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)

Cognitive architectures are theories of cognition that try to capture the essential representations and mechanisms that underlie cognition. Research in cognitive architectures has gradually moved from a focus on the functional capabilities of architectures to the ability to model the details of human behavior, and, more recently, brain activity. Although there are many different architectures, they share many identical or similar mechanisms, permitting possible future convergence. In judging the quality of a particular cognitive model, it is pertinent to not just (...) judge its fit to the experimental data but also its simplicity and ability to make predictions. (shrink)

The metric known to be relevant for standard quantization procedures receives a natural interpretation and its explicit use simultaneously gives both physical and mathematical meaning to a (coherent-state) phase-space path integral, and at the same time establishes a fully satisfactory, geometric procedure of quantization.

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)

From the very beginning, coherent state path integrals have always relied on a coherent state resolution of unity for their construction. By choosing an inadmissible fiducial vector, a set of “coherent states” spans the same space but loses its resolution of unity, and for that reason has been called a set of weak coherent states. Despite having no resolution of unity, it is nevertheless shown how the propagator in such a basis may admit a phase-space path integral representation in essentially (...) the same form as if it had a resolution of unity. Our examples are toy models of similar situations that arise in current studies of quantum gravity. (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)

In response to growing concern in the 1980s about the quality of public education across the United States, a tremendous amount of energy was expended by organizations such as the Holmes Group and the Carnegie Forum to organize professional development schools or “partner schools” for teacher education. On the surface, the concept of partnering is simple; however, the practice is very costly, complex, and difficult. In _Schooling, Democracy, and the Quest for Wisdom_, Robert V. Bullough, Jr. and John R. (...) Rosenberg examine the concept of partnering through various lenses and they address what they think are the major issues that need to be, but rarely are, discussed by thousands of educators in the U.S. who are involved and invested in university-public school partnerships. Ultimately, they assert that the conversation around partnering needs re-centering, refreshing, and re-theorizing. (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)

Democracy is more than a collection of institutions, laws, and freely contested sources of authority. It is also an ideal. If we think of this ideal in republican terms, in terms of resistance to domination through the practices of mutual accountability, and if we recall that democratic life invariably comes with loss, then those of us who inhabit a democratic political society will need to locate, and then cultivate, responses to loss that do not undermine our commitment to this ideal. (...) Tolerance, one such response, is widely recognized and yet poorly theorized. Thomas Aquinas did not recognize it, but he did praise and endorse its act, toleration, and he does offer resources for bringing the virtue into focus and identifying some of the distinguishing features of its democratic variant. (shrink)

HOPING TO ADVANCE OUR UNDERSTANDING OF WHAT TOLERANCE INvolves and unsettling our assumptions about its history, in this essay I take a backward glance at some of the discourse about the virtue that emerged among the first Christian apologists in the debates they carried on with their pagan critics. Along the way, several conclusions come into view: that tolerance regards the objectionable differences of those with whom we share some sort of society, that the question of social membership always precedes (...) the question of tolerance, and that the logic of Augustine's largely ignored account of the virtue emerges against the backdrop of these findings from the second, third, and fourth centuries. Compel them in and then tolerate them: In some perverse way, this might make sense after all. (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.

After John Dewey, Addison W. Moore was recognized as the chief spokesman for the instrumentalist version of pragmatism. Never before available, this complete collection of Moore's work contains dozens of philosophical articles, essays, book reviews, writings by other philosophers, and reviews of his work, together with his book, Pragmatism and its Critics (1910).

This book, the first of its kind, surveys the career of the renowned Australian-German theatre and opera director Barrie Kosky. Its nine chapters provide multidisciplinary analyses of Barrie Kosky’s working practices and stage productions, from the beginning of his career in Melbourne to his current roles as Head of the Komische Oper Berlin and as a guest director in international demand. Specialists in theatre studies, opera studies, musical theatre studies, aesthetics, and arts administration offer in-depth accounts of Kosky’s unusually wide-ranging (...) engagements with the performing arts – as a director of spoken theatre, operas, musicals, operettas, as an adaptor, a performer, a writer, and an arts manager. Further, this book includes contributions from theatre practitioners with first-hand experience of collaborating with Kosky in the 1990s, who draw on interviews with members of Gilgul, Australia’s first Jewish theatre company, to document this formative period in Kosky’s career. The book investigates the ways in which Kosky has created transnational theatres, through introducing European themes and theatre techniques to his Australian work or through bringing fresh voices to the national dialogue in Germany’s theatre landscape. An appendix contains a timeline and guide to Kosky’s productions to date. (shrink)

Environmentalism is usually thought to be a liberal political position, but the two primary schools of thought within the conservative intellectual movement support environmentalism as well. The free market perspective has received considerable attention for its potential contributions to environmental protection, but the traditionalist perspective has not. In this essay, I consider several important principles of traditionalist conservatism. The traditionalists are not materialists and are highly critical of our consumer culture. They reject ideology and stress piety toward nature, the intergenerational (...) character of society, and prudence in political and social action. These basic principles are a solid foundation for environmentalism. (shrink)

In this paper an argument by l j jost against the use of j o urmson's concept of central illocutionary force to support a speech act analysis of meaning is rejected on the grounds that jost misinterprets urmson's concept, but it is further argued that the concept correctly interpreted is still of little use because it provides no way of picking out the word whose meaning it explicates.

This article uses a case study of vocational training in Norway to explore the conditions under which employers will cooperate to increase the skill level of their workforce. It generates two sets of insights into the political economy of training in coordinated market economies. First, by demonstrating that cooperation among employers was a recent achievement that required the creation of specific, targeted mechanisms, it suggests that a cooperative outcome is difficult to attain, even amid the generally hospitable institutional environment characteristic (...) of these economies. Second, it demonstrates that the employer collective action problem with respect to the initial training of apprentices differs from that posed by the additional raining of experienced workers. This means that even within a single economy, there are several varieties of training politics, each characterized by different patterns of cooperation and conflict; this further complicates the task of creating a coordinated training regime. (shrink)

Throughout much of this century the most prominent exegetes maintained that Aquinas’s mature moral psychology is fundamentally voluntarist, that he considers the will an independent cause of action, most conspicuously in his later works. Disagreement over the character of the will’s causal authority and the composition of the list of later works did little to unsettle their shared conviction that Aristotle’s intellectualist moral psychology was improved, indeed saved, by Aquinas’s insistence that the will can move itself, at least in some (...) fashion, apart from the influence of the intellect. See Rene Antoine Gauthier and Jean Yves Jolif, Aristote: L’éthique à Nicomaque, 2nd ed., vol. 2 (Paris: Béatrice-Nauwelaerts, 1970), p. 218; Bernard Lonergan, Grace and Freedom: Operative Grace in the Thought of St. Thomas Aquinas, ed. J.P. Burns (New York: Herder and Herder, 1971), pp. 93–97; Odom Lottin, “La Preuve de al Liberté Humaine chez Saint Thomas d’Aquin,” Recherches de Theologie Ancienne et Medievale 23 (1956): 323–30; and Klaus Riesenhuber, Die Transzendenz Der Freiheit Zum Guten: Der Wille in der Anthropologie und Metaphysik des Thomas von Aquin (Munchen: Berchmanskolleg Verlag, 1971), p. 290. (shrink)