Markets, Ethics, and Business Ethics

Auteur

Steven Scalet is Professor of Philosophy and Director of the Hoffberger Center for Ethical Engagement at the University of Baltimore, USA. Prior to Baltimore, Scalet was Director of the Program in Philosophy, Politics, and Law at Binghamton University (SUNY), USA, where he received the Chancellor's Award for Excellence in Teaching. Scalet received his PhD in philosophy and MA in economics from the University of Arizona, USA. Scalet is the author of many articles and the editor of Morality and Moral Controversies: Readings in Moral, Social, and Political Philosophy, 10th Edition (Routledge, 2019).

Texte du rabat

This book introduces a study of ethics and values to develop a deeper understanding of markets, business, and economic life. Its distinctive features include a thorough integration of personal and institutional perspectives; applied ethics and political philosophy; and philosophy, business, and economics.

Contenu

0 The Value of an Ethical Life 0.1 Introduction 0.2 Why Study Ethics? 0.3 Skepticism 0.4 Ethics and Values as Guidance 0.5 Summary Discussion Questions Further Readings Part 1 Foundations 1 Markets 1.0 Introduction 1.1 What Are Market Exchanges? 1.2 Why Begin With Market Exchanges? 1.3 Debates About Defining Markets 1.4 Blocked Exchanges 1.5 Background Conditions for Markets to Operate 1.6 Summary 1.7 Looking Ahead Discussion Questions Further Readings Appendix: Dialogues That Shape This Book 1.A1 Descriptive and Normative Analysis 1.A2 Personal and Institutional Points of View 1.A3 Summary Discussion Questions Further Readings 2 Property Rights 2.0 Introduction 2.1 Property as Relations Among People 2.2 Hohfeld's Conception of Property Rights 2.3 Tips for Learning and Applying Property Relations 2.4 Ownership and a Bundle of Sticks 2.5 Further Distinctions 2.6 Patents and Intellectual Property 2.7 Personal Rights and the Limits of Property Rights 2.8 Summary Discussion Questions Further Readings 3 Property Rights, Markets, and Law 3.0 Introduction 3.1 Property Rights and Markets 3.2 Two Normative Theories About Property Rights 3.3 Property Rights and Law 3.4 Property Rights and Culture 3.5 Economic Systems Today 3.6 Why Study Property Rights? 3.7 Conventionalism in Property Rights 3.8 Summary 3.9 Looking Ahead Discussion Questions Further Readings Part 2 The Purpose and Responsibilities of Corporations 4 Shareholder Primacy Theory of Corporations 4.0 Introduction 4.1 A Debate 4.2 Corporate Purpose: Advance Shareholder Interests by Maximizing Profits Within the Law 4.3 Shareholder Rights and Managerial Duties 4.4 Ethical Justifications 4.5 Interpreting the CSR Movement From the Shareholder Perspective 4.6 Separating the Roles of Business and Government 4.7 Self-Interest and Markets 4.8 Summary Discussion Questions Further Readings 5 Stakeholder Theory of Corporations 5.0 Introduction 5.1 A Global Perspective: All Is Not Well 5.2 Corporate Purpose, Stakeholder Rights, and Managerial Duties 5.3 Ethical Justifications 5.4 Interpreting the CSR Movement From a Stakeholder Perspective 5.5 Corporations and Government 5.6 Ethics, Self-Interest, and Markets 5.7 Personal and Institutional Points of View Revisited 5.8 Other Theories of Corporate Purpose 5.9 Corporate Personhood 5.10 Summary Discussion Questions Further Readings Part 3 Efficiency and Welfare: Common Ethical Guides in Business and Economics 6 Efficiency and Welfare 6.0 Introduction 6.1 Pareto Efficiency as an Ethical Ideal 6.2 How Idealized Markets Create Efficiency Gains 6.3 Background Conditions 6.4 How Actual Markets Approximate Ideal Markets 6.5 How Efficiency Is a Basis for Criticizing Markets 6.6 Ethical and Practical Appeal of the Efficiency Standard 6.7 Complications About the Meaning of Efficiency 6.8 Summary Discussion Questions Further Readings 7 Public Goods, Responsibility, and Utilitarianism 7.0 Introduction 7.1 Public Goods 7.2 Two Neighborhoods and a Park: A Public Goods Problem 7.3 Tragedy of the Commons 7.4 Efficiency Analysis 7.5 Responsibility for Collective Action Problems 7.6 Limitations to Pareto Efficiency as a Normative Standard 7.7 Utilitarianism 7.8 Summary Discussion Questions Further Readings 8 The Invisible Hand: Ethics, Incentives, and Institutions 8.0 Introduction 8.1 The Invisible Hand Model 8.2 Government Regulation Model 8.3 Ethics in Professional Life Model 8.4 Conflicts of Interest 8.5 Dance Between Ethics, Incentives, and Institutions 8.6 Beyond Welfare 8.7 Summary Discussion Questions Further Readings Part 4 Ethics Beyond Efficiency 9 Liberty 9.0 Introduction 9.1 Two Concepts of Liberty 9.2 Freedom and Ethics as a Personal Value 9.3 Kantian Ethics 9.4 Institutional Implications of Negative Freedom 9.5 Institutional Implications of Positive Freedom 9.6 Two Visions of a Free Society: Positive and Negative Freedom, Freedom as Nondomination 9.7 Summary Discussion Questions Further Readings 10 Rights 10.0 Introduction 10.1 Preliminaries 10.2 Rights as Side-Constraints 10.3 Rights and Markets: Nozick's Entitlement Theory of Justice 10.4 Applying the Entitlement Theory to Global Capitalism 10.5 Criticisms of Nozick's Entitlement Theory of Justice 10.6 Justifying Rights 10.7 Summary Discussion Questions Further Readings 11 Equality 11.0 Introduction 11.1 Fundamental Equality 11.2 Egalitarian Implications for Institutions 11.3 Egalitarian Implications for Personal Conduct 11.4 Social Contract Theory: Equality, Liberty, and Rights Joined 11.5 Rawls's Theory of Justice 11.6 Beyond Rawls: Businesses and the Social Contract 11.7 Integrative Social Contracts Theory 11.8 Summary Discussion Questions Further Readings 12 What People Deserve 12.0 Introduction 12.1 The Concept of Desert 12.2 Deserved Wages 12.3 Desert and Professional Ethics 12.4 Debates About the Relevance of Desert in Capitalism 12.5 Deserving Anything at All 12.6 Summary Discussion Questions Further Readings 13 Personal Relationships and Character 13.0 Introduction 13.1 Relationships 13.2 Criticisms of Markets and Capitalism Based on Relationships and Character 13.3 Virtue Ethics 13.4 Ayn Rand and Virtuous Rational Egoism 13.5 Ethics of Care 13.6 Religious and Non-Western Ethical Approaches: Less of the Self 13.7 Integrating Earlier Debates on Relationships and Character 13.8 Advocating Markets and Capitalism Based on Relationships and Character 13.9 Summary Discussion Questions Further Readings 14 Community and the Common Good 14.0 Introduction 14.1 Creative Destruction and Community: Institutional Perspective 14.2 Change and Tradition From the Personal Point of View 14.3 Markets That Undermine Communities 14.4 Markets That Build Communities 14.5 Meaning of the Common Good 14.6 Communitarianism 14.7 Justice and the Common Good: Complementary or Conflicting Values? 14.8 Summary Discussion Questions Further Readings Supplemental Materials I. Primer on Ethics II. Overall Approach of the Book III. Syllabi Suggestions IV.Summary