Ethics, equity, and social justice in the new economic order: Using financial information for keeping social score
David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Ezio Di Nucci
Jack Alan Reynolds
Learn more about PhilPapers
Journal of Business Ethics 54 (1):1-15 (2004)
In the present world order unbridled forces of free market capitalism are frequently cited for much of the social injustice, inequity, and disparity of wealth between the rich and the poor. Although history''s verdict in favor of the free markets could hardly be harsher or clearer, it is clear that after the initial wave of triumph, the free market paradigm has developed some cracks in its façade. What marks the trail of such sustained and pronounced move toward free markets in terms of ethics, morality, social welfare and social justice? How does one keep a social score in this seemingly relentless and irreversible move all over the world toward free market capitalism?In this paper we shall attempt to address these and related questions. Drawing on concepts from organization theory and social philosophy and using publicly available financial information, we shall illustrate how, amidst the myriad and mixed noises, some sense of order and signal can be discerned in addressing issues of equity and social justice. Toward this end, first, we provide a broad contrast between two models of financial markets: the command model and the free market model and proceed to examine publicly available financial information and analyze the trends and patterns with graphical representations using publicly available data from Handbook of International Economic Statistics. Next, we explore the implications of financial performance measures for social welfare and social justice and discuss the social perils of free markets using the Mexican and Asian Financial crises as the focal points. Finally, we present a set of recommendations for smoother structural transition.
|Keywords||ethics equity financial information|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library|
References found in this work BETA
No references found.
Citations of this work BETA
No citations found.
Similar books and articles
Curtis C. Verschoor (1998). A Study of the Link Between a Corporation's Financial Performance and its Commitment to Ethics. Journal of Business Ethics 17 (13):1509-1516.
Daniel R. Gilbert (1986). Corporate Strategy and Ethics. Journal of Business Ethics 5 (2):137 - 150.
Edward J. Romar (2009). Noble Markets: The Noble/Slave Ethic in Hayek's Free Market Capitalism. [REVIEW] Journal of Business Ethics 85 (1):57 - 66.
Francesc Prior & Antonio Argandoña (2009). Credit Accessibility and Corporate Social Responsibility in Financial Institutions: The Case of Microfinance. Business Ethics 18 (4):349-363.
Dick Bryan & Shaun P. Wilson, Inside the Crystal Ball of Finance: Understanding Financial Economists' Attitudes to Market and Society.
Geoff Moore (2001). Corporate Social and Financial Performance: An Investigation in the U.K. Supermarket Industry. [REVIEW] Journal of Business Ethics 34 (3-4):299 - 315.
G. Raulet (2011). Legitimacy and Globalization. Philosophy and Social Criticism 37 (3):313-323.
Sepideh Parsa & Reza Kouhy (2008). Social Reporting by Companies Listed on the Alternative Investment Market. Journal of Business Ethics 79 (3):345 - 360.
S. Chopra & S. Dexter (2011). Free Software and the Economics of Information Justice. Ethics and Information Technology 13 (3):173-184.
Added to index2009-01-28
Total downloads21 ( #170,274 of 1,790,151 )
Recent downloads (6 months)1 ( #427,637 of 1,790,151 )
How can I increase my downloads?