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 46 (3):251-261 (2003)
Adam Smith argued in The Wealth of Nations and The Theory of Moral Sentiments that in order to create an effective and productive capitalist system, individuals must pursue interests of both the self and society. Despite this assertion, modern economic theory has become tightly focused on the pursuit of economic self-interests at the expense of other, higher order motives. This paper will argue that the tendency to employ such an egocentric strategy often generates externalities and inequalities that serve to detract from the greater welfare of society. However, by tempering these economic self-interests with non-economically motivated considerations, this paper will suggest that individuals may create tremendous benefits to society, precisely as Smith outlined more than two centuries ago. In defense of this assertion, this paper will review an array of theoretical arguments and empirical findings that suggest that today''s entrepreneurs are not only seeking to satisfy both selfish and ethical motivations, but in so doing they are also contributing substantially to the overall welfare of society through job creation, wealth redistribution, and a lack of discrimination. As such, it appears that spirit and impact of the capitalist system that Smith envisioned is being realized through entrepreneurship
|Keywords||Adam Smith business ethics capitalism economic theory entrepreneurship utilitarianism|
|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
Isabelle Szmigin & Robert Rutherford (2013). Shared Value and the Impartial Spectator Test. Journal of Business Ethics 114 (1):171-182.
Matthias P. Hühn & Claus Dierksmeier (forthcoming). Will the Real A. Smith Please Stand Up! Journal of Business Ethics.
Similar books and articles
H. M. Malm (1989). Commodification or Compensation: A Reply to Ketchum. Hypatia 4 (3):128-135.
Robert Batterman (1992). Quantum Chaos and Semiclassical Mechanics. PSA: Proceedings of the Biennial Meeting of the Philosophy of Science Association 1992:50-65.
Dale Hample, Bing Han & David Payne (2010). The Aggressiveness of Playful Arguments. Argumentation 24 (4):405-421.
Tang Yijie & Yan Xin (2008). The Contemporary Significance of Confucianism. Frontiers of Philosophy in China 3 (4):477-501.
H. E. Baber (1987). How Bad Is Rape? Hypatia 2 (2):125-138.
P. X. Monaghan (2010). A Novel Interpretation of Plato's Theory of Forms. Metaphysica 11 (1):63-78.
Added to index2009-01-28
Total downloads25 ( #160,118 of 1,911,616 )
Recent downloads (6 months)1 ( #458,010 of 1,911,616 )
How can I increase my downloads?