Offering a new intellectual history of ideas about reforming capitalism from within, this book traces the emergence of different value systems in the American context, offering a fresh perspective on debates about capitalism in the late 19th century and 20th century.

Typically, case histories are used to illustrate assertions or arguments or to stimulate debate about an issue within business ethics. This volume examines that role, illustrating the link between case histories and more general theoretical approaches to business ethics.

Trying to introduce post-graduate management students to the world of philosophy is indeed no easy task. Not only is there a shortage of formal schooling in philosophy amongst business school or business management departmental academic staff, but there is resistance from many sides. Fellow academics question the necessity of such ‘wishy-washy’ issues for business and management students and institutional challenges make it difficult to create a syllabus that falls within the expertise area of another academic department. This (...) paper tracks the development of a postgraduate module introducing students to philosophy and philosophical thinking, but this is not done under the auspices of a Philosophy department. Rather, it is the initiative of a Business Management department. The paper tracks the whole journey of how the module History and Philosophy of Management came to being under the auspices of the Department of Business Management at UJ and presents an argument for an increased focus on and sensitivity toward philosophy and the bearing it has on management research and practice. (shrink)

Henry Hansmann has claimed we have reached the “end of history” in corporate law, organized around the “widespread normative consensus that corporate managers should act exclusively in the economic interests of shareholders.” In this paper, I examine Hansmann’s own argument in support of this view, in order to draw out its implications for some of the traditional concerns of business ethicists about corporate social responsibility. The centerpiece of Hansmann’s argument is the claim that ownership of the firm is (...) most naturally exercised by the group able to achieve the lowest agency costs, and that homogeneity of interest within the ownership group is the most important factor in achieving lower costs. He defends this claim through a study of cooperatives, attempting to show that homogeneity is the source of the competitive advantage most often enjoyed by shareholders over other constituency groups, such as workers, suppliers and customers, when it comes to exercising control over the firm. Some business ethicists, impressed by this argument, have taken it to be a vindication of Milton Friedman’s claim that profit-maximization is the only “social responsibility” of management. I would like to suggest that this conclusion does not follow, and that the “Hansmann argument” lends itself to a less minimalist view, what I refer to as a “market failures” approach to business ethics. (shrink)

This chapter contains sections titled: Origins and underlying ideologies 1700–1776 Earlier American business ethics 1777–1890 A mature American business ethics 1891–1963 The rise of social issues in business ethics 1962–1970 Business ethics as a specific discipline American business ethics as global Conclusion.

This issue of Business & Society contains the transcripts of 12 oral history interviews with founders of and early contributors to the business and society/social issues in management field. The publication of these interviews is the culmination of a very long-term project, with the first interview having been conducted in 1993 with Lee Preston and the most recent interview having been conducted in 2011 with Jim Post. This project has been very much of a team effort with (...) Sandra Waddock, John Steiner, Mary Mallott, Ariane Berthoin Antal, and, of course, our interviewees all playing important roles. (shrink)

Combining perspectives on the interplay of two areas of primary importance to our lives--business and society--this anthology brings together a wide range of readings on the subject. Topics covered include the historical evolution of the business enterprise, the emergence and development of the labor force, and the impact of the international marketplace. Barry Castro concentrates on the moral and social aspects of business, the way it affects national economy, the environment, careers, the disadvantaged, government, and public opinion. (...) Considering the abundance of socioeconomic issues in everyday life, he shows that business ethics is particularly relevant to the business student of today, and that the historical, social and ethical dimensions of business are an inseparable and necessary component of business education. (shrink)

More often than not, business ethics textbooks have included sections on "the great economic debate," that is, the discussion of capitalism as a total system, of the criticisms against it and of the proposed alternatives. The reason for such sections is fairly obvious: at some point one has to consider whether or not all the particular problems of employment, of product quality, of environment, of regulation and so on prove beyond solution without a radical change in the basic institutions (...) of society. Since the collapse of real socialism as an alternative in the period 1989–1991, it has become increasingly difficult to have this discussion. Yet we cannot do without the critique of capitalism even if the answer may be that no other economic system is viable at this moment in history. My interest in this paper is to explore how we might now engage in this critique. Francis Fukuyama's "The End of History?" (1989) and Jacques Derrida's Specters of Marx: The State of the Debt, the Work of Mourning and the New International (1993) provide a framework for this renewed engagement. (shrink)

In recent years, many disciplines have become interested in the scientific study of morality. However, a conceptual framework for this work is still lacking. In The Moral Background, Gabriel Abend develops just such a framework and uses it to investigate the history of business ethics in the United States from the 1850s to the 1930s. According to Abend, morality consists of three levels: moral and immoral behavior, or the behavioral level; moral understandings and norms, or the normative level; (...) and the moral background, which includes what moral concepts exist in a society, what moral methods can be used, what reasons can be given, and what objects can be morally evaluated at all. This background underlies the behavioral and normative levels; it supports, facilitates, and enables them. Through this perspective, Abend historically examines the work of numerous business ethicists and organizations--such as Protestant ministers, business associations, and business schools--and identifies two types of moral background. "Standards of Practice" is characterized by its scientific worldview, moral relativism, and emphasis on individuals' actions and decisions. The "Christian Merchant" type is characterized by its Christian worldview, moral objectivism, and conception of a person's life as a unity. The Moral Background offers both an original account of the history of business ethics and a novel framework for understanding and investigating morality in general. (shrink)

The name "School of Salamanca" refers to a group of theologians and natural law philosophers who taught in the University of Salamanca, following the inspiration of the great Thomist Francisco de Vitoria. It turns out that the Scholastics were not simply medieval, but began in the 13th century and expanded through the 16th and 17th centuries; and they developed some original theories about economics and international law.Why should a few men mainly interested in theology and ethics apply themselves in analyzing (...) issues so far from their worries? The answer leads us to a revision of the morality rules, due to the new problems in business ethics. Thus, for example, the appearance of inflation made them have doubts about the merchant's morality. In order to solve this and other problems, they began to analyze the new and suspicious economic activity. As a result of their observations about ethical issues they discovered some advanced theories for the history of economic thought, such as the early formulation of the quantity theory of money. (shrink)

Business and Society: Ethics and Stakeholder Management, 5th edition employs a stakeholder management framework, emphasizing business' social and ethical responsibilities to both external and internal stakeholder groups. A twin theme of business ethics to illustrate how ethical or moral considerations are included the public issues facing organizations and the decision making process of managers. The text is written from a managerial perspective that along with the twin themes of stakeholders and ethics, shows how to identify stakeholders, incorporate (...) their concerns into the organization's strategy and operations, and also integrate ethical wisdom into their decision making process. In addition, 35 case histories are included to help connect theory and practice through timely and interesting examples. (shrink)

A free markets needs ethical norms -- Moral maturity -- Ethics in business -- History of business values -- Factories, immigrants, and wealth -- Critics of capitalism -- Personal values and the firm -- Leaders, trust and watchdogs -- Globalization's impact on American values -- Future business values and sustainability.

The Business of Identity: Jews, Muslims, and Economic Life in Medieval Egypt. By Phillip I. Ackerman-Lieberman. Stanford Studies in Jewish History and Cultures. Stanford, Calif.: Stanford University Press, 2014. Pp. xvi + 446. $65.

This address uses the question “Is business ethics getting better?” as a heuristic for discussing the importance of history in understanding business and ethics. The paper uses a number of examples to illustrate how the same ethical problems in business have been around for a long time. It describes early attempts at the Harvard Business School to use business history as a means of teaching students about moral and social values. In the end, (...) the author suggests that history may be another way to teach ethics, enrich business ethics courses, and develop the perspective and vision in future business leaders. (shrink)

Central Asia presents a unique configuration of historical experience and societal responses that have been interacting and evolving for thousands of years. The current era of economic, political, and societal transformation in Central Asia began with the peaceful devolution of the Soviet Union and transition to the Commonwealth of Independent States in December 1991. Expectations about the natural social order based on western beliefs and experience may not apply in this part of the world, for—like all transitional and emerging market (...) economies—Central Asia has inherited another social order that predates recent history. The field of Business Ethics provides an arena in which these issues can be explored. In this article, an overview of the current standing of Business Ethics as a field for teaching, training, and research in Central Asia is provided. Suggestions for further consideration and future research are presented in the concluding section. (shrink)

As business ethics is grappling with criticisms of its relevance for ethical practice, it may find perspective and direction in various conceptions of ethos. While ‘ethics’ is rooted in ‘ethos’, a term with a long and rich history of interdisciplinary research, conceptions of ethos are so far scarcely discussed in business ethics. The purpose of this conceptual article is to explore the potential of a pivot towards business ethics as an ethos-driven practice, drawing on John Dewey’s (...) work. First, it introduces four conceptions of ethos from interdisciplinary research and explores their varied resonance in business ethics. Second, it offers a unified conception of ethos that builds on John Dewey’s approach to economics, moral life and ethics, particularly on his understanding of habits and forms of valuation. It is then argued that understanding ethos in terms of ‘valued modes of embedded, embodied and associational conduct’ encourages business ethics to engage in the intelligent, practical and meaningful reconstruction of evolving business practices. The article concludes that an ‘ ethotical turn’ for business ethics would not only invigorate practical, corporeal and environmental perspectives but also open the field to interdisciplinary insights and ideas. (shrink)

Business ethics, as an academic discipline directed at influencing business itself, has now developed into a sophisticated interdisciplinary enquiry, with its own journals, societies, and specialist practitioners. The contributors reflect on the state of, and prospects for, the field ofbusiness ethics. While the scope of each chapter is intentionally broad, the particular perspectives adopted, themes addressed, by the various authors display considerable variety. The order of the chapters reflects a movement from the armchair to the field, with insights (...) from a number ofperspectives including philosophy, anthropology, management, history, social science methodology, and education. Each contributor is a recognised expert in their own particular area. The book is essential reading for all interested in researching the development of business ethics. It will also be of benefit to students and business people interested in the development of business ethics as a field of study. (shrink)

Typically people make ethical judgments with reference to unchanging principles, standards, rights, and values. This essay argues that such an ahistorical approach to ethics should be supplemented by a due regard for history. Invoking precedents by authors such as Jonsen and Toulmin, McIntyre, Niebuhr, Weber, De Tocqueville, Machiavelli and others, this essay explores several important ways in which a due regard for history can and should shape the practice of business ethics. Thus a due regard for (...) class='Hi'>history helps us both to cultivate fitting appreciation of cultural mores and to understand how current problems and issues have developed as they have; it helps us to gauge current responsibilities with respect legacies of problems inherited from the past; it helps us to develop a lively sense of what is possible in the present, given current contingencies and past experiences; and it moves us to rethink the practice of ethical auditing: not just as a backward-looking effort to gauge compliance but as a forward-looking way of learning from actual experiences and developing fitting responses. (shrink)

This study focuses upon two competing visions of wealth and work among Baptists in America and how these different visions have shaped Baptist business ethics. Russell H. Conwell reflected the Reformed tradition's inclination toward what came to be called the Protestant work ethic and its defense of capitalism. He contended that American capitalism presented an open door for any diligent worker to achieve deserved riches. Walter Rauschenbusch reflected the Anabaptist heritage in the stream of Baptist history. He challenged (...) the dominant ethos of the industrial revolution in America and its preference for the interests of management; he called instead for the protection of the worker from the monopolistic power of the capitalists. These two contrasting postures influenced the response of Baptists to the labor-management struggle. (shrink)

efining Documents in American History: Business Ethics offers an in-depth analysis of 67 primary source documents at the foundation of the study of business ethics. These include letters, newspaper accounts, book excerpts, speeches, political debates, testimony, firsthand accounts, memoirs, court rulings, legal texts, legislative acts, excerpts from both fiction and nonfiction books, and dialogues from dramatic works. More and more, the specific ethics policies that have many businesses and corporations developed in the 1970s and 80s are not (...) enough today. Transparency related to sources and materials, pricing strategies, and the public good are crucial for the success of any business. The material in this two-volume reference work is organized into five sections, and each section begins with a brief introduction that defines questions and problems underlying the subjects addressed in the historical documents. These documents provide an overview of business ethics and how it affects all of society, from the heads of corporations in industries like oil, energy, social media, food, and transportation to the workers that produce the goods and services to the consumers of those goods and services. They present a wide array of legal and moral opinions, descriptions of the effects that business ethics can play in the national and global economy, and they take a closer look at the way that business ethics relates to politics. Each historical document is supported by a critical essay, written by historians and teachers, that includes a Summary Overview, Defining Moment, Author Biography, Document Analysis, and Essential Themes. An important feature of each essay is a close reading of the primary source that develops broader themes, such as the author s rhetorical purpose, social or class position, point of view, and other relevant issues. Each essay also includes a Bibliography and Additional Reading section for further research. The detailed document analysis begins with early essays instrumental in the creation and development of the field of business ethics and continues to 2019 by examining issues relevant right now, from harassment and discrimination to technology and privacy. This two-volume set includes in-depth chapters that provide a thorough commentary of significant primary source documents. -- Amazon.com. (shrink)

Education-business partnership in the United Kingdom has a long history. The promotion of links between the partners at all levels and in all sectors of the economy has become a service industry in its own right. In 1991, the UK government established a regional network of Education-Business Partnerships (EBPs) in an attempt to coordinate these activities. Education-business links embrace curriculum enrichment for students at all levels of education; professional development for teachers, lecturers, and business employees; (...) and institutional development and mutual benefits arising from collaboration between educational institutions, business, and the wider community. The authors review the development of education-business links in the United Kingdom and raise a number of issues about definition and purpose. They discuss the difficulties of establishing an educational framework for industrial, commercial, and business enterprises and the economic and technological processes which operate within them. (shrink)

“Modern slavery,” a term used to describe severe forms of labor exploitation, is beginning to spark growing interest within business and society research. As a novel phenomenon, it offers potential for innovative theoretical and empirical pathways to a range of business and management research questions. And yet, development into what we might call a “field” of modern slavery research in business and management remains significantly, and disappointingly, underdeveloped. To explore this, we elaborate on the developments to date, (...) the potential drawbacks, and the possible future deviations that might evolve within six subdisciplinary areas of business and management. We also examine the value that nonmanagement disciplines can bring to research on modern slavery and business, examining the connections, critiques, and catalysts evident in research from political science, law, and history. These, we suggest, offer significant potential for building toward a more substantial subfield of research. (shrink)

The authors of this article contend that traditional corruption, which was largely blamed for the current situation in the Icelandic economy, was perhaps not the most fundamental reason for the ensuing crisis. The weak business culture and a symbiosis of business and politics have actually allowed for the bulk of self-erving and unethical decisions made by the Icelandic business and political elite. In order to illustrate this point, 10 expert interviews have been conducted within the period of (...) 6 months in 2009 to support in-depth research carried out by the authors. The article also discloses questionable business practices that have recently come to the attention of the public both in Iceland and abroad and that ultimately facilitated the downfall of the Icelandic economy. While traditional corruption has probably played its role in this downfall, the measures currently employed to determine its level did not account for various peculiarities of Icelandic society. The article thus argues that there was a high level of corruption in Iceland, but it was outside of the traditional definition. This other corruption has ultimately prevented the government from acting appropriately upon the questionable business practices mentioned above. The article also offers some general recommendations which should be useful to both policy makers and business leaders wishing to engage in business activities in a transparent, ethical manner and learn from the tragic Icelandic experience. Among these recommendations are the necessity to recognize the limitations of current definitions of corruption, as well as a word of caution to commercial enterprises to pay a close attention not only to commonly accepted indices and mainstream reports but also to a country's history, culture, and political environment, prior to making any sort of investment decisions in that country. (shrink)

There is a long and distinguished history of ethical thought in both business and medicine dating back to ancient times. Yet, the emergence of distinct academic disciplines ("business ethics" and "bioethics") which are also tied to broader social movements is a very recent phenomenon. In spite of the apparent affinities that would seem to emerge from this connection, many have argued that the differences between business and medicine make any constructive interaction between business ethics and (...) bioethics minimal. Indeed, little has been done to specifically examine the potential for collaboration and interdisciplinary research. This paper argues that there is considerable potential for constructive interaction between these two movements based on three major arguments: that the differences between medicine and business have been exaggerated, that both the fields face a number of urgent problems that are common to each, and that the model of bioethics can serve as a useful guide for business ethicists. (shrink)

Based on case studies prepared at the Harvard Business School, the article analyses the content of university courses on business history. Its aim is to answer the question whether or not business history courses are used for discussing the problems of CSR or moral dilemmas behind strategic decisions made by managers. The article argues that the chance of enhancing the understanding of social problems on the part of the managers and shaping their responsiveness to them, (...) created by the presence of courses on history in the academic curriculum, remains, to a large extent, unrealised. Teaching materials are still influenced by the Chandlerian paradigm and thus focus on changes in organisational structures and strategies of large multinational companies. They pay little attention to the social environment of business, rarely pose questions on the motivations of human actions or value hierarchies and avoid discussions on the social consequences of management decisions. (shrink)

This 1988 book presents a historical investigation of the theoretical development of contemporary Equilibrium Business Cycle Theory. The author examines the central features of the EBCT by tracing both the history of business cycle theory and the history of econometrics. These historical analyses make clear two central principles of the EBCT: its optimization foundation and its economic strategy. Following along these lines, the author argues that the EBCT succeeds the tradition of the Austrian cycle theory that (...) attempted to incorporate the cycle with classical equilibrium doctrine. He further argues that the EBCT's econometric strategy is only a child of the Cowles commission method. Investigating interwar macroeconomics in very readable style, this book brings the period back into the heart of macroeconomic thinking. (shrink)