Michael Jensen made a name for himself in the 1970s–1990 s with his ‘agency theory’ and its application to questions of corporate governance and economic policy. The effects of his theory were acutely felt in the pedagogics of business studies, as Jensen lent his authority to combat all attempts to integrate social considerations and moral values into business education. Lately, however, Michael Jensen has come to defend quite a different approach, promoting an ‘integrity theory’ of management learning. Jensen now rather (...) aspires to empower students to give authentic expression to their personal values in their professional lives, and he sees the main function of management studies in assisting them in this effort. This article reconstructs the transformation of Jensen’s outlook, drawing on Jensen’s theories as an exemplar of wider trends in the current literature on management learning, away from a decidedly ‘mechanistic’ and towards a more ‘humanistic’ pedagogy of management. Jensen’s case serves to highlight developments that might make for better preconditions for the appreciation of business ethics on part of business students. On closer inspection, though, it appears that his remaining within a positivistic framework ultimately impedes the kind of progress Michael Jensen envisions for business studies. (shrink)

Business ethics is not a novelty: it has important antecedents, among which we find the Spanish "Salamanca School". Its most brilliant period was during the sixteenth and early seventeenth century, a historical epoch when Spain was one of the principal centers of commerce in Europe. In this article, we present a panoramic view of business ethics as developed by this school and discuss its potential contributions to new developments in business ethics. The Salamanca School was primarily focused on action, yet (...) ultimately oriented to the agent. The Salamanca School's authors were theologians seeking to harmonize faith, reason and social reality. Many of them were very well-acquainted with the business dynamics of their day and issued precise assessments of them. In their writings, they also considered fundamental aspects of the market economy (property, prices, monopolies, profit, etc.). Their moral reasoning follows the natural-law of Thomas Aquinas, but places greater emphasis on empirical data. In the context of a global economy, the Salamanca School's open, universal approach is especially worthy of consideration. (shrink)

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

There are varying opinions about whether or not the field of business ethics has a history or is a development of more modern times. It is suggested that a book by a Dominican Friar, Johannes Nider, De Contractibus Mercatorum, written ca. 1430 and published ca. 1468 provides a basis for a history of over 500 years. Business ethics grew out of attempts to reconcile Biblical precepts, canon law, civil law, the teachings of the Church Fathers, and the writings of early (...) philosophers with the realities of expanding economic activity. Nider's background is discussed as well as his book as an example of incunabula.Nider was one of the Scholastics who provided a link between Aristotle and later Reformation thinkers. In Nider we find caveat venditor as his moral guide to merchants as well as other surprisingly modern ideas such as justice in exchange; restitution for defective goods; the market as the final arbiter of value; and the importance of creating utility in products. (shrink)