Can a corporation have a conscience? What is wrong with reverse discrimination? Can ethical management and managed care coexist? Hoffman, Frederick, and Schwartz address these and many other current, intriguing, often complex issues in corporate morality. This introductory business ethics text contains a thorough general introduction on ethical theory, 54 readings, and 25 cases. Divided into five parts, each with an introduction that presents the major themes of its articles and cases, the text contains an impartial, point-counterpoint presentation of (...) different perspectives on the most important issues being debated in business ethics. Each chapter ends with questions that can be used for student discussion, review, tests/quizzes, or for student assignments. The fourth edition has 27 new readings, 15 new cases, and 10 new mini-cases. (shrink)

A new approach to understanding the nature of ethics and ethical decision making, not only in the context of business, but also in other life contexts.

Three principles must be taken into account in assessing the social responsibilities of international business firms in developing areas. The first is an awareness of the historical and institutional dynamics of local communities. This influences the type and range of responsibilities the firm can be expected to assume; it also reveals the limitations of any universal codes of conduct. The second is the necessity of non-intimidating communication with local constituencies. This requires the firm to temper its power and influence by (...) recognizing and responding to local concerns in the pursuit of its own objectives. The third is the degree to which the firm's operations safeguard and indeed improve the social and economic assets of local communities. At issue is the question of adequate compensation for the inevitable disruptions that an international business brings to a local community. Beneficial returns must be shared and sustained over the long term in an equitable manner. The nine studies in this special edition illustrate in different ways the importance of these three principles. (shrink)

Descriptions of how managers think about the moral questions that come up in their work lives are analyzed to draw out the moral assumptions to which they commonly refer. The moral standards thus derived are identified as (1) honesty in communication, (2) fair treatment, (3) special consideration, (4) fair competition, (5) organizational responsibility, (6) corporate social responsibility, and, (7) respect for law. It is observed that these normative standards assume the cultural form of social conventions but because managers invoke them (...) as largely private intuitions, their cultural status remains precarious and unclear. This is the second in a research series of three papers. (shrink)

This paper examines the moral arguments for and against employees' blowing the whistle on illegal or immoral actions of their employers. It asks whether such professional dissidents are justified in disclosing wrongdoing by others while concealing their own identity. Part I examines the concept of anonymity, distinguishing it from two similar concepts — secrecy and privacy. Part II analyzes the concept of whistleblowing using recent definitions by Bok, Bowie and De George. Various arguments against anonymous whistleblowing are identified and evaluated. (...) The author concludes with a defense of the practice in terms of social benefits — primarily the redressing of wrongdoing. (shrink)

Typically people make ethical judgments with reference to unchanging principles, standards, rights, and values. This essay argues that such an ahistorical approach to ethics should be supplemented by a due regard for history. Invoking precedents by authors such as Jonsen and Toulmin, McIntyre, Niebuhr, Weber, De Tocqueville, Machiavelli and others, this essay explores several important ways in which a due regard for history can and should shape the practice of business ethics. Thus a due regard for history helps us both (...) to cultivate fitting appreciation of cultural mores and to understand how current problems and issues have developed as they have; it helps us to gauge current responsibilities with respect legacies of problems inherited from the past; it helps us to develop a lively sense of what is possible in the present, given current contingencies and past experiences; and it moves us to rethink the practice of ethical auditing: not just as a backward-looking effort to gauge compliance but as a forward-looking way of learning from actual experiences and developing fitting responses. (shrink)

Using the work of Robert A. Kagan's intellectual contribution on the intensification of law, leading authorities in the study of the politics of regulation and litigation examine the consequences of the expansion and intensification of law, both in the United States and the rest of the world. Part One considers bureaucratic legalism, a terrain in which popular and political discourse often conceives as a pitched battle between business and government, and in which claims about quantity—"too much" and "too little"—take center (...) stage. Here, the contributors examine the many ways in which regulators and the regulated cooperate, and the extent to which regulated entities internalize norms and practices associated with bureaucratic. Part Two considers adversarial legalism, a term that even among academics is often reduced to "litigiousness." The chapters in this section show that adversarial legalism is a much more complex, contingent, and multi-sided phenomenon than the popular debate over litigiousness suggests. Part III examines Kagan's core concepts in a comparative framework. Although some sometimes treat adversarial legalism as an American disease, scholars are increasingly finding it proliferating elsewhere, and debating whether it can take a prominent role in nations quite different in tradition and political structure from the United States. Across the globe, law and legalism in all its forms, bureaucratic and adversarial, is becoming more intense, and thus more central to politics, public policy and everyday life. The consequences are profound. Yet commentary is often stuck on old questions. Does the intensification of law reflect the withering of other social institutions? Is it a sign of moral decay? Or is it, on another account, signaling a new era of respect for universal human rights? The Politics of Legalism takes us instead in directions relatively unexplored by both scholars and popular commentators on law. Like Kagan's scholarship, it moves beyond stale debates about litigiousness and overregulation, and invites us to think more imaginatively about how the rise of law and legalism will shape politics and social life in the 21st Century. (shrink)

In 1978, 16 months after Mao Zedong’s death, China’s new leader, Deng Xiaoping, introduced market reforms and an “opening” to the West that allowed the US company Hewlett-Packard to enter China in 1981. Shortly thereafter, HP began a partnership with the Chinese company Legend Computer, through which HP transferred its technology in four main areas: product technology, business model, management practices, and strategic planning processes. This technology transfer seems to be a “just exchange” in that HP received access to China’s (...) market while China received key managerial, marketing, and product technologies. Although multinationals are often criticized for their dealings with developing nations, the HP–Legend case provides an illustration of how a company from an industrialized nation can deal justly with a developing nation and assist in advancing its development. The transfer of technology from HP to Legend was facilitated by several factors, including HP’s historical willingness to help startups, its strategic posture, a favorable local environment, Legend’s recognition of its own needs, its willingness to learn from a foreign company, and the incentives to share technology that the Chinese government provided. (shrink)

This article reviews the responsibilities of businesses in relation to the ongoing debates with respect to ethical issues related to economic development. The article addresses four questions: (1) What are the most appropriate ways of thinking about economic development and its relation to human development? (2) What policies are most likely to foster fitting forms of development? (3) What are the best ways of managing the inevitable social disruptions that accompany economic development? And (4) what roles should governments play in (...) fostering and managing development? In relation to each question the articles considers the practical implications for business practices in developing areas. (shrink)

This article reports the results of a study of attitudes of future business executives towards issues of social responsibility and business ethics. The 455 respondents, who were MBA students during 1985 at one dozen schools from various regions in the United States, were asked to respond to a series of open-ended and closed-ended questions. From the responses to the questions the authors were able to conclude that future executives display considerable sensitivity, though to varying degrees, towards ethical issues in business. (...) Women, in particular, tend to evince strong feelings regarding such issues. (shrink)

This paper presents the results of a study of the effect of a business ethics course in enhancing the ability of students to recognize ethical issues. The findings show that compared to students who do not complete such a course, students enrolled in a business ethics course experience substantial improvement in that ability.

This essay examines a special program developed by the international Canadian mining firm, Placer Dome, to help recently laid-off workers find remunerative work in southern Africa. Shortly after it bought a 50% interest in the Deep South gold mine in South Africa, the mine laid off nearly 2600 workers. The firm gave redundant miners token serverance pay and offered them opportunity to participate in training and counseling services at the mine site. Overwhelmingly, the miners came from homes all over southern (...) Africa at great distance from the mine to which homes they chose to return. In addition, many had become ill from the HIV virus. Placer Dome soon realized that something more was required, given the very high rates of unemployment in the region. After securing grants from USAID and CIDA, and working with NGOs representing both the unions and mining companies in South Africa, the firm developed Project CARE. The project contacted workers where they lived and offered them or another proxy member of their households a variety of training, coaching, and consultative services. Within 2 years 65% of those contacted had either found new employment or started their own business. The project helped those households with HIV-affected ex-miners care for their affected family members. While describing the case, the essay raises more general ethical questions about the responsibilities of mining firms in particular for their redundant workers. (shrink)

In a series of articles specifically commossioned for this volume, some of today's most distinguished business ethicists survey the main areas of interest and ...

For over four decades, "Introduction to Operations Research" by Frederick Hillier has been the classic text on operations research. While building on the classic strengths of the text, the author continues to find new ways to make the text current and relevant to students. One way is by incorporating a wealth of state-of-the-art, user-friendly software and more coverage of business applications than ever before. The hallmark features of this edition include clear and comprehensive coverage of fundamentals, an extensive set (...) of interesting problems and cases, and state-of-the-practice operations research software used in conjunction with examples from the text. The ninth edition introduces a new partnership with the Institute for Operations Research and Management (INFORMS). These two pillars of the OR world have come together to showcase some of the award-winning applications of operations research and integrate them with this text. (shrink)

This paper is based upon a review of studies of mining companies, most of them being Canadian, in Chile, northern Canada, Tanzania, Guatemala, Ghana, Sierra Leone and the Democratic Republic of Congo. In spite of often well-meaning efforts, the wealth produced by most mining firms in developing areas largely benefits those immediately involved, sometimes neighbouring communities, and often those in the governing strata. Typically, mining takes place in enclaves and fosters enclave development rather than the kind of inclusive wealth development (...) favoured by the UN’s recently published Inclusive Wealth Report. One way mining operations can foster more inclusive wealth development is to adopt much broader approaches towards the construction of the various physical and social infrastructures required for their own operations. By collaborating with diverse regional, provincial and/or national agencies and businesses, these infrastructures—roads, water, electricity, health services, schools and security—may be developed to serve larger populations and areas beyond their immediate operating sites. Established mining firms can also foster more inclusive wealth development by establishing more formal, collaborative relationships with artisanal miners. (shrink)

This paper offers a series of reflections on the movement of philosophy beyond its traditional locus in colleges and universities into business settings.This movement is characterized as a variation on a persistent theme in the western tradition beginning with Socrates and running throughout modern (Spinoza, Hume, Locke and Berkeley) and recent philosophers (Kierkegaard, Marx, Nietzsche, Sartre and Russell) who held no full time academic appointment. Increasingly philosophers are addressing the concerns of scientists, lawyers, and engineers on the job rather than (...) in the classroom. (shrink)

What capitalist economics call business or trade cycles with their recessions and depressions, and Marxists, in terms of surplus value and exploitation, call crises are fundamental misunderstandings of what Bernard Lonergan conceives as the true intelligibility of the rhythms of production and monetary circulation of the advanced exchange economy. In his circulation analysis he expresses the intelligibility of macroeconomic dynamics in terms of a pure cycle that involves the anti-egalitarian flows proper to new surplus or productive goods expansion and the (...) egalitarian flows proper to basic or consumer goods expansion, which Marxists correctly complain are not fully carried out. Crucial to the smooth expansion are (1) the crossover payments between surplus and basic monetary circuits in harmony with the phases of economic development, (2) the re-understanding of profit not as a criterion of economic activity but as involving a group interest that does not strictly 'belong' to capitalist entrepreneurs, and yet cannot be negotiated by a socialist bureaucracy. The issue is not greed on the part of either capitalists or workers but ignorance, which this analysis tries to correct. /// O presente artigo mostra de que modo aquilo que na economia capitalista é considerado como um ciclo de negócio ou de comércio com as suas respectivas reces-sões e depressões, e os Marxistas, interpretando o fenómeno em termos de mais-valia e de exploração, chamam de crises, é concebido por Bernard Lonergan nos termos de uma verdadeira inteligibilidade dos ritmos de produção e da circulação monetária próprios à economia de mercado avançada. Lonergan exprime na sua análise da circulação económica a inteligibilidade da dinâmica macroeconómica em termos de um puro ciclo que envolve as cadências anti-igualitárias próprias a novos excedentes comerciais ou expansão dos bens produtivos e as cadências igualitárias próprias à expansão dos bens básicos ou de consumo, o qual os Marxistas, com justiça, consideram que no capitalismo não são completamente cumpridas. Lonergan mostra, assim, que crucial para uma expansão equilibrada é necessário (1) o cruzamento de pagamentos entre excedentes e circuitos monetários básicos em harmonia com as fases do desenvolvimento económico, (2) uma nova compreensão do lucro não como critério da actividade económica, mas como envolvente do interesse grupal que não pertence estritamente a empresários capitalistas, e contudo não pode ser negociada por uma burocracia socialista. Deste modo, mostra-se que o problema fundamental da economia não é o egoísmo da parte dos capitalistas ou dos trabalhadores, mas sim a ignorância, problema este que Lonergan, mediante a sua análise, tenta corrigir. (shrink)

The Surrey Institution, Blackfriars, founded in 1808, was, after the Royal Institution and London Institution, the third establishment in London aimed at fostering and disseminating scientific, technical, and literary knowledge and understanding among a wider public. The Institution offered its proprietors and subscribers the use of an extensive reference library and reading rooms and, most importantly, the opportunity to attend courses of lectures on scientific, technological, and other subjects. Though popular in approach, the lectures conformed to high educational standards and (...) were delivered by recognized authorities in their fields. In the Surrey Institution's celebrated auditorium, the 'Rotunda', there appeared over the years such notable scientists as Accum, Thomson, and Gurney on chemistry, Millington, Mason Good, and Woodward on natural philosophy, Bakewell on geology, and Shaw on natural history; literature was brilliantlyrepresented by Coleridge and Hazlitt. During its relatively brief life-span -cut short by financial stringencies-the Surrey Institution provided access to scientific knowledge and thinking to a wide and appreciative audience. As a meeting place fo scientists and men of business with mercantile and manufacturing interests, it performed an important function in cross-fertilizing and reinforcing ideas on innovation and enterprise against the background of the ongoing Industrial Revolution. The present article attempts to supply a historical account, so far lacking, of the foundation, activities and achievements of this significant Institution of the metropolis. (shrink)

The mystery of embodiment is ubiquitous in medical settings. Even so, health care professionals may find themselves driven by daily clinical tasks that prevent this mystery from coming to focal awareness. The author explores embodiment from five approaches, (1) offering a simple account of developing a skill that proceeds in several stages from novice to expert, (2) examining critically the “capabilities approach” of Amartya Sen and Martha Nussbaum and what it says and does not say about embodiment, (3) developing a (...) brief description of the human body as vulnerable, (4) exploring the long-term trend in clinical contexts sometimes described as the “commodification of the body,” and (5) highlighting connections between Christian faith and embodiment. National Catholic Bioethics Quarterly 11.2 (Summer 2011): 239–248. (shrink)

Master corporate valuation: the financial art and science of accurately valuing any business. George Chacko's Applied Corporate Finance: Valuation is the first valuation book to combine true academic rigor with the practical skills you need to successfully value companies in the real world. Renowned financial instructor and investment manager George Chacko focuses on concepts, techniques, tools, and methodologies that lead directly to accurate valuations, and explains each key concept with up-to-date examples. One step at a time, Chacko develops a practical, (...) rigorous approach to conducting valuation, addressing the projection of financial statements, calculation of free cash flows, risk-adjusted cost of capital, and leading methodologies including WACC, flow-to-equity, and Adjusted Present Value (APV). By avoiding elementary content that financial managers, analysts, and MBA-level finance students already know, this book can focus more tightly on the realistic techniques and advanced issues practitioners are actually concerned with. Coverage includes: market value and accounting balance sheets, cash cycles, the DuPont formula, financial distress, and capital as a risk buffer; constructing pro-formas, projecting and bridging financing shortfalls, and planning sustainable growth; sources/uses of cash, cash income statements, pro-forma balance sheet changes, working capital, depreciation, and capital expenditures; risk-free cost, investment risks, and diversifiable vs. idiosyncratic risks; NPV, APV, Optimal Debt Ratios, Capital Structure Dynamics, Terminal Value Calculations, and more. For all finance professionals, analysts, and MBA students who need to sharpen their skills in valuation and related areas of corporate finance, accounting, or strategic planning. (shrink)

Measured against the gloomy pre-COVID-19 predictions, Africa has fared far better than most regions in managing the pandemic. This much, however, has received less attention. This paper answers the question: how have the new rituals of self determination in public health affected the successful management of COVID-19 in Africa, and how can the continent and the rest of the world build on such models/lessons in the post-pandemic era? I employ emancipatory theorising in reviewing literature on approaches to governance of COVID-19. (...) The rationale is to empower the grassroots and to accentuate the urgency for a decolonized local ownership of the governance of all public health crises. I argue that while traditional international cooperation is necessary for additional resource and expertise from the global North for sustainable health, the political will of Southern governments remains fundamental for any extraordinary success due to its grassroots/community orientation towards non-pharmaceutical interventions and initial pre-emptive rituals. The novelty in this paper is that it lays bare the ignored African responses and lessons and reveals how to harness protective communitarian ethos in solving future crises. The paper further provides population health as an ‘immune system’ policy framework for explaining and predicting how a scientific and human-centrered grassroots leadership can yield optimal outcomes in any future crisis. (shrink)

Based on the results of open ended interviews with managers in a variety of organizational positions, moral questions encountered in everyday managerial life are described. These involve transactions with employees, peers and superiors, customers, suppliers and other stakeholders. It is suggested that managers identify transactions as involving personal moral concern when they believe that a moral standard has a bearing on the situation and when they experience themselves as having the power to affect the transaction. This is the first in (...) a research series of three papers. (shrink)

The lack of concrete guidance provided by managerial moral standards and the ambiguity of the expectations they create are discussed in terms of the moral stress experienced by many managers. It is argued that requisite clarity and feelings of obligation with respect to moral standards derive ultimately from public discussion of moral issues within organizations and from shared public agreement about appropriate behavior. Suggestions are made about ways in which the moral dimension of an organization's culture can be more effectively (...) managed. This is the third in a research series of three papers. (shrink)

Ethical guidelines for multinational corporations are included in several international accords adopted during the past four decades. These guidelines attempt to influence the practices of multinational enterprises in such areas as employment relations, consumer protection, environmental pollution, political participation, and basic human rights. Their moral authority rests upon the competing principles of national sovereignty, social equity, market integrity, and human rights. Both deontological principles and experience-based value systems undergird and justify the primacy of human rights as the fundamental moral authority (...) of these transnational and transcultural compacts. Although difficulties and obstacles abound in gaining operational acceptance of such codes of conduct, it is possible to argue that their guidelines betoken the emergence of a transcultural corporate ethic. (shrink)

A woman walks into a room and sits down beside a man. They talk and as they talk he puts his arm around her. After a few moments they kiss. He becomes excited and starts to fondle her. She does not resist. A few moments later, she gets up and leaves.A man and a woman drive into a parking lot. It is dark, the lot is empty. He stops the car, turns out the lights and puts his arm around her. (...) They kiss, then make love. After 30 minutes they drive off. (shrink)

Given the preponderance of corporate social responsibility initiatives across the corporate landscape and the correspondingly escalating demand for volunteers who participate in these initiatives, a need exists to better understand how to effectively motivate their voluntary engagement with tasks. Against this backdrop, this study argues the need to enhance their volunteer work meanings. We hypothesize that pride in volunteer work and volunteering as a calling are determinants of perceptions of the meaningfulness of volunteer work. In addition, we reveal that an (...) organization’s social responsibility climate (SRC) is a key moderator in these relationships. Interestingly, an SRC is a double-edged sword such that it strengthens the relationship between meaning and pride, yet weakens the relationship between meaning and calling. Findings are discussed, along with managerial implications and future research directions. (shrink)

The authors argue that corporate philanthropy is far too important as a social instrument for good to depend on ethical egoism for its support. They claim that rule utilitarianism provides a more compelling, though not exclusive, moral foundation. The authors cite empirical and legal evidence as additional support for their claim.

The study of Social Issues in Management (SIM) has exhausted its primary analytic framework based on corporate social performance (social science), business ethics (philosophy), and stakeholder theory (organizational science), and needs to move to a new paradigmatic level based on the natural sciences. Doing so would expand research horizons to include cosmological perspectives (astrophysics), evolutionary theory (biology, genetics, ecology), and non-sectarian spirituality concepts (theological naturalism, cognitive neuroscience). Absent this shift, SIM studies risk increasing irrelevance for scholars and business practitioners.

When managers use moral expressions in their communications, they do so for several, sometimes contradictory reasons. Based upon analyses of interviews with managers, this article examines seven distinctive uses of moral talk, sub-divided into three groupings: (1) managers use moral talk functionally to clarify issues, to propose and criticize moral justifications, and to cite relevant norms; (2) managers also use moral talk functionally to praise and to blame as well as to defend and criticize structures of authority; finally (3) managers (...) use moral talk dysfunctionally to rationalize morally ambiguous behavior and to express frustrations. The article concludes with several practical recommendations. (shrink)

BackgroundTo prevent the planet from catastrophic global warming a reduction of greenhouse gas emissions to net zero is required. Thus, divestment from fossil fuels must be a strategic interest for health insurers. The aim of this study was to analyse the implementation of environmental, social and governance criteria in German private health insurers’ investments.MethodsIn 2019 a survey about ESG strategies was sent to German private health insurance companies. The survey evaluated investment strategies and thresholds for the exclusion of sectors and (...) business practices, as well as company strategies for sustainable business development.FindingsGiven their business reports, German private health insurers manage assets of more than €350 billion. 11 of 40 insurance companies provided quantitative data, 10 refused to answer. According to quantitative data, €66 billion of assets is managed according to any ESG criteria; this equals an average of 76% of each company’s bonds. None of these insurers excluded the production and sale of fossil fuels. All excluded coal mining but only at high thresholds. For €226 billion, no data were provided.InterpretationThe findings are in contrast to the expected intrinsic economic interest of the insurers to stop global warming and improve public health. The majority of assets are managed in a highly problematic manner, especially the absence of capital allocated in fields contrary to medical ethics cannot be presumed. Lack of transparency is a major problem that limits clients in choosing the insurer who has the most advanced ESG criteria. (shrink)

Over the past 2,000 years, the concept of charity has moved from the personal care of the poor mandated by religious conviction to a multibillion dollar business. The culture of technological efficiency helped create this transformation. The authors explore the origins of charity and show how technology has drastically altered its form and function.

The dominant values of the business system-economizing and power-aggrandizing-are manifestations of natural evolutionary forces to which sociocultural meaning has been assigned. Economizing tends to slow life-negating entropic processes, while power-aggrandizement enhances them. Both economizing and power-aggrandizing work against a third (non-business) value cluster- ecologizing-which sustains community integrity. The contradictory tensions and conflicts generated among these three value clusters define the central normative issues posed by business operations. While both economizing and ecologizing are antientropic and therefore life-supporting, power augmentation, which negates (...) the other two value clusters, is pro-entropic and therefore life-defeating. Business ethicists, by focusing on the contradictions between personal values, on the one hand, and both economizing and power-aggrandizing, on the other hand, have tended to overlook the normative significance of nature-based value systems. Learning to reconcile economizing and ecologizing values is the most important theoretical task for business ethicists. (shrink)

This survey report is a follow-up to the survey done by the Center for Business Ethics in 1984/85 which was published in the Journal for Business Ethics under the title of 'Are Corporations Institutionalizing Ethics?' (Volume 5, 1986, pp. 85-91). This 1989/90 survey was again sent to Fortune 1000 industrial and service companies to find out what they have done to build ethical values into their organizations. It reveals some interesting comparisons with the 1984/85 survey with regard to expanding efforts, (...) objectives, progress, and methods of implementation, along with some new information on their perception of public pressure for ethics programs and the need for ethics education. The survey shows where some progress in building ethics into corporations seems to be occurring and where much more work needs to be done. (shrink)

The corporation's social role is usually presented as a cultural phenomenon in which the corporation learns socially acceptable behaviors through voluntary social responsibility, government regulations/public policies, and/or acceptance of ethics principles. This article presents an alternative view of corporationcommunity relations as a natural phenomenon based on complexity-chaos theory and a biological-physical conception of corporate values. Corporation and community are depicted as interacting nonlinear adaptive systems having unpredictable futures, the corporate social role is depicted as largely indeterminate, and competing values are (...) depicted as key factors driving change in corporationcommunity linkages. Normative duties of corporate and community leaders are described. (shrink)

This paper compares and evaluates two forms of dissent: civil disobedience — protests by citizens against the laws or actions of their government; and whistleblowing — disclosure by employees of illegal, immoral or questionable practices by their employees. Each is identified, the conceptual issues are distinguished from strategic and normative ones and parallel moral questions posed. Should one first dissent within prescribed channels before going outside them? Should one act publicly or is withholding one's identity permissible or desirable? What is (...) the basis and limits for one's loyalty to one's country or employer, and how can transgressing these limits be morally justified? (shrink)

In the preface to his Philosophy of Right Hegel maintains that a philosophy is its own time apprehended in thought. It is not the philosopher's business to create an imaginary world of his own. His task is to understand the present and actual as subsuming the past in itself, as the culmination of a process of development.

In the preface to his Philosophy of Right Hegel maintains that a philosophy is its own time apprehended in thought. It is not the philosopher's business to create an imaginary world of his own. His task is to understand the present and actual as subsuming the past in itself, as the culmination of a process of development.

The dominant values of the business system-economizing and power-aggrandizing-are manifestations of natural evolutionary forces to which sociocultural meaning has been assigned. Economizing tends to slow life-negating entropic processes, while power-aggrandizement enhances them. Both economizing and power-aggrandizing work against a third (non-business) value cluster- ecologizing-which sustains community integrity. The contradictory tensions and conflicts generated among these three value clusters define the central normative issues posed by business operations. While both economizing and ecologizing are antientropic and therefore life-supporting, power augmentation, which negates (...) the other two value clusters, is pro-entropic and therefore life-defeating. Business ethicists, by focusing on the contradictions between personal values, on the one hand, and both economizing and power-aggrandizing, on the other hand, have tended to overlook the normative significance of nature-based value systems. Learning to reconcile economizing and ecologizing values is the most important theoretical task for business ethicists. (shrink)