Journal of Business Ethics 165 (1):113-124 (2020)

Jeffrey Moriarty
Bentley University
The view of business ethics that Christopher McMahon calls the “implicit morality of the market” and Joseph Heath calls the “market failures approach” has received a significant amount of recent attention. The idea of this view is that we can derive an ethics for market participants by thinking about the “point” of market activity, and asking what the world would have to be like for this point to be realized. While this view has been much-discussed, it is still not well-understood. This paper seeks to remedy this problem. I begin by showing, against some recent commentators, that McMahon’s view and Heath’s view are fundamentally the same. Second, I clarify the sense of “efficiency” at work in the market failures approach. Finally, I argue that, in its current form, this view has little relevance to the real world of business. I conclude by sketching two ways of modifying it to fit our world.
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DOI 10.1007/s10551-019-04106-x
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References found in this work BETA

Justice as Fairness: A Restatement.John Rawls (ed.) - 2001 - Harvard University Press.
Justice as Fairness: A Restatement.C. L. Ten - 2003 - Mind 112 (447):563-566.
Ideal and Nonideal Theory.A. John Simmons - 2010 - Philosophy and Public Affairs 38 (1):5-36.
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Business Ethics Without Stakeholders.Joseph Heath - 2006 - Business Ethics Quarterly 16 (4):533-558.

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Citations of this work BETA

Big Data and Personalized Pricing.Etye Steinberg - 2019 - Business Ethics Quarterly 30 (1):97-117.
Business Ethics.Jeffrey Moriarty - 2016 - Stanford Encyclopedia of Philosophy.
Business Ethics.Alexei Marcoux - 2008 - Stanford Encyclopedia of Philosophy.
The Implicit Morality of the Market Is Consequentialist.Marc A. Cohen & Dean Peterson - 2020 - Business Ethics Journal Review 7 (4):21-26.

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