Both Adam Smith and Herbert spencer, albeit in quite different ways, have been enormously influential in what we today take to be philosophies of modern capitalism. Surprisingly it is Spencer, not Smith, who is the individualist, perhaps an egoist, and supports a "night watchman" theory of the state. Smith's concept of political economy is a notion that needs to be revisited, and Spencer's theory of democratic workplace management offers a refreshing twist on contemporary libertarianism.

The importance of business ethics is not contrdicted in any way by Adam Smith’s pointer to the fact that our “regards to our own interests” provide adequate motivation tor exchange. There are many important economic relationships other than exchange, such as the institution of production and arrangements of distribution. Here business ethics can playa major part. Even as far as exchange is concerned, business ethics can be crucially important in terms of organization and behavior, going weil beyond basic motivation.

This paper expands the focus of ethical analysis to look at the basic approaches to strategy used by business firms. Using a set of criteria historically used to judge ethical issues, three strategy paradigms are evaluated in terms of their likely effects on society as well as the firm. From this analysis, recommendations are offered regarding the ethical pursuit of profit and suggestions made for future research into the relationship between strategy and ethics.

The news reminds us almost daily that the truth is apparently not highly valued by many in business. This paper develops two prescriptive standards — the Expectation and Reputation guidelines — that may help businesspeople avoid violating clearly accepted truth standards. The guidelines also assist in determining whether truth is required in circumstances where honesty seems in conflict with the practical demands of business. A discussion of why, when and how these guidelines may be applied to facilitate truth-telling by business (...) organizations follows, along with illustrative examples. (shrink)

This paper addresses the current trend of hiring part-time employees for United States businesses. This common practice is one that does not consider the best interests of the employee. I argue that, at the present time, many people, especially those who are poor, have no other choice than to accept these part-time positions. As a result, the quality of life of these workers and their family members suffers. Companies typically employ part-time workers in an effort to increase profits. I argue (...) that this practice will only increase short-term profits, and hiring a large staff of part-time workers will actually decrease long-term profitability. Consequently, this unethical practice is also an unprofitable one. (shrink)

The best-selling Business and Society book at the graduate level, provides managerial perspective on the challenges arising in the environment of business. It provides a structured and disciplinary approach to addressing management issues of growing importance to the performance of companies. This approach brings together the disciplines of economics, political science, law, and ethics to provide a deeper understanding of the environment of business. This book is aimed for MBA and undergraduate courses in the Environment of Business, Business and Government, (...) Business and Society, Business and Public Policy. *Contains new conceptual material on nonmarket strategy and corporate responsibility and ethics. *27 new cases on companies including Microsoft, Nike, Federal Express, Echolon, Shell, Eastman Kodak, and Advanced Technologies Laboratories. *Conceptual frameworks based on the disciplines of economics, political science, law, and ethics, and applied to the environment of business in the United States and in other countries. *Emphasizes the formulation of effective and responsible strategies for managing in the firm's environment. *Addresses international and global issues. Contains. (shrink)