This article analyzes efforts in Nicaragua to create ethical organizations and an ethical economy. Three societal ethea found in contemporary Nicaragua are examined: the ethos of revolution, the ethos of corruption, and the ethos of human development. The emerging ethos of human development provides the most hope for the nation's social and economic evolution. The practices of three successful economic development organizations explicitly aligned with the ethos of human development are described and evaluated: (1) a microfinance foundation (FDL), (2) a (...) federation of cooperatives (FENACOOP), and (3) a local branch of an international NGO (IO-Nicaragua). The article concludes with additional reflections on the meaning of ethical organizations and an ethical economy in the context of contemporary Nicaragua. (shrink)