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The Inapplicability of the Market-Failures Approach in a Non-Ideal World

Business Ethics Journal Review 5 (5):28-34 (2017)

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Vulnerability and the Basis of Business Ethics: From Fiduciary Duties to Professionalism. [REVIEW]Eric Brown - 2013 - Journal of Business Ethics 113 (3):489-504.details This paper examines the role of vulnerability in the basis of business ethics by criticizing its role in giving a moral substantial character to fiduciary duties to shareholders. The target is Marcoux’s (Bus Ethics Q 13(1):1–24, 2003) argument for morally substantial fiduciary duties vis-à-vis the multifiduciary stakeholder theory. Rather than proceed to support the stakeholder paradigm, a conception of vulnerability is combined with Heath’s 2004) “market failure” view of the ethical obligations of managers as falling out of their roles as (...) Download Export citation Bookmark 10 citations
Business Ethics as Self-Regulation: Why Principles that Ground Regulations Should Be Used to Ground Beyond-Compliance Norms as Well. [REVIEW]Wayne Norman - 2011 - Journal of Business Ethics 102 (S1):43-57.details Theories of business ethics or corporate responsibility tend to focus on justifying obligations that go above and beyond what is required by law. This article examines the curious fact that most business ethics scholars use concepts, principles, and normative methods for identifying and justifying these beyond-compliance obligations that are very different from the ones that are used to set the levels of regulations themselves. Its modest proposal—a plea for a research agenda, really—is that we could reduce this normative asymmetry by (...) Download Export citation Bookmark 61 citations
The General Theory of Second Best.R. G. Lipsey & Kelvin Lancaster - 1956 - Review of Economic Studies 24 (1):11-32.details Download Export citation Bookmark 84 citations
Business Ethics Without Stakeholders.Joseph Heath - 2006 - Business Ethics Quarterly 16 (4):533-558.details One of the most influential ideas in the field of business ethics has been the suggestion that ethical conduct in a business context should be analyzed in terms of a set of fiduciary obligations toward various “stakeholder” groups. Moral problems, according to this view, involve reconciling such obligations in cases where stakeholder groups have conflicting interests. The question posed in this paper is whether the stakeholder paradigm represents the most fruitful way of articulating the moral problems that arise in business. (...) Download Export citation Bookmark 86 citations
Morality, Competition, and the Firm: The Market Failures Approach to Business Ethics.Joseph Heath (ed.) - 2014 - New York: Oup Usa.details 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. Download Export citation Bookmark 68 citations
Professionalism, Agency, and Market Failures.Hasko von Kriegstein - 2016 - Business Ethics Quarterly 26 (4):445-464.details 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 (...) Download Export citation Bookmark 15 citations

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