This article unravels the complex set of financial dealings that are at the heart of the Enron story and follows the story through the highs and lows of Enron share prices. The key players are identified and their roles described. Apart from the financial and accounting issues, the Enron story also raises a wide range of ethical issues including corporate governance, organisational culture and ethical leadership and scrutiny. These are discussed in the article. It might be argued that Enron could (...) never have got away with some of its practices if it had been operating in Europe. The article concludes that this view may be naïve, particularly in the light of recent media disclosures of the UK Labour government's continuing flirtation with business donations. The Enron story raises serious considerations in a whole host of financial, economic, political and ethical areas. As the Enron story continues to unfold, an article of this type can only begin to scratch the surface of some of these issues and to lay them out for further investigation. (shrink)

The Greek philosopher Aristotle, writing over two thousand years before Wall Street, called people who engaged in activities which did not contribute to society "parasites." In his latest work, renowned scholar Robert C. Solomon asserts that though capitalism may require capital, but it does not require, much less should it be defined by the parasites it inevitably attracts. Capitalism has succeeded not with brute strength or because it has made people rich, but because it has produced responsible citizens and--however unevenly--prosperous (...) communities. It cannot tolerate a conception of business that focuses solely on income and vulgarity while ignoring traditional virtues of responsibility, community, and integrity. Many feel that there is too much lip-service and not enough understanding of the importance of cooperation and integrity in corporate life. This book rejects the myths and metaphors of war-like competition that cloud business thinking and develops an "Aristotelean" theory of business. The author's approach emphasizes several core concepts: the corporation as community, the search for excellence, the importance of integrity and sound judgment, as well as a more cooperative and humane vision of business. Solomon stresses the virtues of honesty, trust, fairness, and compassion in the competitive business world, and confronts the problem of "moral mazes" and what he posits as its solution--moral courage. (shrink)

As we enter the new millennium, there is an overriding question facing global corporate free enterprise, and that is whether the corporations that now or will control and affect so much of the planet’s humanity and resources can demonstrate not only theirprofitability but their integrity. The old quasi-theological arguments still persist, whether multinational corporations and capitalism ingeneral best serve humanity; whether corporations and capitalism are good or evil or whether they are, at best, amoral; whethercorporations can have a conscience; and (...) whether responsibility can be expected of them. (shrink)

This paper argues that the desirable features of postmodernism identified by Ronald Green are not exclusive to postmodernism; that to the extent these features are postmodern, they are not necessarily features of business ethics; that, with qualification, these are desirable features to include in business ethics; that the best way to accomplish this inclusion is by appealing to an Aristotelian model; and that post-modernism has implications for the legal environment of business.

After exploring MacIntyre’s (1985) practice—institution distinction, the article demonstrates its applicability to business-as-practice and to corporations as institutions. It then considers the implications of MacIntyre’s schema to ethical schizophrenia, to the claim that themarket is a source of the virtues and to the opposite claim that capitalism corrodes character. A fully worked out modern virtue ethics, based on MacIntyre’s work, is then established and the claim is made and substantiated that such an understanding of MacIntrye’s work revitalises it and makes (...) it directly applicable to business and to corporations. (shrink)

Opinion surveys and popular media suggest that American workers are disillusioned with their employers and bosses. Governance in organizations is becoming a recognized problem. Classical works on governance call for more virtuous leaders, less selfish followers, and closer attention to the common good. These works were rejected as a basis for governing nations in the 18th century. They are unlikely to provide a basis for governing organizations in the 21st century. This article outlines a liberal-democratic approach to governing corporations, applies (...) this approach to debates over shareholder-stakeholder accountabilities, and proposes specialaccountabilities to employees. (shrink)

Imagine first the case of J (who might be anybody, jemand). J used to inhabit a social order, or rather an area within a social order, where socially approved roles were unusually well-defined. Responsibilities were allocated to each such role and each sphere of role-structured activity was clearly demarcated. These allocations and demarcations were embodied in and partly constituted by the expectations that others had learned to have of those who occupied each such role. For those who occupied those roles (...) to disappoint those expectations by failing to discharge their assigned responsibilities was to invite severe disapproval and other sanctions. To refuse to find one's place within the hierarchies of approved roles, or to have been refused a place, because judged unfit for any such role, was to be classified as socially deviant and irresponsible. The key moral concepts that education had inculcated into J were concepts of duty and responsibility. His fundamental moral beliefs were that each of us owes it to others to perform her or his assigned duties and to discharge her or his assigned responsibilities. A good human being performs those duties, discharges those responsibilities, and does not trespass into areas that are not her or his concern. A philosopher who comes across the likes of J will understand his attitudes as cultural parodies, in part of Plato (conceiving of justice as requiring ‘that each do her or his own work and not meddle with many things’ Republic 433a) and in part of Kant (doing one's duty just because it is one's duty and not for the sake of any further end), authors who had influenced J's school teachers. A sociologist will entertain the suspicion that in certain types of social order it may be only in the form of parodies that some types of concept can continue to find expression. But for the moment let us put this thought on one side and return to J. (shrink)

I discuss the characters Don Quixote and Sancho Panza and their relationship in order to understand better the place of idealistictheory and realistic practice in business ethics. The realism of Sancho Panza is required to make the idealism of Don Quixote effective.Indeed, the interaction and development of these characters can serve as a model for both the effective communication between andblending of the idealistic moral theoretician and the practical businessperson. Specifically, I argue that a quixotified Sancho Panza,as a combination of (...) theoretical idealism and practical realism, is necessary for managerial statesmanship. I first consider the positionthat this concept is unrealistic. In the final section, however, I show that a number of leadership and business theorists believe thatmanagerial statesmanship requires a quixotified Sancho Panza. I also consider the question, what helps to make a quixotic vision forbusiness ethical, and what is its content? (shrink)

Opinion surveys and popular media suggest that American workers are disillusioned with their employers and bosses. Governance in organizations is becoming a recognized problem. Classical works on governance call for more virtuous leaders, less selfish followers, and closer attention to the common good. These works were rejected as a basis for governing nations in the 18th century. They are unlikely to provide a basis for governing organizations in the 21st century. This article outlines a liberal-democratic approach to governing corporations, applies (...) this approach to debates over shareholder-stakeholder accountabilities, and proposes specialaccountabilities to employees. (shrink)

Abstract:This paper investigates the broad ideological conflict between world views on corporate culture. Two views are identified: one encompassing standard liberal economic philosophy; the other taking broader notions of corporate culture from ethics theory. The conflict that surrounded the World Trade Organization meeting in Seattle is used as an illustration of the current conflict between these views. The writings of Alasdair MacIntyre are employed as a means of elucidating and reconciling these two world views.