According to the Market Failures Approach to business ethics, beyond-compliance duties can be derived by employing the same rationale and arguments that justify state regulation of economic conduct. Very roughly the idea is that managers have a duty to behave as if they were complying with an ideal regulatory regime ensuring Pareto-optimal market outcomes. Proponents of the approach argue that managers have a professional duty not to undermine the institutional setting that defines their role, namely the competitive market. This answer (...) is inadequate, however, for it is the hierarchical firm, rather than the competitive market, that defines the role of corporate managers and shapes their professional obligations. Thus, if the obligations that the market failures approach generates are to apply to managers, they must do so in an indirect way. I suggest that the obligations the market failures approach generates directly apply to shareholders. Managers, in turn, inherit these obligations as part of their duties as loyal agents. (shrink)

Games have a complex, and seemingly paradoxical structure: they are both competitive and cooperative, and the competitive element is required for the cooperative element to work out. They are mechanisms for transforming competition into cooperation. Several contemporary philosophers of sport have located the primary mechanism of conversion in the mental attitudes of the players. I argue that these views cannot capture the phenomenological complexity of game-play, nor the difficulty and moral complexity of achieving cooperation through game-play. In this paper, I (...) present a different account of the relationship between competition and cooperation. My view is a distributed view of the conversion: success depends on a large number of features. First, the players must achieve the right motivational state: playing for the sake of the struggle, rather than to win. Second, successful transformation depends on a large number of extra-mental features, including good game design, and social and institutional features. (shrink)

Alasdair MacIntyre explores some central philosophical, political and moral claims of modernity and argues that a proper understanding of human goods requires a rejection of these claims. In a wide-ranging discussion, he considers how normative and evaluative judgments are to be understood, how desire and practical reasoning are to be characterized, what it is to have adequate self-knowledge, and what part narrative plays in our understanding of human lives. He asks, further, what it would be to understand the modern condition (...) from a neo-Aristotelian or Thomistic perspective, and argues that Thomistic Aristotelianism, informed by Marx's insights, provides us with resources for constructing a contemporary politics and ethics which both enable and require us to act against modernity from within modernity. This rich and important book builds on and advances MacIntyre's thinking in ethics and moral philosophy, and will be of great interest to readers in both fields. (shrink)

Terence Irwin's edition of the Nicomachean Ethics offers more aids to the reader than are found in any modern English translation. It includes an Introduction, headings to help the reader follow the argument, explanatory notes on difficult or important passages, and a full glossary explaining Aristotle's technical terms. The Third Edition offers additional revisions of the translation as well as revised and expanded versions of the notes, glossary, and Introduction. Also new is an appendix featuring translated selections from related texts (...) of Aristotle. (shrink)

Introduction -- Organization, society and politics -- An Aristotelian perspective -- The politics -- The public good -- The rhetoric -- Talk and texts -- The Nichomachean ethics -- Decision making and ethics -- The Poetics -- Bolshevism to ballet in three steps -- What is "public interest"?: a case study -- Where do we go from here?

Just Business provides the first comprehensive, reasoned framework for resolving questions of business ethics and corporate governance. Innovative, accessible, and global in scope, its powerful Ethical Decision Model can be used to manage the ethical problems of business as they arise in all their complexity and variety. Just Business combines business realism with philosophical rigor, and demonstrates that it is not necessary to emasculate or to adulterate business for business to be ethical. The book benefits from Elaine Sternberg's extensive experience (...) as an academic philosopher, an international investment banker, and head of successful businesses. She is now Principal of a London-headquartered consultancy firm, and Research Fellow in Philosophy at the University of Leeds. (shrink)

Joseph Heath defends competitive markets and conceptualizes business ethics with reference to Pareto efficiency, which he takes to be the “implicit morality of the market.” His justification for markets is that they generate Pareto efficient outcomes, meaning that markets optimally satisfy consumer preferences. And, for Heath, business ethics is the set of normative constraints—regulation and beyond-compliance norms—needed to preserve that outcome. The present paper accepts Heath’s claim that the economic justification for markets is ethical, in that satisfying consumer preferences is (...) a good. But, contra Heath, the ethical consideration at work is a consequentialist one; and acknowledging this consequentialism exposes limitations of Heath’s “market failures” approach to business ethics. We suggest two limitations, and we expect many will accept our argument that Heath’s conception of business ethics is too narrow. The present paper outlines two broader implications. First, acknowledging that the justification for markets is ethical eliminates the apparent—and false—conflict between purportedly amoral economic activity on one hand and ethical considerations on the other; instead, business ethics is a matter of weighing the consequentialist ethical benefit of economic activity and markets against other moral arguments/other ethical considerations. Second, Heath restricts business ethics to the constraints needed to protect the market’s ability to efficiently satisfy consumer preferences, constraints he calls “efficiency imperatives”; this restriction supports the widespread tendency to think that all social problems are economic; and, a business ethics so-conceived diminishes the perceived importance of noneconomic values—this attitude is dangerous. (shrink)

Nothing is more common in moral debates than to invoke the names of great thinkers from the past. Business ethics is no exception. Yet insofar as business ethicists have tended to simply mine abstract formulas from the past, they have missed out on the potential intellectual gains in meticulously exploring the philosophic tradition. This paper seeks to rectify this shortcoming by advocating a close reading of the so-called “great books,” beginning the process by focusing on Aristotle. The Nichomachean Ethics and (...) The Politics points to Aristotle’s emphasis on tying business morality to a universal conception of the good life. This conception defines personal happiness to chiefly consist in practicing the virtues, a life in which both desire and the pursuit of wealth is kept under check. According to Aristotle, virtue reaches its height with the exercise of the intellectual virtues of prudence and wisdom – the first manifest in the leadership of organizations, and the second in the philosophic search for truth. From an Aristotelian point of view, therefore, the greatest ethical imperative for business is to give individuals opportunities to thoughtfully participate in the management of company affairs and to contemplate the ultimate meaning of things. (shrink)

Rights claims are ubiquitous in modernity. Often expressed when relatively weaker agents assert claims against more powerful actors, especially against states and corporations, the prominence of rights claims in organizational contexts creates a challenge for virtue-based approaches to business ethics, especially perspectives employing MacIntyre’s practices–institutions schema since MacIntyre has long been a vocal critic of the notion of human rights. In this article, I argue that employee rights can be understood at a basic level as rights conferred by the rules (...) constitutive of practices. As such, employee rights correspond to the obligations of practitioners to treat fellow practitioners according to the standards of excellence and requirements of justice. Thus, one way that managers can ensure that their core practice is well-functioning is to recognize employee rights. One implication of this argument is that managers should adopt a more positive stance toward labor unions, insofar as they are a key way for employees to ensure that their voice is heard, and their rights respected. (shrink)

ABSTRACT:Alasdair MacIntyre’sAfter Virtuehas made a significant impact within business ethics. This impact has centered upon applications of the virtues-goods-practices-institutions schema. In this article, I develop an extension of the practices-institutions schema, drawing upon MacIntyre’s later text,Dependent Rational Animals. Two key concepts drawn from this text are “networks of giving and receiving” and “the virtues of acknowledged dependence.” Networks of giving and receiving are non-calculative relationships that enable participants to cope with vulnerability. These relationships are sustained by the virtues of acknowledged (...) dependence, including just generosity,misericordia,and beneficence, virtues that direct participants to treat the needs of others as reasons for action. Drawing upon research in social network theory, I develop an example illustrating the application of these concepts within an organizational and interorganizational context. I then suggest a number of applications and research questions related to this extension of the practices-institutions schema. (shrink)

In a series of papers Geoff Moore has applied Alasdair MacIntyre’s much cited work to generate a virtue-based business ethics. Central to this project is Moore’s argument that business falls under MacIntyre’s concept of ‘practice’. This move attempts to overcome MacIntyre’s reputation for being ‘anti-business’ while maintaining his framework for evaluating social action and replaces MacIntyre’s hostility to management with a conception of managers as institutional practitioners (craftsmen). I argue however that this move has not been justified. Given the importance (...) MacIntyre places on the protection of practices, the result is that much of Moore’s contribution is misplaced. Business cannot name a practice but business institutions certainly do house practices. The task then is to try to understand the circumstances under which practices might flourish and those under which they might founder in a business context. This is not aided by Moore’s redescription of all businesses as practices. (shrink)

ABSTRACT:This article deploys Alasdair MacIntyre’s Aristotelian virtue ethics, in which meaningfulness is understood to supervene on human functioning, to bring empirical and ethical accounts of meaningful work into dialogue. Whereas empirical accounts have presented the experience of meaningful work either in terms of agents’ orientation to work or as intrinsic to certain types of work, ethical accounts have largely assumed the latter formulation and subjected it to considerations of distributive justice. This article critiques both the empirical and ethical literatures from (...) the standpoint of MacIntyre’s account of the relationship between the development of virtuous dispositions and participation in work that is productive of goods internal to practices. This reframing suggests new directions for empirical and ethical enquiries. (shrink)

Sport builds character. If this is true, why is there a consistent stream of news detailing the bad behavior of athletes? We are bombarded with accounts of elite athletes using banned performance-enhancing substances, putting individual glory ahead of the excellence of the team, engaging in disrespectful and even violent behavior towards opponents, and seeking victory above all else. We are also given a steady diet of more salacious stories that include various embarrassing, immoral, and illegal behaviors in the private lives (...) of elite athletes. Elite sport is not alone in this; youth sport has its own set of moral problems. Parents assault officials, undermine coaches, encourage a win-at-all costs mentality, and in many cases ruin sport for their children. (shrink)

The adversary professions--law, business, and government, among others--typically claim a moral permission to violate persons in ways that, if not for the professional role, would be morally wrong. Lawyers advance bad ends and deceive, business managers exploit and despoil, public officials enforce unjust laws, and doctors keep confidences that, if disclosed, would prevent harm. Ethics for Adversaries is a philosophical inquiry into arguments that are offered to defend seemingly wrongful actions performed by those who occupy what Montaigne called "necessary offices."Applbaum (...) begins by examining the career of Charles-Henri Sanson, who is appointed executioner of Paris by Louis XVI and serves the punitive needs of the ancien régime for decades. Come the French Revolution, the King's Executioner becomes the king's executioner, and he ministers with professional detachment to each defeated political faction throughout the Terror and its aftermath. By exploring one extraordinary role and the arguments that can be offered in its defense, Applbaum raises unsettling doubts about arguments in defense of less sanguinary professions and their practices.To justify harmful acts, adversaries appeal to arguments about the rules of the game, fair play, consent, the social construction of actions and actors, good outcomes in equilibrium, and the legitimate authority of institutions. Applbaum concludes that these arguments are weaker than supposed and do not morally justify much of the violation that professionals and public officials inflict. Institutions and the roles they create ordinarily cannot mint moral permissions to do what otherwise would be morally prohibited. (shrink)

On the one hand, bluffing in business seems to bear a strong resemblance to lying, and therefore might be thought to be prima facie impermissible. On the other, many people have the intuition that bluffing is an appropriate and morally permissible negotiating tactic. Given this tension, what is the moral standing of bluffing in business? In this paper, I will consider influential accounts of both Albert Carr and Thomas Carson, and I will present my criticisms thereof. Drawing off of these (...) accounts, I will then develop my own argument as to why bluffing in business is morally permissible, which will be that bluffing is a practice that should be endorsed by all rational negotiators. (shrink)

In a modern capitalist society, the senior executives of large profit-seeking corporations play an important role in shaping the collective life of the society as a whole. In this sense, they exercise social authority. This his book argues that if such authority is to be accepted as legitimate, it must be understood as a form of political authority that is exercised in concert with the authority of governments.

Market Socialism: The Debate Among Socialists.

This book provides an integrated and philosophically-grounded framework which enables a coherent approach to organizations and organizational ethics from the perspective of practitioners in the workplace, from the perspective of managers in organizations, as well as from the perspective of organizations themselves.

Stakeholder theory is an important part of modern business ethics. Many scholars argue for a normative instead of an instrumental approach to stakeholder theory. Recent examples of such an approach show that problems appear with respect to the ethical foundation as well as the specification of the norms and the relation between corporate and individual responsibilities. This paper argues for the relevance of Aristotle's ideas on ethics and politics, and especially the link between them, for stakeholder theory. An Aristotelian approach (...) suggests that the corporation should be considered as existing to allow the decision maker, who normally is a manager, to live a complete and good life and to make decisions that involve the interests of different stakeholders. This approach leads to a number of implications regarding the role of organizational politics and the managerial function. (shrink)

This review of ethical implications of the professionalisation of sport argues that conventional sports ethics, which in the spirit of amateurism emphasise concepts of fair play, are increasingly inappropriate in professional sport. The formalist position, that fair play requires playing within the rules, is explored as are notions of playing to the rules, gamesmanship and cheating. It is argued that ethical problems in elite sport increase as a result of external factors including the celebrity of sportspeople, a tarnished image of (...) some administrators, influences of external stakeholders , and the expectations of fans. Hence a worryingly negative picture of declining ethical standards in the face of internal and external pressures emerges, with little prospect of sports reforming from within, despite that appearing to be in a sport's best interests. (shrink)

The Greek philosopher Aristotle, writing over two thousand years before Wall Street, called people who engaged in activities which did not contribute to society "parasites." In his latest work, renowned scholar Robert C. Solomon asserts that though capitalism may require capital, but it does not require, much less should it be defined by the parasites it inevitably attracts. Capitalism has succeeded not with brute strength or because it has made people rich, but because it has produced responsible citizens and--however unevenly--prosperous (...) communities. It cannot tolerate a conception of business that focuses solely on income and vulgarity while ignoring traditional virtues of responsibility, community, and integrity. Many feel that there is too much lip-service and not enough understanding of the importance of cooperation and integrity in corporate life. This book rejects the myths and metaphors of war-like competition that cloud business thinking and develops an "Aristotelean" theory of business. The author's approach emphasizes several core concepts: the corporation as community, the search for excellence, the importance of integrity and sound judgment, as well as a more cooperative and humane vision of business. Solomon stresses the virtues of honesty, trust, fairness, and compassion in the competitive business world, and confronts the problem of "moral mazes" and what he posits as its solution--moral courage. (shrink)

ABSTRACT:In this address I argue that different perspectives on the normative foundations of corporate responsibility reflect underlying disagreements about the ideal arrangement of tasks between market and state. I initially recommend that scholars look back to the “division of moral labor” inspired by John Rawls’ seminal work on distributive justice in order to rethink why, and to what extent, corporations take on responsibilities normally within the purview of government. I then examine how this notion is related to recent theoretical work (...) in the field of business ethics. I thereafter turn to provide a brief outline of an alternative view that sees corporations as having responsibilities in so far as markets are sites of delegated oversight over the production of social goods that might otherwise be administered by the state. (shrink)

One common justification for the pursuit of profit by business firms within a market economy is that profit is not an end in itself but a means to more efficiently produce and allocate resources. Profit, in short, is a mechanism that serves the market’s purpose of producing Pareto superior outcomes for society. This discussion examines whether such a justification, if correct, requires business managers to remain attentive to how their firm’s operation impacts the market’s purpose. In particular, it is argued (...) that the value of efficiency, despite views to the contrary, cannot be fully separated from the planning and intentions of business managers as long as those managers direct their firms in an ethically responsible fashion. This position is inspired by, and serves as a supportive clarification of Joseph Heath’s so-called “market failures approach” to business ethics. (shrink)

A number of recent authors, most notably Joseph Heath, have persausively defended a market‐centered account of corporate responsibility that grounds standards of business conduct upon the normative presuppositions of the market. They have us focus on two important items: first, the value of welfare, or Pareto efficient outcomes, which underwrites the legitimacy of market arrangements; and second, the behavioral requirements needed to assure that corporations conduct business in a manner consistent with this value. This article critically examines the aspirations of (...) this literature by embracing its basic method but questioning how well it understands the aim of the market. It puts forth a limited case for corporate responsibility anchored in other dimensions of the public good, distinct from the value of efficiency, and argues that a plausible understanding of corporate responsibility arises from the notion that market arrangements are sites of delegated social authority to provision other aspects of the common good. (shrink)

ABSTRACT:This article proposes a theory of the firm based on the common good. It clarifies the meaning of the term “common good” tracing its historical development. Next, an analogous sense applicable to the firm is derived from its original context in political theory. Put simply, the common good of the firm is the production of goods and services needed for flourishing, in which different members participate through work. This is linked to the political common good through subsidiarity. Lastly, implications and (...) challenges arising from the positing of work as the common good of the firm are explored. (shrink)

This paper argues that attempts to apply Alasdair MacIntyre’s positive moral theory to business ethics are problematic, due to the cognitive closure of MacIntyre’s concept of a practice. I begin by outlining the notion of a practice, before turning to Moore’s attempt to provide a MacIntyrean account of corporate governance. I argue that Moore’s attempt is mismatched with MacIntyre’s account of moral education. Because the notion of practices resists general application I go on to argue that a negative application, which (...) focuses on regulation, is more plausible. Large-scale regulation, usually thought antithetical to MacIntyre’s advocacy of small-scale politics, has the potential to facilitate practice-based work and reveals that MacIntyre’s own work can be used against his pessimism about the modern order. Furthermore, the conception of regulation I defend can show us how management is more amenable to ethical understanding than MacIntyre’s work is often taken to imply. (shrink)

This paper argues that attempts to apply Alasdair MacIntyre’s positive moral theory to business ethics are problematic, due to the cognitive closure of MacIntyre’s concept of a practice. I begin by outlining the notion of a practice, before turning to Moore’s attempt to provide a MacIntyrean account of corporate governance. I argue that Moore’s attempt is mismatched with MacIntyre’s account of moral education. Because the notion of practices resists general application I go on to argue that a negative application, which (...) focuses on regulation, is more plausible. Large-scale regulation, usually thought antithetical to MacIntyre’s advocacy of small-scale politics, has the potential to facilitate practice-based work and reveals that MacIntyre’s own work can be used against his pessimism about the modern order. Furthermore, the conception of regulation I defend can show us how management is more amenable to ethical understanding than MacIntyre’s work is often taken to imply. (shrink)

This paper seeks to show how MacIntyre’s concept of a practice can survive a series of ‘scope problems’ which threaten to render the concept inapplicable to business ethics. I begin by outlining MacIntyre’s concept of a practice before arguing that, despite an asymmetry between productive and non-productive practices, the elasticity of the concept of a practice allows us to accommodate productive and profitable activities. This elasticity of practices allows us to sidestep the problem of adjudicating between practitioners and non-practitioners as (...) well as the problem of generic activities. I conclude by suggesting that the contemporary tendency to regard work as an object of consumption, rather than undermining MacIntyre’s account of practices, serves to demonstrate the potential breadth of its applicability. (shrink)

This paper offers the concept of “justice failure,” as a counterpart to the familiar idea of market failure, in order to better understand managers’ ethical obligations. This paper takes the “market failures approach” to business ethics as its point of departure. The success of the MFA, I argue, lies in its close proximity with economic theory, particularly in the idea that, within a larger scheme of social cooperation, markets ought to pursue efficiency and leave the pursuit of equality to the (...) welfare state. As a result, the core ethical responsibility of business actors is to avoid profiting off of market failure. After reviewing this approach I challenge its emphasis on efficiency. I argue that just as we note the suboptimal efficiency of actual markets, we should also take seriously the suboptimal equality of actual welfare states. Taking this idea seriously results in a whole other set of ethical responsibilities for businesses to take into account; in addition to market imperfections and regulatory lacunae, managers should also avoid profiting from, and exacerbating, structural inequalities and injustices. I offer an outline of the kinds of injustices and inequalities that would have bearing on business ethics, and the kinds of ethical responsibilities that this approach suggests that business actors should take into account. (shrink)

Without taking a position on the overall justification of anti-doping regulations, I analyse the possible justification of Therapeutic Use Exemptions from such rules. TUEs are a creative way to prevent the unfair exclusion of athletes with a chronic condition, and they have the potential to be the least bad option. But they cannot be competitively neutral. Their justification must rest, instead, on the relevance of intentions to permissibility. I illustrate this by means of a set of thought experiments in which (...) only an athlete’s intentions vary. I argue that the Doctrine of Double Effect sheds some light on TUEs and illustrate this by applying different readings of the DDE to the thought experiment. This underpins a justification of anti-doping exemptions very different from the approach adopted by the World Anti-Doping Agency. I argue for three changes to bring TUEs in line with this understanding: rewriting of the regulations, transparency, and a greater role for athletes in determining what exemptions are allowed, and when. (shrink)

The aim of this paper is to provide some insights for a normative theory of corporate political activities. Such a theory aims to provide theoretical tools to investigate the legitimacy of corporate political involvement and allows us to determine which political activities and relations with government regulators are appropriate or inappropriate, permissible or impermissible, obligatory or forbidden for corporations. After having explored what I call the “normative presumption of legitimacy” of CPAs, this paper identifies three different plausible strategies to criticize (...) and object to corporate political involvement: the “egalitarian” strategy, the “corporate citizenship” strategy, and the “market failures” strategy. It constitutes an attempt to develop the market failures approach to reflect on CPAs. My main claim is that within such an account, the idea that corporations have a license to operate considerably limits their right to engage in political activities. (shrink)

ABSTRACT:In this updated and revised version of his 2008 Society for Business Ethics presidential address, Richard Nielsen documents the characteristics and extent of the 2007–2009 economic crisis and analyzes how the ethics issues of the economic crisis are structurally related to a relatively new form of capitalism, high-leverage finance capitalism. Four types of high-leverage finance capitalism are considered: hedge funds; private equity-leveraged buyouts; high-leverage, subprime mortgage banking; and high-leverage banking. The structurally related problems with the four types of high-leverage finance (...) capitalism converged in something of a perfect economic storm. Explanations for the crisis are offered in the context of the type of the high-leverage finance capitalism system that permitted and facilitated the economic crisis. Ethics issues and potential reforms are considered that may be able to mitigate the destructive effects of what Schumpeter referred to as the “creative destructive” effects of evolutionary forms of capitalism while realizing the Aristotelian economic ideal of creating wealth in such a way as to make us better people and the world a better place. (shrink)

It has been claimed that ‘virtuous structures’ can foster moral agency in organisations. We investigate this in the context of employee involvement in corporate philanthropy, an activity whose moral status has been disputed. Employing Alasdair MacIntyre’s account of moral agency, we analyse the results of eight focus groups with employees engaged in corporate philanthropy in an employee-owned retailer, the John Lewis Partnership. Within this organisational context, Employee–Partners’ moral agency was evidenced in narrative accounts of their engagement in philanthropic activities and (...) in their disputes about the moral status of corporate philanthropy. (shrink)

The view of business ethics that Christopher McMahon calls the “implicit morality of the market” and Joseph Heath calls the “market failures approach” has received a significant amount of recent attention. The idea of this view is that we can derive an ethics for market participants by thinking about the “point” of market activity, and asking what the world would have to be like for this point to be realized. While this view has been much-discussed, it is still not well-understood. (...) This paper seeks to remedy this problem. I begin by showing, against some recent commentators, that McMahon’s view and Heath’s view are fundamentally the same. Second, I clarify the sense of “efficiency” at work in the market failures approach. Finally, I argue that, in its current form, this view has little relevance to the real world of business. I conclude by sketching two ways of modifying it to fit our world. (shrink)

The current economic and preceding financial crises seem to provide evidence in favour of the self-destruction thesis of capitalism. Responses to the crisis have been polarised. Some suggest that regulatory changes are all that is needed. Others suggest the need to change the economic system by developing a new global economic ethic. The first is too limited, the second too utopian. This article suggests that a MacIntyrean virtue ethics approach provides both a more convincing diagnosis of the problem and leads (...) to a more workable prescription. First, we need to understand the internal contradictions of the tradition that has developed of how to ‘do’ business. Then we need the virtues to be exercised inside practices and institutions. But virtue itself needs to be institutionalised; we need an appropriate governance of virtue in organizations. Even though governance is usually taken to ‘crowd out’ virtue, this article proposes an approach to governance that ‘crowds in’ virtue. (shrink)

This paper proposes a description of the moral obligations of economic agents. It will show that a threefold division should be adopted to distinguish moral obligations applying to their interactions in the market, obligations applying to their interactions inside business firms and obligations applying to their interactions with agents outside the market. Competition might be permissible in the first case since markets are special patterns of social interactions (called adversarial schemes). They produce their benefits when agents try to satisfy exclusive (...) preferences at the expense of others. However, moral obligations inside the firm and moral obligations outside the market are of a different nature. This argument will be developed in the two first parts of this paper. In the third part, it will outline the relevant strengths of that account in relation with two popular views of economic agents’ moral obligations: the shareholder primacy view and the stakeholder theory. (shrink)

A number of business writers have argued that business is a game and, like a game, possesses its own special rules for acting. While we do not normally tolerate deceit, bluffing is not merely acceptable but also expected within the game of poker. Similarly, lies of omission, overstatements, puffery and bluffs are morally acceptable within business because it, like a game, has a special ethic which permits these normally immoral practices. Although critics of this reasoning have used deontological and utilitarian (...) arguments to show that deceit in business is just an immoral as it is in any other realm of human practice, little attention has been paid to the fact that the argument is one of analogy. The analogical argument for business' special ethic is only as strong as the alleged similarities between business and game-playing. This paper argues that this analogy is quite weak and incapable of either providing much insight into business or of offering a reason to think that the ethics of business are, or even could be, like those of a game. (shrink)

Joseph Heath lumps in quotas and protectionist measures with cartelization, taking advantage of information asymmetries, seeking a monopoly position, and so on, as all instances of behavior that can lead to market failures in his market failures approach to business ethics. The problem is that this kind of rent and rent seeking, when they fail to deliver desirable outcomes, are better described as government failure. I suggest that this means we will have to expand Heath’s framework to a market and (...) government failures approach. I then try to defuse objections that as a government failure, rent seeking may not appear relevant to what managers ought to do. Solving this conceptual issue will also give us an excuse to revisit a separate conceptual issue: the normatively thick conception of “rent” and rent seeking behavior that some use. This normatively thick conception is problematic, I argue, and I offer the beginnings of a novel, normatively neutral conception that is useful for our purposes in making the ethics of rent and rent seeking behavior more than a merely trivial exercise. (shrink)

David Hume is commonly known as one of the greatest philosophers to write in English. He was also one of the foremost political and economic theorists and one of the finest historians of the eighteenth century. His political essays reflect the entire range of his intellectual engagement with politics - as political philosophy, political observation and political history - and function as an extension of and supplement to works such as his Treatise of Human Nature and his History of England. (...) The twenty-seven most important essays are presented in this fully annotated edition, together with excerpts from the History of England which illuminate their context. This major addition to the Cambridge Texts in the History of Political Thought will be of interest to students and scholars of politics, philosophy and the history of ideas. (shrink)

ABSTRACT:In this address, I outline a “back to basics” approach to specifying the responsibilities and role of business in relation to society. Three “basics” comprise the approach. The first is arguing that basic principles of ordinary morality, such as a duty not to harm, provide an adequate basis for specifying the responsibilities of business managers. The second is framing the role of business in society by looking to the values realized by the basic building blocks of contemporary economic activity, i.e., (...) markets and firms. The third is making explicit the basic institutions that structure the background against which business operates. The aim is to develop a plausible framework for managerial decision making that respects the fact of value pluralism in a global economy and that fosters meaningful criticism of current business practices while remaining sufficiently grounded in contemporary circumstances so as to be relevant for managers. (shrink)

Virtue ethics is generally recognized as one of the three major schools of ethics, but is often waylaid by utilitarianism and deontology in business and management literature. EBSCO and ABI databases were used to look for articles in the Journal of Citation Reports publications between 1980 and 2011 containing the keywords ‘virtue ethics’, ‘virtue theory’, or ‘virtuousness’ in the abstract and ‘business’ or ‘management’ in the text. The search was refined to draw lists of the most prolific authors, the most (...) cited authors, the most cited articles, and the journals with the most virtue ethics publications. This information allows one to chart how virtue ethics articles have evolved through the decades and to establish ‘schools’ or clusters of authors as well as clusters of themes. The results of this quantitative analysis of authors, ‘schools’, themes, and publications provide a foundation for the future study of virtue ethics in business and management, identifying its achievements and potentials. (shrink)

Prison On Trial is the classic critique of prisons and imprisonment: a book for everyone's shelf. For anyone seeking to understand the modern penchant for locking-up ever more people, it distils the arguments for and against incarceration in a readable, accessible and authoritative way - gaining in status each time prison populations increase across large parts of the world.

In four new and nine previously published essays, Joseph Heath provides a compelling new framework for thinking about the moral obligations of economic actors. The "market failures" approach to business ethics that he develops provides the basis for a unified theory of business ethics, corporate law, economic regulation, and the welfare state.

Do we watch sport for pure dumb entertainment? While some people might do so, Stephen Mumford argues that it can be watched in other ways. Sport can be both a subject of high aesthetic values and a valid source for our moral education. The philosophy of sport has tended to focus on participation, but this book instead examines the philosophical issues around watching sport. Far from being a passive experience, we can all shape the way that we see sport. Delving (...) into parallels with art and theatre, this book outlines the aesthetic qualities of sport from the incidental beauty of a well-executed football pass to the enshrined artistic interpretation in performed sports such as ice-skating and gymnastics. It is argued that the purist literally sees sport in a different way from the partisan, thus the aesthetic perception of the purist can be validated. The book moves on to examine the moral lessons that are to be learned from watching sport, depicting it as a contest of virtues. The morality of sport is demonstrated to be continuous with, rather than separate from, the morality in wider life, and so each can inform the other. Watching sport is then recognised as a focus of profound emotional experiences. Collective emotion is particularly considered alongside the nature of allegiance. Finally, Mumford considers why we care about sport at all. Addressing universal themes, this book will appeal to a broad audience across philosophical disciplines and sports studies. (shrink)

Joseph Heath (2014) argues that the contribution of competitive markets to Pareto-efficiency generates moral constraints that apply to business managers. Heath argues that ethical behavior on the part of management consists in avoiding profit-seeking strategies which, under conditions of perfect competition, would decrease Pareto-efficiency. I argue that because (1) such conditions do not obtain; and (2) the most efficient result – under imperfect conditions – is not achieved by satisfying the largest possible set of the remaining conditions; it is (3) (...) impossible to draw any substantive ethical guidelines from Heath’s approach. (shrink)

In defense of his Market Failures Approach to business ethics Joseph Heath relies on an understanding of business as essentially oriented towards competition and profit maximization. In these remarks I defend an alternative understanding of business that is centered on the creation of valuable goods and services. It is preferable because it: (a) creates less pressure to take advantage of vulnerable stakeholders, (b) can readily recognize “beyond compliance” norms that do not relate to efficiency, (c) provides a more meaningful framework (...) for people who work in and with corporations, (d) may mitigate negative moral impacts outside the market, and (e) better captures the range of what actually counts as business activity. (shrink)