Peer review is a widely accepted instrument for raising the quality of science. Peer review limits the enormous unstructured influx of information and the sheer amount of dubious data, which in its absence would plunge science into chaos. In particular, peer review offers the benefit of eliminating papers that suffer from poor craftsmanship or methodological shortcomings, especially in the experimental sciences. However, we believe that peer review is not always appropriate for the evaluation of controversial hypothetical science. We argue that (...) the process of peer review can be prone to bias towards ideas that affirm the prior convictions of reviewers and against innovation and radical new ideas. Innovative hypotheses are thus highly vulnerable to being “filtered out” or made to accord with conventional wisdom by the peer review process. Consequently, having introduced peer review, the Elsevier journal Medical Hypotheses may be unable to continue its tradition as a radical journal allowing discussion of improbable or unconventional ideas. Hence we conclude by asking the publisher to consider re-introducing the system of editorial review to Medical Hypotheses. (shrink)

The pandemic creates unprecedented challenges to society and to health care systems around the world. Like all crises, these provide a unique opportunity to rethink the fundamental limiting assumptions and institutional inertia of our established systems. These inertial assumptions have obscured deeply rooted problems in health care and deflected attempts to address them. As hospitals begin to welcome all patients back, they should resist the temptation to go back to business as usual. Instead, they should retain the more deliberative, explicit, (...) and transparent ways of thinking that have informed the development of crisis standards of care. The key lesson to be learned from those exercises in rational deliberation is that justice must be the ethical foundation of all standards of care. Justice demands that hospitals take a safety‐net approach to providing services that prioritizes the most vulnerable segments of society, continue to expand telemedicine in ways that improve access without exacerbating disparities, invest in community‐based care, and fully staff hospitals and clinics on nights and weekends. (shrink)

The claim that managers have a fiduciary duty to shareholders to run the corporation in their interests is generally supported by two arguments: that shareholders are owners of a corporation and that they have a contract or agency relation with management. The latter argument is used by Kenneth E. Goodpaster, who rejects a multi-fiduciary, stakeholder approach on the grounds that the shareholder-management relation is “ethically different” because of its fiduciary character. Both of these arguments provide an inadequate basis for the (...) fiduciary duties of officers and directors of corporations. The basis is to be found, rather, in considerations of public policy, a point that was established in the Dodd-Berle exchange of the 1930s. This conclusion also shows the inadequacy of Goodpaster’s solution to the so-called stakeholder paradox, and an alternative solution to the paradox is presented. (shrink)

The claim that managers have a fiduciary duty to shareholders to run the corporation in their interests is generally supported by two arguments: that shareholders are owners of a corporation and that they have a contract or agency relation with management. The latter argument is used by Kenneth E. Goodpaster, who rejects a multi-fiduciary, stakeholder approach on the grounds that the shareholder-management relation is “ethically different” because of its fiduciary character. Both of these arguments provide an inadequate basis for the (...) fiduciary duties of officers and directors of corporations. The basis is to be found, rather, in considerations of public policy, a point that was established in the Dodd-Berle exchange of the 1930s. This conclusion also shows the inadequacy of Goodpaster’s solution to the so-called stakeholder paradox, and an alternative solution to the paradox is presented. (shrink)

This presidential address to the Society for Business Ethics argues that business ethics rests upon the mistaken assumption thatteaching and research in the field ought to aim at the incorporation of ethics into managerial decision making. An alternative to this Moral Manager Model is a Moral Market Model, in which the aim is to develop markets that produce ethical outcomes. The differencesbetween the two models are discussed with reference to the themes of responsibility, participation, and relationships.

This chapter contains sections titled: Financial markets Financial services Financial management.

Employee governance, which includes employee ownership and employee participation in decision making, is regarded by manyas morally preferable to control of corporations by shareholders. However, employee governance is rare in advanced market economies due to its relative inefficiency compared with shareholder governance. Given this inefficiency, should employee governance be given up as an impractical ideal? This article contends that the debate over this question is hampered by an inadequate conception of employee governance that fails to take into account the difference (...) between employees and shareholders. It offers a different, more adequate conception of employee governance that recognizes a sense in which employees currently have some ownership rights. The argument for this conception of employee governance is built on an expanded understanding of the ownership of a firm. The article also suggests new strategies for strengthening the role of employees in corporate governance. (shrink)

In addressing the theme of this special issue of Business Ethics Quarterly on business ethics in the new millennium, I want to focusnot on business ethics as an academic field of study but rather on ethics in business. By ethics in business I mean the standards for ethical conduct that are generally recognized in business and the ways in which these standards are established. Ethics in business in this sense is, at least in part, what the field of business ethics (...) studies. (shrink)

ABSTRACT:Intermediaries, such as accountants, lawyers, and bankers, are gatekeepers, which are parties whose cooperation is necessary for corporations to function and who, by withholding cooperation, are able to prevent significant corporate misconduct. The recent scandals at Enron and other corporations were due, in part, to failures by gatekeeper institutions. However, intermediaries exist primarily to provide for-fee services and not specifically to detect and deter misconduct. Insofar as these institutions are gatekeepers or guardians, they serve reluctantly. Hence the question: What is (...) the responsibility of intermediaries to act as gatekeepers? This article argues that the appropriate moral, as well as legal, principle for justifying responsibility in a gatekeeper role is cost effectiveness. This conclusion is reached by means of a hypothetical exercise called the investors’ bargain in which investors—who bear the costs and receive the benefits of intermediaries’ gatekeeper role—are asked to choose the best means of protecting their interests. (shrink)

In the 1990s, the role of the chief executive officer (CEO) of major United States corporations underwent a profound transformation in which CEOs went from being bureaucrats or technocrats to shareholder partisans who acted more like proprietors or entrepreneurs. This transformation occurred in response to changes in the competitive environment of U.S. corporations and also to the agency theory argument that high levels of compensation by means of stock options helped to overcome the agency problem inherent in the separation of (...) ownership and control. Some critics charge that this new CEO role is objectionable for a variety of reasons, which may also be applicable to the current financial crisis in which CEO misconduct may have played a part. These objections are based largelyon a team production model of corporate governance, which is held by these critics to be superior to the standard agent-principal model. This article examines the objections offered by critics of the changed role of the CEO and argues that their negative assessment of this development and their use of the team production model to support their conclusions are not warranted. CEOs have changed from hired hands to co-owners, and this change may have contributed in some measure to the current financial crisis. However, in determining the morally preferable role of the CEO, care must be taken not to discard what is sound in the changed role. (shrink)

Rent seeking by lobbying for government favors is generally thought to be wasteful. In view of this wastefulness, it is puzzling that rent seeking by corporations has not been criticized as a failure to be socially responsible or even as an unethical business practice. This article examines the compatibility of rent seeking with corporate social responsibility by utilizing Thomas Dunfee's idea of a marketplace with morality. This idea is useful for solving this puzzle because in considering whether rent seeking is (...) compatible with corporate social responsibility, it is necessary, first, to define rent seeking, which this article argues is a normative concept, and, second, to find some principled way of identifying rent-seeking behavior. It also solves the puzzle about rent seeking by revealing that the concept of rent seeking itself is of little use in determining whether certain conduct is or is not socially responsible since rent seeking activity cannot be identified without first evaluating which activity is rent seeking. (shrink)

Intermediaries, such as accountants, lawyers, and bankers, are gatekeepers, which are parties whose cooperation is necessary for corporations to function and who, by withholding cooperation, are able to prevent significant corporate misconduct. The recent scandals at Enron and other corporations were due, in part, to failures by gatekeeper institutions. However, intermediaries exist primarily to provide for-fee services and not specifically to detect and deter misconduct. Insofar asthese institutions are gatekeepers or guardians, they serve reluctantly. Hence the question: What is the (...) responsibility of intermediaries to act as gatekeepers? This article argues that the appropriate moral, as well as legal, principle for justifying responsibility in a gatekeeper role is cost effectiveness. This conclusion is reached by means of a hypothetical exercise called the investors’ bargain in which investors—who bear the costs and receive the benefits of intermediaries’ gatekeeper role—are asked to choose the best means of protecting their interests. (shrink)

In their article, “Shrewd Bargaining on the Moral Frontier,” J. Gregory Dees and Peter C. Crampton challenge us with a puzzle about deception in bargaining. How can the practice of misleading others about our settlement preferences—the terms on which we are willing to come to an agreement —possibly be justified? On any standard ethical theory, they claim, Brer Rabbit's trick of professing fear of the briar patch in order to avoid being eaten by the fox would seem to be wrong, (...) and yet we read this tale to our children for their moral edification. The discussion by Dees and Crampton of this apparent inconsistency is penetrating, instructive, and well-informed. It is also a delight to read. (shrink)

In their article, “Shrewd Bargaining on the Moral Frontier,” J. Gregory Dees and Peter C. Crampton challenge us with a puzzle about deception in bargaining. How can the practice of misleading others about our settlement preferences—the terms on which we are willing to come to an agreement —possibly be justified? On any standard ethical theory, they claim, Brer Rabbit's trick of professing fear of the briar patch in order to avoid being eaten by the fox would seem to be wrong, (...) and yet we read this tale to our children for their moral edification. The discussion by Dees and Crampton of this apparent inconsistency is penetrating, instructive, and well-informed. It is also a delight to read. (shrink)

In order to understand the way in which the results of a study of business ethics could enter into the actual conduct of business, I formulate and examine five models of the role of the manager which can be found in the literature of management theory. These I call the engineering model, the economic model, the management of values model, the formal organization model, and the political model. While none of these models is wholly adequate, each provides important theoretical insights (...) into the relevance of ethics to management decision making which can be of use in the examination of specific cases. (shrink)

Although enterprise risk management (ERM) has many benefits for corporations, there has been virtually no discussion of the extent to which its practice may be said to constitute corporate social responsibility. This article presents a prima facie case for the convergence of the two and examines this case through a consideration of four possible objections or challenges. The conclusion of this article is a tempered optimism that ERM has the significant, but as yet untapped, potential to constitute socially responsible activity, (...) which, if realized, would enable Adam Smith's invisible hand of the marketplace to have an expanded sweep. (shrink)

ABSTRACT:Intermediaries, such as accountants, lawyers, and bankers, are gatekeepers, which are parties whose cooperation is necessary for corporations to function and who, by withholding cooperation, are able to prevent significant corporate misconduct. The recent scandals at Enron and other corporations were due, in part, to failures by gatekeeper institutions. However, intermediaries exist primarily to provide for-fee services and not specifically to detect and deter misconduct. Insofar as these institutions are gatekeepers or guardians, they serve reluctantly. Hence the question: What is (...) the responsibility of intermediaries to act as gatekeepers? This article argues that the appropriate moral, as well as legal, principle for justifying responsibility in a gatekeeper role is cost effectiveness. This conclusion is reached by means of a hypothetical exercise called the investors’ bargain in which investors—who bear the costs and receive the benefits of intermediaries’ gatekeeper role—are asked to choose the best means of protecting their interests. (shrink)

The dramatic changes in contemporary European politics associated with the rise of the New Right has created a new political culture which is the subject of this fascinating and informative book. Contemporary Political Culture pioneers the application of the theory of postmodernism to Western political behaviour and political science. Underpinning the book is the observation that fundamental long-term changes in the contours of European political culture explain the rise of the new politics and recent political events. The authors offer a (...) critical analysis of traditional theories, models and accounts of political culture, and -- an evaluation of the two contending contemporary explanatory models, postmodernism and po. (shrink)

Postmodern theory is well placed to provide a useful resource in carrying forward the project of instituting cosmopolitan morality and justice at the local level. It is qualified to contribute because the central problematic of postmodern political theory is shared by cosmopolitanism, namely, how can a multiplicity of divergent autonomous groups, with few, or no shared cultural resources, negotiate and agree to share common spaces? How, can we have political and moral order when the preconditions, normally believed to accompany these, (...) are non existent or unstable. Postmodern thinking also brings to the debate about cosmopolitanism, the resources that will allow for the toleration, openness and ingenuity that build upon eclecticism, pluralism, the celebration of difference, and expressivism in a period experiencing alteration, vulnerability, irony and insecurity. In approach, postmodern thinking shares with cosmopolitanism: a preference for particular narrative over grand narrative; the local over the global; particular over universal; difference over generalisation; eclecticism over absolutism; synchrony over unity; and pluralism over monism. Both approaches are resources that can help us re-learn how neighbours can live together in strange times. (shrink)

What happens to politics in the postmodern condition? The Politics of Postmodernity is a political tour de force that addresses this key contemporary question. Politics in postmodernity is carefully contextualized by relating its specific sphere - the polity - to those of the economic, social, technological and cultural. The authors confront globalization and the notion of postmodernity as disorganized capitalism. They analyze the role of the mass media, the changing ways in which politics is used, the role of the state (...) and the progressive potential of politics in postmodern times. Closing with a postscript on the future of the discipline of political science, this book offers a profound yet highly accessible account. (shrink)

The traditional distinction between the angelic and human nature rests on the corpo­reality of the human nature. In light of this fact, I compare a paradigm case of pure substance dualism (PSD) and a paradigm case of compound substance dualism (CSD) to the standards of angelology. I argue that CSD provides an intuitive ground for the traditional distinction, whereas PSD fails to distinguish between angels and humans. Given these paradigm cases, angelology gives us a theological reason to prefer some version (...) of CSD to PSD. (shrink)

This book argues that the sin of the devil compels a view of moral responsibility that undermines concerns about luck. It surveys the biblical account of the primal sin, its major interpretation in the tradition, and navigates that interpretation through objections from the perspective of moral luck.

The calpactins are a novel group of proteins associated with the membrane skeleton. The two main forms, calpactin I and II, have been shown to bind to the cytoskeletal proteins actin and spectrin, as well as to anionic phospholipids, which may imply some sort of bridging role. By raising monoclonal antibodies to the heavy and light chains of calpactin I, and to calpactin II, the protein subunits were shown to be coordinately expressed, and the existence of separate calpactin pools hypothesized. (...) Calcium‐binding studies suggest that the calpactins may translate Ca2+ signals into cellular responses at the membrane. Structural studies have revealed two distinct domains and are beginning to throw light on heavy‐‐light chain interaction and cytoskeletal attachment. (shrink)

The Delaware court's decision in eBay v. Newmark has been viewed by many commentators as a decisive affirmation of shareholder wealth maximization as the only legally permissible objective of a for-profit corporation. The implications of this court case are of particular concern for the emerging field of social enterprise, in which some organizations, such as, in this case, Craigslist, choose to pursue a social benefit mission in the for-profit corporate form. The eBay v. Newmark decision may also threaten companies that (...) seek to be socially responsible by serving constituencies other than shareholders at the expense of some profit. This examination of the court decision concludes that a legal requirement to maximize shareholder value may not preclude a commitment to social responsibility and may even permit the pursuit of a social benefit objective, such as the preservation of the culture developed by Craigslist. In particular, the court's decision in eBay v. Newmark reflects unique features of the case that could have been avoided by Craigslist and by other similar companies. (shrink)

Having taught management ethics for several years, I have been repeatedly frustrated by the practical mismatch between management problems and moral philosophy…. Unless we can connect ethical theory more closely with management practice, we may be dressing our business curriculum windows with philosophical finery but failing to meet the urgent need for clarity of thought in management ethics.