Business Ethics Quarterly:1-28 (forthcoming)

J. J. Graafland
Tilburg University
The rise of liberal market economies, propagated by neoliberal free market thought, has created a vacant responsibility for public interests in the market order of society. This development has been critiqued by Catholic social teaching, forcefully arguing that governments and businesses should be directed to the common good. In this debate, no attention has yet been given to the Reformational tradition and its principle of sphere sovereignty, which provides guidelines on the responsibilities of governments and companies for the public interest of society. This article analyzes the differences and similarities between CST and the Reformational philosophy in their critiques of the neoliberal free market perspective of Hayek. We apply the three perspectives to the case of orphan drugs in the pharmaceutical industry and show that CST and the Reformational philosophy offer valuable insights in correction to Hayek’s views on the responsibilities of governments and companies for public health interests.
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DOI 10.1017/beq.2022.9
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Capitalism and Freedom.Milton Friedman - 1962 - Ethics 74 (1):70-72.
Law, Legislation and Liberty.F. A. Hayek - 1982 - Philosophy 57 (220):274-278.
The Road to Serfdom.Friedrich A. Hayek - 1945 - Ethics 55 (3):224-226.

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