Just Business provides the first comprehensive, reasoned framework for resolving questions of business ethics and corporate governance. Innovative, accessible, and global in scope, its powerful Ethical Decision Model can be used to manage the ethical problems of business as they arise in all their complexity and variety. Just Business combines business realism with philosophical rigor, and demonstrates that it is not necessary to emasculate or to adulterate business for business to be ethical. The book benefits from Elaine Sternberg's extensive experience (...) as an academic philosopher, an international investment banker, and head of successful businesses. She is now Principal of a London-headquartered consultancy firm, and Research Fellow in Philosophy at the University of Leeds. (shrink)

Just Business: Business Ethics in Action by Elaine Sternberg is an unusual book on business ethics; the extract presented here, 'Introduction: What Makes This Book Distinctive', explains how and why. Unlike most books on business ethics, Just Business does not apply incoherent philosophical doctrines to misunderstood business practice. Instead, it provides a systematic, reasoned argument about what constitutes ethical conduct for business. Just Business is realistic both in its robust (largely Aristotelian) philosophical underpinnings, and in its appreciation and understanding of (...) business. Based on a rigorous analysis of what business, ethics and business ethics are, Just Business provides a powerful explanatory framework - the Ethical Decision Model - that supplies the basis for resolving business ethics questions whenever and wherever they arise, in all their actual variety, complexity and novelty. It explains and illustrates that Model with reference to such key issues as: bribery, conflicts of interest, fiduciary responsibility, hiring, firing and remuneration, financial reporting, takeovers, insider trading, junk bonds, whistleblowing, and corporate governance. By introducing conceptual clarity to business ethics, Just Business provides solid arguments for rebutting trendy, unethical demands for 'social responsibility' and 'stakeholding' in business. Combining business realism with philosophical rigour, and employing a global perspective, the book demonstrates that business's correct ethical concern is Just Business - nothing but business, but business that is just. It shows that, contrary to popular belief, it is not necessary either to emasculate or to adulterate business for business to be moral. In addition to characterising the argument of Just Business: Business Ethics in Action, the Introduction outlines it. Just Business starts by arguing that business is a very specific, limited activity, which is defined by its objective: maximising owner value over the long term by selling goods or services. Though maximising long-term owner value is business's sole objective, achieving it usually requires taking into account behaviour by, and to, all stakeholders; that which alienates stakeholders or discourages repeat business is unlikely to maximise long-term owner value. Just Business eliminates a variety of dispensations that are commonly claimed to justify unethical conduct in business. Business is not a game, a war or a machine; it is not exempt from ethical judgement. But nor is a separate 'business ethic' justified. Just Business then explains how ethics differs from religion, from suffering, sacrifice and struggle, from prudence and altruism, and from compliance with law and contracts. Just Business identifies the key values of business ethics as those without which the activity of maximising long-term owner value would not be possible: (classical) distributive justice and ordinary decency. Distributive justice exists when organisational rewards are proportional to contributions made to organisational goals. Ordinary decency is not 'niceness', but the conditions of trust necessary both for taking a long-term view and for surviving over the long term; it consists of honesty, fairness, the absence of physical violence and coercion, and the presumption of legality. To be ethical, business must maximise long-term owner value subject to respecting distributive justice and ordinary decency. (shrink)

There is confusion about the ethical responsibilities of shareholders, including institutions, but a cool look at clarity of purpose can do much to dispel it. The author is a working philosopher who was Lecturer and a Fulbright Fellow at the London School of Economics and spent fourteen years as an investment banker before becoming a writer and independent consultant. She has lectured on business ethics at the London Business School, and has completed her first City mystery novel, Making a Killing.

There is confusion about the ethical responsibilities of shareholders, including institutions, but a cool look at clarity of purpose can do much to dispel it. The author is a working philosopher who was Lecturer and a Fulbright Fellow at the London School of Economics and spent fourteen years as an investment banker before becoming a writer and independent consultant. She has lectured on business ethics at the London Business School, and has completed her first City mystery novel, Making a Killing.