This paper addresses Joseph Heath’s attempt to derive moral obligations from the conditions that are specified by the model of the perfectly competitive market. Through his market failures approach to business ethics he argues that firms should behave as if they are operating in a perfectly competitive market. However, I argue that this derivation of moral obligations runs counter to the metaethical principle that moral actions need to be voluntarily chosen from a set of alternatives. To the extent that (...) Milton Friedman’s derivation follows the same lines, my objection is also applicable to his approach to business ethics. I bring out the fact that the conditions required by the model of the perfectly competitive market cannot be realized in the actual world and argue that this causes problems for any moral obligations that might follow. My objection is illustrated by an intuitive example of someone set to an impossible task. I also bring in a way that Heath could work around this objection, but I argue that this would imply the collapse of his approach into another kind of theory that he wishes to distinguish himself from. More deeply, I show that my metaethical objection has epistemological consequences that undermine the very basis of the model of the perfectly competitive market. I conclude by stating that we need a different conception of competition, pointing to the facts that such a perspective would need to take into account, and suggesting that the concept of rivalry is up to the job. (shrink)

I am not sure who said that liberalism merely alternates between ethics and economics – was it Karl Kraus? – but at first glance the claim is plausible. In this paper I argue that there are varieties of liberalism which do not. Some depend on a nature-culture distinction and some appeal to simplicity in a way that seems aesthetic. In the appendix I introduce a problem for utilitarianism.

This paper proposes that goods (the things exchanged in financial transactions and an object of study in economics) should be individuated according to a two-place relation constituted by an object and a description. Several of the problems in contemporary philosophy of economics involve shifting focus from objects to descriptions, while certain phenomena central to micro-economics, market regulation, and political economy require consideration of one of the two places. The paper argues thatby considering both constituents in a relation, (...) many of those issues can be more effectively addressed, communicated, and even resolved. The issues that may be so resolved include the seminal discussions of transformable goods, or goods whose existenceor relevant properties are impacted by their means of acquisition (e.g., buying, giving, awarding, etc.). The two-place approachto individuation shows how the cases of transformable goods can be more effectively addressed without incurring problematicmetaphysical commitments which may spiral out into confusion in the ethical and social scientific literature. The paper thenargues that the two-place approach can be leveraged into more fruitful discussion in microeconomics and the ongoing literature inthe metaphysics and ethics of markets. -/- . (shrink)

As global business operations expand, managers need more knowledge of foreign cultures, in particular, information on the ethics of doing business across borders. The purpose of this paper is twofold: to share the Islamic perspective on business ethics, little known in the west, which may stimulate further thinking and debate on the relationships between ethics and business, and to provide some knowledge of Islamic philosophy in order to help managers do business in Muslim cultures. The case of (...) Egypt illustrates some divergence between Islamic philosophy and practice in economic life. The paper concludes with managerial implications and suggestions for further research. (shrink)

With this book we want to illustrate the way we philosophers think that public argument and debate should be. Our goal is not to present a collection of academic texts. Although most of us are part of the academy, we want to present to the lay public shorter, more essay-like texts, originally published on an Internet page called Refutations. The page is not, of course, an academic journal; it is a digital magazine with opinion texts that share simplicity, rigor and (...) total accessibility to anyone not initiated to the philosophers' way of thinking. And although the magazine's columnists are friends, they actively disagree on the most diverse topics, such as politics, economics, ethics and art. The reader, therefore, has before him a book with the most varied opinions on some of the main contemporary themes. Naturally, we do not expect to have the last word on any matter. Our intention is much more modest, but also very important: to show that it is possible, even without putting an end to the debates, to think in a creative, clear and civilized way. / Com este livro queremos ilustrar a maneira como nós, filósofos, pensamos que a argumentação e o debate públicos devem ser. Nosso objetivo não é apresentar uma coletânea de textos acadêmicos. Embora a maioria de nós seja parte da academia, queremos apresentar ao público leigo textos mais curtos e ensaísticos, originalmente publicados em uma página na Internet chamada Refutações. A página não é, naturalmente, um periódico acadêmico; trata-se de uma revista digital com textos de opinião que compartilham a simplicidade, o rigor e a total acessibilidade a qualquer não iniciado ao modo de pensar dos filósofos. E, embora os colunistas da revista sejam amigos, eles discordam ativamente a respeito dos mais diversos temas, como política, economia, ética e arte. O leitor, portanto, tem diante de si um livro com as mais variadas opiniões a respeito de alguns dos principais temas contemporâneos. Naturalmente, não esperamos dar a última palavra a respeito de qualquer assunto. Nossa pretensão é bem mais modesta, mas também muito importante: mostrar que é possível, mesmo sem colocar pontos finais aos debates, pensar de forma criativa, clara e civilizada. (shrink)

Competitive negotiators frequently use tactics which others view as "unethical", in that these tactics either violate standards of truth telling or violate the perceived rules of negotiation. This paper sought to determine how business students viewed a number of marginally ethical negotiating tactics, and to determine the underlying factor structure of these tactics. The factor analysis of these tactics revealed five clear factors which were highly similar across the two samples, and which parallel (to a moderate degree) categories of tactics (...) proposed by earlier theory. Data from one sample also permitted comparisons of the appropriateness of certain tactics across gender, nationality, ethnic origin and perception of one's negotiating style. (shrink)

Based on field research in Africa, this essay explores three claims: first, that sport hunting places economic value on wildlife and habitats; second, that this motivates conservation practices in the interest of sustaining revenue sources; and, third, that this benefits human populations. If true, then sport hunting may sometimes be justifiable on utilitarian grounds. While not dismissing objections from the likes of Singer and Regan, we suggest their views – if converted into policy in desperately impoverished places – would destroy (...) animals and the habitats on which they depend. There are empirical verifications of this, which we discuss. (shrink)

Every organization, as they grow has many stakeholders like shareholders, employees, customers, vendors, community, etc. For survival and growth, they have to rely upon healthy relations with all these stockholders. Hence organizations need to provide good returns for shareholders but also good jobs for employees, reliable products for consumers, responsible relations with the community and a clean environment. -/- Business ethics is the application of general ethical principles to business dilemmas and encompasses a broader range of issues and concerns (...) than laws do, as everything that is legal is not ethical. Ethics involves learning what is right or wrong, and then doing the right thing -- but "the right thing" is not nearly as straightforward. -/- Business Ethics has the following purposes: - To give people the tools for dealing with moral complexity in business - Business decisions have an ethical component - Ethical implications must be weighed before acting -/- Corporate governance is concerned with the ownership, control and accountability of companies, and how the corporate pursuit of economic objectives relates to a number of wider ethical and societal considerations. It is the application of best management practices, compliance of law in true letter and spirit and adherence to ethical standards for effective management and distribution of wealth and discharge of social responsibility for sustainable development of all stakeholders. -/- Good Corporate Governance is key to Growing Profits and Reputation. It represents the relationship among stakeholders that is used to determine and control the strategic direction and performance of organizations. Accountability is a key element as well as requirement for corporate governance, fortifying the latter in such a way that it provides a transparent template for governing critical decisions, procedures, and activities. -/- Corporate Governance deals with the questions: (1) Who benefits from corporate decisions/senior management actions? (2) Who should benefit from corporate decisions/senior management actions? -/- There are a number of reasons why businesses should act ethically .As behavior is based on values priorities, a mutual effort at all levels to deal with corporate ethics begins with a clear understanding of core values, both individually and organizationally. -/- Good corporate governance begins with a company's own internal practices and policies. While corporate governance issues are common across organizations, each company requires governance principles that are unique in their approach. Good governance is, ultimately, the sine qua non for continued growth and prosperity. -/- Corporate governance ensures that long term strategic objectives and plans are established and that the proper management structure is in place. Companies that provide good governance, both in terms of practices and results can expect the backing not only of investors but of customers too. -/- Corporate Governance represents the moral framework, the ethical framework and the value framework under which an enterprise takes decisions. In the long run ethical behavior has a positive impact on the company's performance. -/- This paper discusses the elements of corporate governance, inter-relationship between business ethics and corporate governance with reference to some of the Indian companies over the years and their impact in this era of globalization and liberalization. (shrink)

In this article, I address a controversial aspect of Rawls’s treatment of the question of justice between generations: how the parties in the original position could be motivated to select Rawls’s preferred principle of intergenerational savings, which he dubs the just savings principle. I focus on the explanation found in his later work, where he proposes that the correct savings principle is the principle that any generation would have wanted preceding generations to have followed. By expanding upon this explanation, I (...) respond to the objection that this explanation disregards the perspective of the first generation. I demonstrate that this objection ceases to be a concern when a proper account of the parties’ reasoning is developed. What is notable about the explanation I defend is that it relies on the parties adopting maximax – not maximin – as a rule for rational decision making. Having established this intermediary conclusion, I depart with Rawls and consider what savings principle the parties would choose if given more options. Ultimately, I argue that the parties would select a principle that Rawls would have undoubtedly rejected if presented to him at face value. This is because the principle of savings I argue would be selected requires continual economic growth over generations to increase upwards indefinitely – a conclusion Rawls is explicitly trying to avoid in his theory of justice. (shrink)

This paper discusses ethical issues surrounding Integrated Assessment Models (IAMs) of the economic effects of climate change, and how climate economists acting as policy advisors ought to represent the uncertain possibility of catastrophe. Some climate economists, especially Martin Weitzman, have argued for a precautionary approach where avoiding catastrophe should structure climate economists’ welfare analysis. This paper details ethical arguments that justify this approach, showing how Weitzman’s “fat tail” probabilities of climate catastrophe pose ethical problems for widely used IAMs. The main (...) claim is that economists who ignore or downplay catastrophic risks in their representations of uncertainty likely fall afoul of ethical constraints on scientists acting as policy advisors. Such scientists have duties to honestly articulate uncertainties and manage (some) inductive risks, or the risks of being wrong in different ways. (shrink)

By revealing the centrality of stories to action, to social life and to inquiry together with the implicit assumptions in polyphonic stories about the nature of humans, of life and of physical reality, this paper examines the potential of stories to transform civilization. Focussing on the failure of environmentalists so far in the face of the global ecological crisis, it is shown how ethics and political philosophy could be reconceived and radical ecology reformulated and reinvigorated by appreciating and exploiting (...) the potential of stories. This could enable radical ecologists to effect the major social and economic changes necessary to meet the global ecological crisis. What we need, it is argued, is a new, polyphonic grand narrative. (shrink)

The argument presented here is that we live in a nihilistic culture founded on a nihilistic metaphysics, and to recover ethics it is not merely a matter of returning to virtue ethics, as called for by Alasdair MacIntyre, but the development of a new metaphysics and the incorporation of this into a new socio-economic order.

1. A multidisciplinary group of scholars within the International Commission on Stratigraphy – known as the Anthropocene Working Group – recently recommended the Anthropocene as a new geological ep...

In the information-technology powered twenty first century a general demand for more effective communication is driving people to question the present, examine the past and to prognosticate the future. The ‘unique global media-information system’ - the Internet- is the central fact of a vast new complexity of communication that is driving social-economic-political-religious- technological change at a rate never experienced before. The premise of this paper is that the Internet can be better understood as the first complex global media with both (...) democratic and authoritarian possibilities, the full extent of which are still emergent. In respect of the symposium question, this paper suggests that Internet embedded communication theory can be used progressively as part of a widening and deepening approach to intercultural conversation, dialogue and debate. In theory, the localising nature of the Internet can be read as part of a greater movement towards communitarian and community centred self-governance, local democracy and social self-sufficiency. There is considerable scope for a new theory of society founded in localised ‘in-community communication’ practice supported by international human rights and effectively responsive to the asymmetric global information environment and congruent with newly democratised local structures of self-governance. (shrink)

The financial turmoil of the past several years has caused many to question the integrity, stability, and very purpose of financial systems which, in today’s world, represent a unique blend of primarily capitalism but also aspects of socialism and collectivism as well. A key factor contributing to this sustained period of economic upheaval has been the uncertainty surrounding capital markets – the fuel that powers all modern economies. Capital markets have, in the minds of many, come to represent the embodiment (...) of greed, unrestrained egoism, and exploitation of the vulnerable – conceptions at complete odds with the central values of social justice as set forth in both Christian and Jewish primary sources: caring for the poor, protecting the weak, and the promotion of justice. -/- In this paper I argue that capital markets, rather than being a means for the powerful to exploit the weak, have in fact become a force for social good in the aggregate. Indeed capital markets are, in fact, a social contract and as such must be governed by a set of normative ethical principles – both self imposed, and imposed by government regulation. I explore the ethical difficulties that have led to the systemic problems and market failures that lead to not only this current financial crisis, but literally all financial crises over the past eight hundred years. Capital markets, left to their own devices and without both self and governmental oversight, quickly become hotbeds of manipulation and exploitation. In order for markets to function properly, principles of basic fairness must become normative. It is when capital markets become unfair and unjust, that they fail. Thus, these markets must be structured in such a way as to 1) promote Rawl’s “Justice as Fairness” principle and 2) align the interests of market participants to produce universally beneficial market efficiency and stability. -/- Finally, I propose concrete ways in which the power of capital markets may be harnessed to promote the central moral values of Christian tradition and be used by people of faith to promote the ideals of social justice. (shrink)

The sustainability challenge is to match cultural and natural change. Instead of a political or institutional approach, this implies a cultural revolution in the domain of individual ethics. I defend this ethical priority in sustainability through an a posteriori argument concerning institutional failure and through a conceptual analysis of sustainability as self-reliance and its consequences. Sustainability is not a challenge for our institutions directly. It is a challenge for our lifestyle, our personal lifestyle and our social lifestyle (institutional, economical (...) and political). Our lifestyles are not 'sustainable' in the full sense of the word. They will not last, and they do not meet the requirements of human dignity (ethical and ecological dignity). (shrink)

In July 2017, China’s State Council released the country’s strategy for developing artificial intelligence, entitled ‘New Generation Artificial Intelligence Development Plan’. This strategy outlined China’s aims to become the world leader in AI by 2030, to monetise AI into a trillion-yuan industry, and to emerge as the driving force in defining ethical norms and standards for AI. Several reports have analysed specific aspects of China’s AI policies or have assessed the country’s technical capabilities. Instead, in this article, we focus on (...) the socio-political background and policy debates that are shaping China’s AI strategy. In particular, we analyse the main strategic areas in which China is investing in AI and the concurrent ethical debates that are delimiting its use. By focusing on the policy backdrop, we seek to provide a more comprehensive and critical understanding of China’s AI policy by bringing together debates and analyses of a wide array of policy documents. (shrink)

[Blog Post] This blog post (1) introduces a fundamental debate in climate ethics (polluter pays v beneficiary pays v ability to pay principles) while (2) arguing for a new principle (polluter pays, then receives, or PPTR/"Peter", principle).

The present paper argues that a right to work, defined as social and legal guarantees to fair conditions of employment, should be an essential part of a democratic state with market arrangements. This argument proceeds along the following lines. First, I reconstruct an account of rights that defends the “correlativity” thesis of rights and duties. The basic idea is that a social member’s legitimate demand to something of value, such as gainful employment, implies duties on the part of others to (...) respect and fulfill it. These duties include the following with regard to that demand: avoiding actions that cause the harm, protecting it against standard threats, and otherwise providing aid in case it is deprived. Second, I sketch an outline of what a right to work will entail in terms of the correlative duties just described. This means that respect and fulfillment of the demand will require both social members and the democratic state alike to guarantee fair conditions of employment: first, by forbearing from actions that deprive members of access to work; and second, by protecting members against threats of deprivation and aiding them when they are so deprived. Third, I answer some ethical and empirical objections to the idea of a right to work: that it violates the legal rights of owners and employers, fails to impart self-respect, lacks economic efficiency, and erodes human capital by undermining competitive incentives. Finally, I make some concluding observations that a democratic right to work so conceived is ethically and economically superior to alternative arrangements that neither respect nor fulfill these correlative duties to avoid harm, protect against threats, and provide aid in cases of deprivation. (shrink)

Some economists, notably Gary Becker, claim that economic analysis is applicable to any decision, ethical or otherwise. Ethical principles within Objectivist Ethics are based on long-range success— life being the measure of success. This paper examines these different approaches to decision-making. Decision theory and Rand's Benevolent Universe Premise form the basis for the analysis.

The article reflects on where AI is headed and the world along with it, considering trust, ethics and safety. Implicit in artificial thinking and doomsday appraisals is the engineered divorce from reality of sublime human embodiment. Jeffrey White, Dietrich Brandt, Jan Soeffner, and Larry Stapleton, four scholars associated with AI & Society, address these issues, and more, in the following exchange.

Ethical oaths for bankers, economists and managers are increasingly seen as successful instruments to ensure more responsible behaviour. In this article, we reflect on the nature of ethical oaths. Based on John Austin's speech act theory and the work of Emmanuel Levinas, we introduce a performative concept of ethical oaths that is characterised by (1) the existential self-performative of the one I want to be, which is (2) demanded by the public context. Because ethical oaths are (3) structurally threatened by (...) the possibility of infelicity or failure, we stress (4) the behavioural aspect of ethical oaths in economics and business. We conclude that a performative concept of ethical oaths can contribute to more ethical behaviour in economics and business, because the performative involves action and behaviour. At the same time, it becomes clear that a radical new perspective on the nature, function and limitation of oaths is needed. (shrink)

This open access book presents a comparative study of two classics of world literature, offering the first sustained study of what unites and divides the Nicomachean Ethics and the Bhagavad Gita. -/- Asking what the texts think is the nature of moral action and how it relates to the highest good, Roopen Majithia shows how the Gita stresses the objectivity of knowledge and freedom from being a subject, while the Ethics emphasizes the knower, working out Aristotle’s central commitment (...) to the idea of substance as the primary building block of the world. Yet both the Gita and the Ethics explain variety in human behaviour in terms of three driving forces. Both agree moral agency is a construct that is a function of background, education and habit, presupposing a cultural, political and economic infrastructure. -/- What distinguishes the texts is how the content of right action is generated. Reading them together, alert to their individual accounts of how the practical relates to the reflective dimensions of life, Majithaia enriches our understanding of two cornerstone texts in the Greek and Indian philosophical traditions. -/- The ebook editions of this book are available open access under a CC BY-NC-ND 4.0 licence on bloomsburycollectionsdotcom. Open access was funded by The Marjorie Young Bell Faculty Fund and The Hart Almerrin Massey Endowment. (shrink)

This paper argues that there is a need to reconstruct a new paradigm for poverty policy planning in Africa because Neo-liberalism, Ubuntu ethics and African Socialism as proposed paradigms for Africa’s development are untenable. This is so because the above trio are sexist, androcentric and oblivious to structural injustices that feminize poverty in Africa. The paper further argues that even in the Western world, the neo-liberal GDP metric has been challenged and the search for alternative development indicators and paradigms (...) is on. In addition, there is a fully fledged post-neo-liberalism movement in Latin America and a de-growth and post-growth social movement in the West against neo-liberalism and its nebulous economic growth understanding of wellbeing. The paper contends that Africa cannot afford to remain aloof to all these developments. There is therefore a need to develop Pan African paradigms to articulate an endogenous perspective to African development. The paper thus advocates for the Dignified Humanness Paradigm (DHP) as an alternative to neo-liberalism, Ubuntu ethics and African Socialism. The paper also surmises that the actualization of the DHP requires an immediate awakening of the Pan African Moral Consciousness since this will militate on decolonization of the African mind from the amoral neo-liberal economism. (shrink)

In 1996, the U.S. Fish and Wildlife Service made a proposal to restore and preserve 30,000 acres of wetlands in Indiana's Kankakee River basin. Local farmers opposed this, expressing concerns about how a wildlife refuge would affect farming communities along the Kankakee River. Undergirding what seems to be a simple conflict between incompatible environmental and economic interests is a more fundamental conflict between competing ethical frameworks for evaluating public policy. One helpful approach is to examine the normative issues in the (...) Kankakee dispute in terms of the contrast between consequentialist and non-consequentialist ethical frameworks. This article attempts to establish that a failure to recognize alternatives to the consequentialist framework has resulted in a failure of opposing parties to recognize and address each other's ethical concerns. An analysis of the Kankakee wetlands dispute will reveal why it is important for environmentalists to be cognizant of alternatives to consequentialist ethical frameworks. (shrink)

Mathias Risse’s On Global Justice is a unique and important contribution to the growing literature on global justice. Risse’s approach to a variety of topics, ranging from domestic justice and common ownership of the earth, to immigration, human rights, climate change, and labour rights, is one that conceives of global justice as a philosophical problem. In this commentary I focus on a number of reservations I have about approaching global justice as a philosophical rather than an inherently practical problem. To (...) his credit Risse does acknowledge at various stages of the book that a good deal of the applied terrain he ventures into presupposes complex and contentious empirical assumptions. A greater emphasis on those points would, I believe, helpfully reveal the shortcomings of tackling intellectual property rights by appealing to Hugo Grotius’s stance on the ownership of seas, or the shortcomings of tackling health by invoking the language of human rights without acknowledging and addressing the constraints and challenges of promoting health in an aging world. (shrink)

Like most bioethical discussion, examination of human biobanks has been largely framed in terms of research subjects’ rights, principally informed consent, with some gestures toward public benefits. However, informed consent is for the competent, rights-bearing individual: focussing on the individual, it thus neglects social, economic and even political matters; focussing on the competent rights-bearer, it does not serve situations where consent is plainly inappropriate (eg, the young child) or where coercion can obviously be justified (the criminal). Using the British experience (...) of large-scale biobanking, I argue that the focus on consenting individuals distorts our ways of thinking about biobanks and has serious practical ramifications. This becomes clear if we contrast the case of adult biobanks intended for medical research with two other forms of biobanking. Thus child cohort studies – vital for sound scientific investigation of the interplay of genetics and environment in health – have been very badly funded next to adult studies. On the other hand, forensic databases have attracted massive investment, but little debate – partly owing to a sense that here, at least, is a case where consent is not relevant. Contrasting these central types of biobanking, I will suggest that there are powerful factors at work in limiting ‘ethics’ to individual rights. Projects of this size should direct our attention to more overtly political questions concerning priority setting and organisation of medical research. (shrink)

There is growing concern that decision-making informed by machine learning (ML) algorithms may unfairly discriminate based on personal demographic attributes, such as race and gender. Scholars have responded by introducing numerous mathematical definitions of fairness to test the algorithm, many of which are in conflict with one another. However, these reductionist representations of fairness often bear little resemblance to real-life fairness considerations, which in practice are highly contextual. Moreover, fairness metrics tend to be implemented in narrow and targeted toolkits that (...) are difficult to integrate into an algorithm’s broader ethical assessment. In this paper, we derive lessons from ethical philosophy and welfare economics as they relate to the contextual factors relevant for fairness. In particular we highlight the debate around acceptability of particular inequalities and the inextricable links between fairness, welfare and autonomy. We propose Key Ethics Indicators (KEIs) as a way towards providing a more holistic understanding of whether or not an algorithm is aligned to the decision-maker’s ethical values. (shrink)

In this chapter, I systematically distinguish a variety of ways to rela- tionalize economics and focus on a certain approach to relationalizing normative economics in the light of communal values salient in the African philosophical tradi- tion. I start by distinguishing four major ways to relationalize empirical economics, viz., in terms of its ontologies, methods, explanations, and predictions and also three major ways to relationalize normative economics, with regard to means taken towards ends, decision-procedures used to (...) specify ends, and ends themselves. Then, in the remainder of the chapter, I address what would be involved in relationalizing the ends of economic choices, given ideals of communal relationship characteristically prized by sub-Saharan philosophers, particularly southern African adherents to ubuntu. I advance communal answers to the two large questions of what an economy should distribute and how to engage with stakeholders, and I suggest that the implications will be found plausible by many open-minded enquirers around the world. Although this chapter is a work of ethical philosophy, it is meant to be of broad interest to scholars in economics. (shrink)

In this chapter, I systematically distinguish a variety of ways to rela- tionalize economics and focus on a certain approach to relationalizing normative economics in the light of communal values salient in the African philosophical tradi- tion. I start by distinguishing four major ways to relationalize empirical economics, viz., in terms of its ontologies, methods, explanations, and predictions and also three major ways to relationalize normative economics, with regard to means taken towards ends, decision-procedures used to (...) specify ends, and ends themselves. Then, in the remainder of the chapter, I address what would be involved in relationalizing the ends of economic choices, given ideals of communal relationship characteristically prized by sub-Saharan philosophers, particularly southern African adherents to ubuntu. I advance communal answers to the two large questions of what an economy should distribute and how to engage with stakeholders, and I suggest that the implications will be found plausible by many open-minded enquirers around the world. Although this chapter is a work of ethical philosophy, it is meant to be of broad interest to scholars in economics. (shrink)

In this chapter, I systematically distinguish a variety of ways to rela- tionalize economics and focus on a certain approach to relationalizing normative economics in the light of communal values salient in the African philosophical tradi- tion. I start by distinguishing four major ways to relationalize empirical economics, viz., in terms of its ontologies, methods, explanations, and predictions and also three major ways to relationalize normative economics, with regard to means taken towards ends, decision-procedures used to (...) specify ends, and ends themselves. Then, in the remainder of the chapter, I address what would be involved in relationalizing the ends of economic choices, given ideals of communal relationship characteristically prized by sub-Saharan philosophers, particularly southern African adherents to ubuntu. I advance communal answers to the two large questions of what an economy should distribute and how to engage with stakeholders, and I suggest that the implications will be found plausible by many open-minded enquirers around the world. Although this chapter is a work of ethical philosophy, it is meant to be of broad interest to scholars in economics. (shrink)

During the current financial crisis, the need for an alternative to a laissez-faire ethics of capitalism (the Milton Friedman view) becomes clear. I argue that we need an order ethics which employs economics as a key theoretical resource and which focuses on institutions for implementing moral norms. -/- I will point to some aspects of order ethics which highlight the importance of rules, e.g. global rules for the financial markets. In this regard, order ethics (“Ordnungsethik”) (...) is the complement of the German conception of “Ordnungspolitik” which also stresses the importance of a regulatory framework. This framework is needed not to tame the market, but to make it more profitable in the long run. -/- The conception of order ethics relies heavily on contractarianism, especially on James Buchanan’s work. Unlike many other conceptions of ethics, it does not start with an aim to achieve, but rather with an account of what the social world – in which ethical norms have to be implemented – is like. Our social world is different from the pre-modern one. Pre-modern societies played zero-sum games in which people could only gain significantly at the expense of others. And the types of ethics that we are still used to today have been developed within these pre-modern societies. -/- Modern societies, by contrast, can be characterised – by economists and other social theorists alike – as societies with continuous growth. This growth has only been made possible by the modern competitive market economy which enables everyone to pursue his own interests within a carefully devised institutional system. In this system, positive sum games are played, which makes it in principle possible to improve the position of every individual at the same time. Most kinds of ethics, however, resulting from the conditions of pre-modern societies, ignore the possibility of win-win-situations and instead require us to be moderate, to share, to sacrifice, as this would have been functional in zero-sum games. These conceptions distinguish – in more or less strict ways – between self-interest and altruistic motivation. Self-interest, more often than not, is ultimately seen as something evil. -/- Such an ethics cannot be functional in modern societies. Ethical concepts lag behind. Within zero-sum games, it was necessary to call for temperance, for moderate profits, or for a condemnation of lending money at interest. Within positive-sum games, however, the morally desired result of a social process cannot be brought about by changes in motivation, by switching from ‘egoistic’ to ‘altruistic’ motivation. The second theoretical element introduced by order ethics is the distinction between actions and rules, which was already mentioned. Traditional ethics concerns actions: It calls directly for changes in behaviour. This is a consequence of pre-modern conditions as reconstructed before: People in the pre-modern world were only able to control their actions, not so much however the conditions of their actions. In particular, rules like laws, constitutions, social structures, the market order, and also ethical norms have remained stable for centuries. In modern societies, this situation has changed entirely. The rules governing our actions have increasingly come under our control. -/- In this situation, ethics has to focus on rules. Morality must be incorporated in incentive-compatible rules. Direct calls for changes in behaviour without changes in the rules lead only to an erosion of compliance with moral norms. Individuals that continue to behave ‘morally’ will be singled out, because the incentives have not been changed. Moral norms which are to be justified cannot require people to abstain from pursuing their own advantage. People abstain from taking ‘immoral’ advantages only if adherence to ethical norms yields greater benefits over the planned sequence of actions than defection in the single case. Thus ‘abstaining’ is not abstaining in the long run, it is rather an investment in expectations of long-term benefits. By adhering to ethical norms, I become a reliable partner for interactions. The norms do indeed constrain my actions, but they simultaneously expand my options in interactions. And people consent to rules only if these rules hold greater advantages for them, at least in the long run. -/- In general, ethics cannot require people to abandon their individual calculation of advantages. However, it may suggest improving one’s calculation, by calculating in the long run rather than in the short run, and by taking into account the interests of our fellows, as we depend on their acceptance for reaching an optimal level of well-being, especially in a globalized world full of interdependence. -/- The problem of implementation can now be placed at the beginning of a conception of order ethics, justified with reference to the conditions of modern societies I have sketched. Under the conditions of pre-modern societies, an ethics of temperance had evolved that posed simultaneously the problems of implementation and justification. The implementation of well-justified norms or standards could then be regarded as unproblematic, because the social structures allowed for a direct face-to-face enforcement of norms. Pre-modern societies not only favored an ethics of temperance, they also had the instrument of face-to-face-sanctions within their smaller and non-anonymous communities. This instrument is no longer functional in modern anonymous societies, and so we have to face up to the problem of implementation right at the start of our ethical conception. Simultaneously, an order ethics relies on the implementation of sanctions for enforcing incentive-compatible rules. In modern societies, rules and institutions, to a large extent, must fulfil the tasks that were, in pre-modern times, fulfilled by moral norms, which in turn were sanctioned by face-to-face sanctions. Norm implementation in modern societies thus works by setting adequate incentives in order to prevent the erosion of moral norms, which would happen if ‘moral’ actors were systematically threatened with exploitation by other, less ‘moral’ actors. -/- This conception of order ethics is then elaborated further in the area of business ethics. -/- . (shrink)

While economic theory has been enormously influential since the eighteenth century, the level of dominance of culture, politics and ethics gained by it in the last few decades is unprecedented. Not only has economic theory taken the place of political philosophy and ethical discourse and imposed its own concepts and image of society on other social sciences, it has redefined the natural sciences through its own categories as nothing but instruments of production, investment in which is to be judged (...) in terms of its profitability. In this chapter I challenge all this, arguing for the primacy of political philosophy inspired by T.H. Green, showing how A.N. Whitehead provided the natural philosophy to defend Green's social liberalism. I then defend ecological economics and human ecology based on assumptions deriving from Whitehead to replace current economic and political doctrines as the basis for formulating public policy. (shrink)

This paper argues that the plethora of experiments with decentralized social technologies (DSTs)—clusters of which are sometimes called “the Web 3.0 ecosystem” or “the Fediverse”—have brought us to a constitutional moment. These technologies enable radical innovations in social, economic, and political institutions and practices, with the potential to support transformative approaches to political economy. They demand governance innovation. The paper develops a framework of prudent vigilance for making ethical choices in this space that help to both grasp positive opportunities for (...) transformation and avoid the potentially problematic consequences. Most of our specific examples and concerns come from the blockchain/Web3 universe, as this has received the greatest investment, attention, and adoption to date. However, we aim to offer a framework for governance decision-making in conditions of uncertainty that applies more broadly to other DSTs. Specifically, under the framework of prudent vigilance, we propose a pragmatic, democratic, and pluralist approach to navigating bold experimentation with social practices and political economy enabled by these technologies. Our overarching goal is to provide a framework open to transformative improvement and constrained by guardrails and guiding values supportive of democracy, freedom, and pluralism. We take a relatively strong position, rather than simply laying out ethical issues and potential approaches. We seek to be provocative in order to spur further work and hope this paper will serve as a first bridge between academic philosophy and the DST community, which have hardly interacted to date. (shrink)

With the development of sharing economy, a consensus to study this area from the perspective of morality and ethics has been recently reached. The key point of this study is the ethical basis of sharing economy. It should be noticed that the conceptual framework of sharing economy must be grounded within the market economy, technological innovation, and the spirit of "rational cooperation". It is, therefore, necessary to realize that the sharing economy is based on the Contractual Ethics internally (...) rooted in the market economy, the Technical Ethics which is coordinated with technological innovation, and the Universal Ethics produced by the cooperative reason. The three concept of ethics lay the ethical foundation of sharing economy together. (shrink)

One core question in contemporary political economy is whether economic liberties should be constitutionally protected as basic rights. In this article I do not provide a positive argument for the view that economic liberties are basic rights. Rather, I seek to provide a reason for not embracing the opposing view, i.e. that economic liberties should not be constitutionally protected as basic rights. Based on Hayek’s theory of price as signal, I argue that price control, a view usually associated with high (...) liberals, and sometimes endorsed by moderate welfarists, is environmentally sub-optimal. (shrink)

Lockdowns were a morally and medically appropriate anti-contagion policy to stop the spread of Covid. However, lockdowns came with considerable costs. Specifically, lockdowns imposed harms and losses upon the young in order to benefit the elderly, who were at the highest risk of severe illness and death from Covid. This represented a shifting of the (epidemiological) burden of Covid for the elderly to a systemic burden of lockdown upon the young. This article argues that even if lockdowns were a morally (...) permissible response to Covid, the harms and losses they imposed on the young ground a claim of compensation. I defend an intergenerational compensation argument that defends a claim for an egalitarian intergenerational transfer to compensate the young for the harms of lockdown. (shrink)

This thesis studies the enabling properties of ICT and their effects and potential for social change, and prepares the ground for a sustainability-oriented ethico-political assessment of this technology. It primarily builds on interdisciplinary scholarship to describe and explain the multifaceted co-evolution between the global deployment of ICTs and the emergence of the Information Society, understood as a socioeconomic restructuring of capitalism. Beyond the role of ICTs in this regime transition, the thesis delivers other philosophical insights about crucial aspects of ICT (...) development, applications and management. These include arguments about how we should conceptualize ICTs on the basis of their different roles in extending human communication and in performing or facilitating the remote control of humans and animals, machines and systems operations; about the entanglement between telecommunications, transport networks, urban development and work and organization; and about the relations between ICTs, culture and human values. Examples are offered to illustrate the potential that these empirical and philosophical lessons may hold for the construction of a framework for the ethico-political assessment of ICTs. (shrink)

In this paper, a phenomenological perspective on capitalism is given: it is considered as the economic expression of onto-theology. Capitalism is based on egotism, whose principles are private ownership (correlative of intentionality) and free market (correlative of liberty). The current crisis is the symptom of a disease, that is a lack of ethics, an indiscriminate pursuit of egotism. A moral revolution is here proposed as a remedy. The aim is not to destroy capitalism, but to save it with the (...) introduction of an ethical attitude, based on original responsibility and uniqueness (Levinas), as well as on bi-directional respect (Ricoeur). (shrink)

Important decisions that impact humans lives, livelihoods, and the natural environment are increasingly being automated. Delegating tasks to so-called automated decision-making systems can improve efficiency and enable new solutions. However, these benefits are coupled with ethical challenges. For example, ADMS may produce discriminatory outcomes, violate individual privacy, and undermine human self-determination. New governance mechanisms are thus needed that help organisations design and deploy ADMS in ways that are ethical, while enabling society to reap the full economic and social benefits of (...) automation. In this article, we consider the feasibility and efficacy of ethics-based auditing as a governance mechanism that allows organisations to validate claims made about their ADMS. Building on previous work, we define EBA as a structured process whereby an entity’s present or past behaviour is assessed for consistency with relevant principles or norms. We then offer three contributions to the existing literature. First, we provide a theoretical explanation of how EBA can contribute to good governance by promoting procedural regularity and transparency. Second, we propose seven criteria for how to design and implement EBA procedures successfully. Third, we identify and discuss the conceptual, technical, social, economic, organisational, and institutional constraints associated with EBA. We conclude that EBA should be considered an integral component of multifaced approaches to managing the ethical risks posed by ADMS. (shrink)

Thomas Pogge has argued, famously, that ‘we’ are violating the rights of the global poor insofar as we uphold an unjust international order which provides a legal and economic framework within which individuals and groups can and do deprive such individuals of their lives, liberty and property. I argue here that Pogge’s claim that we are violating a negative duty can only be made good on the basis of a substantive theory of collective action; and that it can only provide (...) substantive ethical guidance when combined with an account of how collective action gives rise to forward-looking responsibility and/or accountability on an individual level. I consider accounts of these two topics given in work by Peter French and Christopher Kutz; and I argue that neither of them give Pogge what he needs. Although there is a sense in which 'we' can be said to be violating the rights of the worst off, the sense in which this is true does not generate any plausible action-guiding claims for individuals. (shrink)

Educated people everywhere now acknowledge that ecological destruction is threatening the future of civilization. While philosophers have concerned themselves with environmental problems, they appear to offer little to deal with this crisis. Despite this, I will argue that philosophy, and ethics, are absolutely crucial to overcoming this crisis. Philosophy has to recover its grand ambitions to achieve a comprehensive understanding of nature and the place of humanity within it, and ethics needs to be centrally concerned with the virtues (...) required to create and then sustain economic, social and political formations that augment the life of ecological communities. Achieving these ends will involve reviving speculative philosophy and its quest to forge a synthesis of natural philosophy, history and art to enable humanity to redefine its place in the world, both collectively and as individuals, in very practical ways. Such a synthesis is required to oppose the corrosion of democracy and to revive the virtues of citizenship and the sense of responsibility citizenship entails, but more fundamentally and intimately related to such citizenship, to oppose managerialism and the proletarianization of the workforce and to revive workmanship and professionalism as the foundations of not only economic life, but social and political life. (shrink)

This paper addresses the project of philosophical autobiography, using two different perspectives. On the one hand, the societal, economic, and family contexts of William James are addressed, and connected a modern academic context of business ethics research, marketing and purchasing decision making, and the continuing financial crisis. The concepts of “stream of consciousness” and “acting as-if” are connected to recent literature on William James. On the other hand, the significance of family context, and the possible connection between the William (...) James family and the author, is addressed through shared family narratives interspersed throughout the paper. (shrink)

In this retrospective for Ethics, I discuss H.M. Oliver’s “Established Expectations and American Economic Policies.” This article, by a then-modestly-famous economist, has been ignored (no citations) since its 1940 publication. Yet it bears directly on a normative problem at the intersection of ethics and economics that challenges today’s policymakers but has received comparatively little philosophical attention: how should we balance potentially desirable institutional change against the disruption of established expectations? -/- Oliver details how the principle of fulfilling (...) established expectations cuts across political lines. Conservatives, he observes, criticized inflation for disrupting expectations, and demanded the protection of established corporations. New Deal progressives achieved “the safeguarding of the economic positions of certain important sections of the American people” (104) via statutes designed to protect income and homeownership status. And labor leaders lobbied for the preservation of occupational status. Oliver criticizes these demands on two grounds. First, they are noncompossible: they can’t simultaneously be fulfilled. Second, they are economically inefficient. He concludes that “in a modern dynamic economy, the preservation of status is not and cannot be a feasible criterion of economic justice” (107). -/- I argue that Oliver accurately recognizes both the wide endorsement and the moral ill-foundedness of fulfilling expectations. However, I criticize Oliver’s belief in the noncompossibility of expectations. The established expectations of the wealthy, middle-class homeowners and retirees, and current workers can all be maintained, but at the price of constricting the opportunities of new graduates, immigrants, and the poor—all groups yet to develop settled expectations. This insight renders the protection of expectations not merely inefficient but also unjust. (shrink)

This article was championed in view of the notion of (perceived) economic rationalisation which seem to be the foremost of patients' care in the NHS as opposed to addressing distress to their existing well-being, while in a state of being tormented with agonising news of prolonged ill health. Serious consideration is given to addressing the need to rationalise resources in ensuring the long standing history of the NHS' free health care is critically addressed, but not in a way that destroys (...) confidence on the ability of professionals to manifest ethical prudence in their acts of judgments about whether patients' care is to be imminent or prolonged on a waiting list. There is certainly serious impacts to be comprehended with in situations of economic rationality through services provided by the NHS, but it is believed that tangible outcomes about definitive care for patients should be addressed collaboratively. (shrink)

This study constitutes an ethical analysis through the lens of distributive justice in the case of the Troubled Asset Relief Program (TARP), which was enacted in the midst of the Great Recession of 2007–2009. It begins by engaging with the visions of justice constructed by John Rawls and Robert Nozick, using their insights to locate the injustices of TARP according to their moral imaginations. However, this study argues that Rawls’ and Nozick’s theories of justice primarily envision the nature of law (...) as being restrictive of vice, not as instructors of virtue. Thus, it resources the legal philosophy of St. Thomas Aquinas to demonstrate how the positive pedagogy of law can enable a more just construction of economic rescue legislation, one that not only prevents future repetitions of economic vices and injustice, but is also formative for a society that prizes economic justice and virtues. In doing so, the study proposes two criteria for a more just consideration of economic rescue legislation that embraces law’s positive pedagogy. (shrink)

Although the economic thought of Marshall and Pigou was united by ethical positions broadly considered utilitarian, differences in their intellectual milieu led to degrees of difference between their respective philosophical visions. This change in milieu includes the influence of the little understood period of transition from the early idealist period in Great Britain, which provided the context to Marshall’s intellectual formation, and the late British Idealist period, which provided the context to Pigou’s intellectual formation. During this latter period, the pervading (...) Hegelianism and influences of naturalism arising from the ideas of Charles Darwin and Herbert Spencer were challenged by Hermann Lotze, a key transitional thinker influencing the Neo-Kantian movement, who recognised significant limits of naturalism, on the one hand, and the metaphysical tenor of absolute idealism, on the other, and attempted to provide a balance between the two. The goal of this paper is to make the provisional case for the argument that Pigou’s views on ethics were not only directly influenced by utilitarian thinkers like Mill and Sidgwick, but they were also indirectly influenced by Hermann Lotze, via the influence of the Neo- Kantian movement on late British idealism. To that end, Pigou’s essays in The Trouble with Theism (1908), including his sympathetic consideration of the ethics of Friedrich Nietzsche, reflect the influence of Lotze indirectly through the impact at Cambridge of: James Ward’s critique of associationist psychology, and consideration of the limits of naturalism including the critique of evolutionary ethics; Bertrand Russell’s rejection of neo-Hegelianism and, together with Alfred North Whitehead, the development of Logicism; and G.E. Moore’s critique of utilitarian ethics on the basis of the naturalistic fallacy and the development of his own intuitionist system of ethics. (shrink)

Our environment is saturated in the English language due to globalisation; yet accompanying western philosophical concepts can be contested, even resisted, in different cultural contexts. The philosophical ideas associated with the Anglosphere are rooted in the cultural, economic, religious and social traditions of broader Anglo-European, or “western” culture and are decontested ideologically within that culture. The contestation of western ideology is beneficial for global culture, but this aspect of cross-cultural dialogue is often neglected in South Asia where English language learning (...) occurs in a post-colonial context and is often accompanied by the attempted internalisation of Anglo-European culture and norms. This paper contrasts the philosophical underpinnings of ethics in South Asia and the west. The metaphysical and cultural frameworks underlying these systems can result in conceptual misunderstandings that can only be resolved by dialogue. The aim of this theoretical paper is to examine ethical theories and show how English language can be instrumental in creating this cross-cultural dialogue. (shrink)