterprises and arts corporations—have existed for at least two hundred years, using texts, images, and other types of art to create corporate wealth. This book investigates how to apply the methods artists use in creating value to the methods more traditional managers use in running their businesses. Guillet de Monthoux offers a crash course in aesthetics from Kant to Gadamer, showing how aesthetic management (...) and metaphysical marketing can create value. Using case studies of successful art managers from Richard Wagner to Robert Wilson, the author illustrates the creative role—so central to value-making in contemporary economies—performed by aesthetic play in art firms. Along the way, Guillet de Monthoux points out how responsible aesthetic management and marketing can eradicate the problems of banality and totality, the two capital sins of an art-based economy. (shrink)

The irreducibility of language : the history of rhetoric in the age of typewriters -- The failures of empiricism : language, science, and the philosophical tradition -- What is a trope? : the discourse of metaphor and the language of the body -- The nervous systems of modern consciousness : metaphor, physiology, and mind -- Interpretation and life : outlines of an anthropology of knowledge.

In _The Meaning of the Body_, Mark Johnson continues his pioneering work on the exciting connections between cognitive science, language, and meaning first begun in the classic _Metaphors We Live By_. Johnson uses recent research into infant psychology to show how the body generates meaning even before self-consciousness has fully developed. From there he turns to cognitive neuroscience to further explore the bodily origins of meaning, thought, and language and examines the many dimensions of meaning—including images, qualities, emotions, and metaphors—that (...) are all rooted in the body’s physical encounters with the world. Drawing on the psychology of art and pragmatist philosophy, Johnson argues that all of these aspects of meaning-making are fundamentally aesthetic. He concludes that the arts are the culmination of human attempts to find meaning and that studying the aesthetic dimensions of our experience is crucial to unlocking meaning's bodily sources. Throughout, Johnson puts forth a bold new conception of the mind rooted in the understanding that philosophy will matter to nonphilosophers only if it is built on a visceral connection to the world. “Mark Johnson demonstrates that the aesthetic and emotional aspects of meaning are fundamental—central to conceptual meaning and reason, and that the arts show meaning-making in its fullest realization. If you were raised with the idea that art and emotion were external to ideas and reason, you must read this book. It grounds philosophy in our most visceral experience.”—George Lakoff, author of _Moral Politics_. (shrink)