Corporations wield power in today’s economies, and political theories of the corporation argue about the legitimacy conditions of corporate power. This paper argues in favour of a double-fiduciary theory for corporations. Based on a concession theory of markets, it sees all markets as authorized by states (in the name of society), for the purpose of creating economic value, or wealth. Hence corporations, as much as non-incorporated firms, have a fiduciary duty to the state/society to create wealth, in the (...) competitive structure of the market. However, their pursuit of wealth often creates unbalanced relations of power between corporations and their stakeholders, which can at some point be classified as instances of domination. Therefore, corporations need to be subjected to a second fiduciary duty, i.e. not to dominate others in the economy. This duty is also, in the final instance, owed to the state/society. In an era when everyone can incorporate their business, states/societies can be interpreted as having, through corporate law, mandated shareholders as ‘proximate beneficiaries’, to incentivize corporations to create wealth. Now states/societies need to think about how to prevent corporations from dominating others. New mechanisms of accountability towards stakeholders and/or citizens as proximate beneficiaries are needed. Only in this way can corporations be effectively held to account for both of the fiduciary duties which characterize their normative status. (shrink)

In the last 30 years, China has experienced an astounding economic development that calls for a differentiated understanding of this complex process of wealth creation. In the first section of this article, I present a new concept of wealth creation that goes beyond making money, maximizing profit and adding value and serves as a framework to address the article's main topic.In the second section, I investigate in what ways and to what extent this new concept might (...) apply to China's economic reform and development, particularly in the 1980s and 1990s. In the third section, I attempt to draw a couple of lessons for development ethics in general. (shrink)

Although trustworthiness has been described as a source of competitive advantage, its value extends to organizational governance and wealth creation. We identify the importance of the commitment—compliance continuum in the decision to trust and note that trustworthiness is a subjective perception viewed through each person's mediating lens. That lens and each person's interpretation of the social contract impact one's commitment to cooperate. We suggest five propositions that integrate trustworthiness, governance, and wealth creation.

How should we distinguish between ethical and unethical ways of pursuing profit in a market? The market failures approach (MFA) to business ethics purports to provide an answer to this question. I argue that it fails to do so. The source of this failure is the MFA’s reliance on Pareto efficiency as a core ethical principle. Many ethically “preferred” tactics for seeking profit cannot be justified by appeal to Pareto efficiency. One important reason for this is that Pareto efficiency, as (...) understood by the theory of welfare economics upon which the MFA relies, assumes a static conception of efficiency. This is a problem because many ethically “preferred” tactics can only be justified by appeal to dynamic efficiency considerations. I argue that, instead of Pareto efficiency, we should look to the value of wealth creation to understand the ethical constraints on how market actors may pursue profit. (shrink)

The purpose of this article is to take a fresh look at the concept of wealth creation that is urgently needed, given the huge gap between the global importance of wealth creation and the attention paid to it. It is argued that its notion we encounter is often very simple (as in "making money") or extremely vague (as in "adding value"). In the first section "Need for a fresh look at the creation of wealth", (...) the need for a fresh look is highlighted by pointing to three concerns about globalization and the roles and responsibilities of corporations. In the second section "Conceptual clarifications: what is the creation of wealth?", a rich concept of wealth creation is developed that includes physical, financial, human, and social capital, encompasses private and public wealth, accounts for its production and distribution, recognizes its material and spiritual side, and places wealth in the time horizon of sustainability. Moreover, creating (wealth) as "making something new and better" is distinguished from possessing and acquiring, and different motivations required for wealth creation are explored. The third section "Challenges for business ethics" discusses several challenges of this rich concept for the understanding of business ethics. (shrink)

(2013). ‘Damn'd to Sythes and Spades’: Labour and Wealth Creation in the Writing of Bernard Mandeville. Intellectual History Review: Vol. 23, No. 2, pp. 187-205. doi: 10.1080/17496977.2012.731142.

This article attempts to make some sense of what is happening to the role of money and the economy in our lives and in our communities. It shows that the picture provided by the discipline of economics makes no sense at all. Corporations and national economies have become wealth extractors as opposed to wealth creators. Only about 3% of daily financial flows around the globe have any meaningful connection to the production and distribution of goods and services or (...) to direct productive investments. Free trade is restricted to the flows of goods and services, but it is forced trade to people and communities. Such flows ought to serve them, but under free trade they are permitted to do more harm than good. These developments have transformed the role of money and the economy into wealth extraction or what may be regarded as antimoney and an antieconomy. The implications are far reaching, and require urgent attention if the present human, social, and environmental crises are not to be intensified. (shrink)

Firms are central to wealth creation and distribution, but their role in economic inequality in a society remains poorly studied. In this essay, we define and distinguish value distribution from value creation and value appropriation. We identify four value distribution mechanisms that firms engage in and argue that shareholder wealth maximization approach skews the value distribution toward shareholders and top executives, which in turn contributes to rising economic inequalities around the world. We call on organizational scholars (...) to study the value distribution role of firms and its consequences for society, and introduce the articles in this volume of the special issue on economic inequality, business, and society. (shrink)

This paper will argue the importance of the creation of a moral compass, driven by empathy and a rigorously trained will in higher education leadership to develop a tighter relationship between higher education and wealth equity. We will explore the foundational documents that first discussed these issues within a global context. Further, We explore how these goals, enhanced by insights promulgated by the United Nations, can be achieved by teaching empathy, developing a moral compass and training the will.

The argument of this paper, written by an ethicist and a philosopher, is that self-interest economics is fundamentally flawed and needs to be replaced by a spiritual economics or a value based economics. Its argument contains two interwoven threads. One thread is an attempt to show why the fundamental philosophical notions of Adam Smith, taken as an illustration of self-interest economics, cannot lead to an equitable society. Smith’s Wealth of Nations, according to Jacob Viner, ‘ became a significant factor (...) in determining the course of national policy not only in Britain but in other countries as well. This is much more than any other economic work has ever achieved; and Smith probably has had much more influence than any other economist.’ One wonders if it is Smith that Keynes had in mind when he famously quipped that all of us are slaves of some defunct economist. This despite Schumpeter’s trumpeted dictum that ‘the Wealth of Nationsdoes not contain a single analyticidea, principle or method that was entirely new in 1776.’. (shrink)

This book provides an alternative foundation for the measurement of the production of nations, and applies it to the US economy for the postwar period. The patterns which result are significantly different from those derived within conventional systems of national accounts. Conventional national accounts seriously distort basic economic aggregates, because they classify military, bureaucratic and financial activities as creation of new wealth, when in fact they should be classified as forms of social consumption which, like personal consumption, actually (...) use up social wealth in the performance of their functions. The difference between the two approaches has an impact not only on basic aggregate economic measures, but also on the very understanding of the observed patterns of growth and stagnation. In a world of burgeoning militaries, bureaucracies, and sales forces, such matters can assume great importance at the levels of both theory and policy. (shrink)

The recent global financial crisis and worst recession since the Great Depression underscore the theoretical and practical importance of defining requirements for assessing alternative theories of capitalism. The expressed goal of Freeman and his co-authors is to replace value-allocating ‘shareholder capitalism’ with value-creating ‘stakeholder capitalism.’ Each theory combines a different value proposition and principal-agent conception. So interpreted, the value creation proposition suggests two requirements for assessing alternative theories. A proposed better theory of capitalism should demonstrate first practicality of prescriptive (...) guidance for managers and second superiority of its embedded value proposition for sustainable long-term performance. Shareholder and stakeholder conceptions are not the only approaches to developing a theory of capitalism embedding a different value proposition and agency model. Two other conceptions suggest organisational wealth and corporate social responsibility (CSR) theories of capitalism. All four alternatives meet the relatively minimal requirement of practicality. Freeman and his co-authors argue the value creation proposition will outperform the value allocation proposition. But organisational wealth and CSR theories may also outperform shareholder capitalism. Demonstrating that stakeholder capitalism will outperform organisational wealth and CSR theories depends on which principal and value proposition one judges most important in particular conditions. (shrink)

:Following Locke, philosophical discussion of private property has tended to focus on the acquisition of natural resources as central. In this paper I first pursue the idea that the resource paradigm doesn't apply to most developed economies, and show how this creates problems for many accounts of property. My second ambition is to draw a normative conclusion by showing that redistribution of wealth generated in the context of services is more difficult to justify compared with the natural resource paradigm (...) philosophers have often focused on. (shrink)

The field of regenerative medicine has considerable therapeutic promise that is proving difficult to realize. As a result, governments have supported the establishment of intermediary agencies to “accelerate” innovation. This article examines in detail one such agency, the United Kingdom’s Cell and Gene Therapy Catapult. We describe CGTC’s role as an accelerator agency and its value narrative, which combines both “health and wealth.” Drawing on the notion of sociotechnical imaginaries, we unpack the tensions within this narrative and its instantiation (...) as the CGTC cell therapy infrastructure is built and engages with other agencies, some of which have different priorities and roles to play within the RM field. (shrink)

A sermon on the wonders of creation? "But I don't know if I believe in creation any more, since I've been studying evolution in school," "Well, you do still think that Earth is a wonderland, don't you? Is there anything you have learned in your biology class that has talked you out of that?" The college student home for Easter puzzles a moment. "Not really. You know, I was wondering during the last lecture before I left. Wow! How (...) is it that DNA has generated such a wealth of biodiversity on Earth?" Nature on Earth has spun quite a story, going from zero through several billion species, evolving microbes into persons. M. J. Benton concludes: "Analysis of the fossil record of microbes, algae, fungi, protists, plants, and animals shows that the diversity of both marine and continental life-increased exponentially since the end of the Precambrian."1 Andrew H. Knoll celebrates "Earth's immense evolutionary epic": "The scientific account of life's long history abounds in both narrative verve and mystery."2.. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:God’s Wounds: Hermeneutic of the Christian Symbol of Divine Suffering. Vol. 1 of Divine Vulnerability and Creation (Princeton Theological Monograph Series, 100)Raymond Kemp AndersonGod’s Wounds: Hermeneutic of the Christian Symbol of Divine Suffering. Vol. 1 of Divine Vulnerability and Creation (Princeton Theological Monograph Series, 100) Jeff B. Pool Eugene, OR: Wipf and Stock, 2009. 358 pp. $38.00One should not be put off by a negative-sounding title. (...) Jeff Pool’s exhaustive study could as well be titled more positively as “God’s Passion” for the “passio” root-meaning linked to our concept of suffering describes in large part what [End Page 224] he is about. But we must reluctantly concede that Pool’s treatment barely glimmers where we might expect to find light-hearted joy in the passion-resurrection and eschatological promise that he does acknowledge is at the heart of the Christian gospel.In his effort to follow methodological strictures consonant with his Chicago schooling with Langdon Gilkey and others, Pool is at pains to keep his academic back to the wall. So the first part of this two-part volume simply rehearses the enormous plurality of “Christian attestations” to the theme of divine suffering (and patripassianism). Attestations of every stripe rub shoulders here and seem to acquire almost equal footing. Yet by calling his topic a “symbol,” Pool does not mean to question the believed ontological actuality of “divine suffering.” In his view, this suffering is not just a symbol but describes for Christian faith an actuality that corners into the meaning and purpose of our very existence. So, as it turns out, he offers us much more than a history-of-religions compilation of diverse “attestations”; he is intent on reworking a tenable systematic theology and theological ethic as these intersect with his theme.Pool’s criteria for ranking some “attestations” over others remain obscure, and we might think him to be arguing rationalistically from personal preferences, until finally (217 pages into his text) he slips in what he calls “an additional epistemological interlude” that divulges what apparently has been an underlying hermeneutic basis all along: his own Messianic secret, as it were, a Christological-revelational criterion and final norm based on the apostolic tradition.Pool’s proclivity for rational analysis may become self-deceptive. At points he does include disclaimers, explaining that his “analyses” of living realities are only mental abstractions describing aspects of personal wholes that in fact cannot be split apart. Yet he forgets himself here, I think, and attempts to subject both divine and human personhood to scholastic “analysis.” For example, his descriptive categories of different “human capacities to love” (along the lines of Nygren’s three loves) become so reified in his “analysis” that he begins to refer to them as if they were schizoid entities that modify, block, and limit each other in our psyche and even in God’s (as if we could strap down the mystery of holistic love and dissect it). Nevertheless, theologians may find Pool’s analytic endeavors quite challenging.This book is definitely not for your introductory ethics course. Pool’s language is labored and presupposes a wide command of the field. His treatment is original, in some respects idiosyncratic, and intentionally revisionist. Written in a neoscholastic vein, this study will give you far more about God’s suffering than you thought anyone ever wanted or needed to know. Yet it promises you a substantial theological workout, offering something provocative and worth considering on nearly every page. Its greatest strength is its perceptive bibliographical annotations, both in the text and in the wealth of footnotes that compose between a third and half of the book. The bibliography [End Page 225] itself, however, which masses together more than a thousand titles, may be too exhaustive to provide much selective guidance.Raymond Kemp AndersonWilson CollegeCopyright © 2012 The Society of Christian Ethics... (shrink)

Today, sustainable relations with a broad range of key stakeholders are not only important from a normative business ethics perspective, but also from an entrepreneurial viewpoint to allow and support the long-term survival of a firm. We will argue that the traditional conception of a firm’s corporate social responsibility does not reflect this view and that a comprehensive and dynamic conception of a firm’s responsibilities is necessary to map the reality of business practice and to manage the challenges implied by (...) sustainability. We think that distributive justice, that is the way in which firms involve their stakeholders in their wealth creation and dissemination processes, provides a comprehensive understanding of corporate responsibilities. Concerning procedural justice, we will discuss how firms involve stakeholders in their strategic processes according to their contribution to wealth creation. In the course of the article, we will propose a framework along with three design principles that can be used for shaping dynamic and comprehensive corporate responsibilities, and which thereby allow a sustainable procedure for changing business and non-business environments. (shrink)

When the richest 85 individuals in the world own as much as the poorest 3 billion people, one must ask about equity and social justice. Yet, the problem is not just individual, but also systemic. Just as nations have developed poverty lines to identify people who need help, so too, as this book argues, we need a measure of relative wealth that can guide policy makers, governments, development specialists, and economists. Approaching the question through theological, ethical, and economic analysis, (...) the book probes the dynamics of wealth creation, the effectiveness of national and international policies, and the underlying questions of poverty, wealth, and widening economic disparities. [Subject: Religious Studies, Ethics, Social Justice, Economic Policy]. (shrink)

The authors argue that a free market paradigm facilitates wealth creation but does little to distribute that wealth in a just manner. In order to achieve the social goal of distributive justice, the concept of a fair market is introduced and explored. The authors then examine three drivers that can help improve the lives of all people, especially the poor: civil society, its institutions, and business. After exploring the roles these drivers might play in developing fair markets, (...) we describe three enablers that serve as catalysts for change: the effects of globalization, the impact of technology, and the emergence of entrepreneurial activity. We conclude by making recommendations for establishing fair markets and provide exemplars of two firms that embody the arguments made in the article. (shrink)

The design of new constitutions is fraught with challenges on both issues of structural design and individual rights. As both a descriptive and normative matter it is exceedingly difficult to believe that one structural solution will fit all cases. The high variation in nation size, economic development, and ethnic division can easily tilt the balance for or against a Presidential or Parliamentary system, and even within these two broad classes the differences in constitutional structure are both large and hard to (...) measure. The only confident claim is that some system of separation of powers coupled with checks and balances is needed. Deciding which system, however, is far harder. In contrast, that same level of doubt does not arise in connection with the correct specification of individual right. Strong systems of negative rights on matters of liberty, property, religion, and speech are preferable across a wide range of social organizations. On the other hand, any effort to create systems of positive entitlements will fail because of the negative effects that they have on wealth creation and the inability to define or limit the scope of the relevant entitlements. (shrink)

Inspired by an economic interpretation of the Faustus drama allegorically disclosing the ‘alchemical’ nature of modern economy, the paper presents a critical view on the development of technology as concomitant phenomenon of work practices with particular focus on manufacturing. It starts with a theoretical perspective on the dynamics of creating explicit propositional knowledge and its re-appropriation for practical use. This lays the ground for understanding how technical artefacts emerge from and, in turn, affect social practices. It further helps to understand (...) the development of human reflective action competence and working capacity as most relevant forces of production in complex and dynamic market environments. These relationships are exemplified in some detail by looking at the problematic development and use of IT in manufacturing’s value creating processes. The paper finally advocates reflective attitudes and evolutionary procedures as basic principles for designing useful and useable IT systems according to human needs and for protecting oneself from the Faustian omnipotence delusion of endless and effortless wealth creation. (shrink)

The notion of dignity as that which has intrinsic value has arguably been neglected in economics and management despite its societal importance and eminent relevance in other social sciences. While management theory gained parsimony, this paper argues that the inclusion of dignity in the theoretical precepts of management theory will: improve management theory in general, align it more directly with the public interest, and strengthen its connection to social welfare creation. The paper outlines the notion of dignity, discusses its (...) historical understanding, and explains its relevance in the context of management theory. Furthermore, it proposes a framework of paradigmatic assumptions along two dimensions: understanding human dignity as unconditional or conditional and understanding social welfare as wealth creation or well-being creation. I propose alternative management theory archetypes and discuss these archetypes’ theoretical implications for management research. I also suggest how management theory can be shifted to contribute toward social welfare creation more directly. (shrink)

A one-boxer, Erica, and a two-boxer, Chloe, engage in a familiar debate. The debate begins with Erica asking Chloe: ‘If you’re so smart, then why ain’cha rich?’. As the debate progresses, Chloe is led to endorse a novel causalist theory of rational choice. This new theory allows Chloe to forge a connection between rational choice and long-run riches. In brief: Chloe concludes that it is not long-run wealth but rather long-run wealth creation which is symptomatic of rationality.

Great leaders are ethical stewards who generate high levels of commitment from followers. In this paper, we propose that perceptions about the trustworthiness of leader behaviors enable those leaders to be perceived as ethical stewards. We define ethical stewardship as the honoring of duties owed to employees, stakeholders, and society in the pursuit of long-term wealth creation. Our model of relationship between leadership behaviors, perceptions of trustworthiness, and the nature of ethical stewardship reinforces the importance of ethical governance (...) in dealing with employees and in creating organizational systems that are congruent with espoused organizational values. (shrink)

Innovation has become a buzzword that promises dramatic changes in almost every field of business. Absent from this attention is a serious discussion of the ethical sides of dramatic change. To address this, editors Georges Enderle and Patrick E. Murphy gather a team of experts to fully examine the ethics of innovation within business and the economy in this standout addition to the Studies in TransAtlantic Business Ethics series. The book opens with an exploration and clarification of several key concepts (...) necessary for a thorough study of innovation such as business ethics, moral innovation, creativity, and wealth creation. The opening chapters also propose a novel theoretical foundation and methodological approach with which to address ethical innovation. Subsequently, the contributors discuss challenges and opportunities of innovation for individuals, organizations, and systems while zoning in on a wide range of specific examples, including but not limited to: managerial responsibilities, morality and imagination of leaders, as well as the ethics of the Maker Movement. This comprehensive book evaluates organizational innovations from diverse parts of the world including Egypt, India, Latin America, the UK, and the US. Ethical Innovation in Business and the Economy concludes with a presentation of methods for improving economic systems, such as tracing Adam Smith in emerging enterprises, developing a justice model of marketing to the poor, and bridging the formal and informal economies in an African context. This in-depth examination of innovation, and its involvement in the business and economic world, is an invaluable reference tool for students, teachers, and researchers in business and economic ethics, as well as executives in business and other organizations who search for new and more responsible ways to address globalization, sustainability, and financialization. (shrink)

The Corporate Social Responsibility (CSR) field presents not only a landscape of theories but also a proliferation of approaches, which are controversial, complex and unclear. This article tries to clarify the situation, mapping the territory by classifying the main CSR theories and related approaches in four groups: (1) instrumental theories, in which the corporation is seen as only an instrument for wealth creation, and its social activities are only a means to achieve economic results; (2) political theories, which (...) concern themselves with the power of corporations in society and a responsible use of this power in the political arena; (3) integrative theories, in which the corporation is focused on the satisfaction of social demands; and (4) ethical theories, based on ethical responsibilities of corporations to society. In practice, each CSR theory presents four dimensions related to profits, political performance, social demands and ethical values. The findings suggest the necessity to develop a new theory on the business and society relationship, which should integrate these four dimensions. (shrink)

A more ethical economic system is now possible, one that rectifies the crisis spots of our current downturn while balancing the injustices of extreme poverty and wealth. Adam Arvidsson and Nicolai Peitersen, a scholar and an entrepreneur, outline the shape such an economy might take, identifying its origins in innovations already existent in our production, valuation, and distribution systems. Much like nineteenth-century entrepreneurs, philosophers, bankers, artisans, and social organizers who planned a course for modern capitalism that was more economically (...) efficient and ethically desirable, we now have a chance to construct new instruments, institutions, and infrastructure to reverse the trajectory of a quickly deteriorating economic environment. Considering a multitude of emerging phenomena, Arvidsson and Peitersen show wealth creation can be the result of a new kind of social production, and the motivation of continuous capital accumulation can exist in tandem with a new desire to maximize our social impact. Arvidsson and Peitersen argue that financial markets could become a central arena in which diverse ethical concerns are integrated into tangible economic valuations. They suggest that such a common standard has already emerged and that this process is linked to the spread of social media, making it possible to capture the sentiment of value to most people. They ultimately recommend how to build upon these developments to initiate a radical democratization of economic systems and the value decisions they generate. (shrink)

The research about strategic human resource management (SHRM) has suggested that human resource professionals (HRPs) have the opportunity to play a greater role in contributing to organizational success if they are effective in developing systems and policies aligned with the organization's values, goals, and mission. We suggest that HRPs need to raise the standard of their performance and that the competitive demands of the modern economic environment create implicit ethical duties that HRPs owe to their organizations. We define ethical stewardship (...) as a model of governance that honors obligations due to the many stakeholders and that maximizes long-term organizational wealth creation. We propose that if HRPs adopt an ethical stewardship framework and the qualities of transformative leaders, they will be more aware of their ethical duties to their organizations and more effective in helping their organizations to create increased wealth, achieve desired organizational outcomes, and establish work environments that are more satisfying to employees. (shrink)

This paper offers a new concept of the firm that aims at balancing the corporate economic, social, and environmental responsibilities and goes beyond the stakeholder approach. It intends to provide a conceptual and operationalizable basis to fairly assess corporate conduct from both inside and outside the companies. To a large extent these different responsibilities may overlap and reinforce each other. However, if they conflict, they should be clearly evaluated for their own sake and in terms of wealth creation. (...) Only then can a balanced approach be realized. Section 1 briefly discusses some general aspects of the relationship between concepts and measurement. In Section 2, a concept of the firm is developed that is based on the notion of responsibility and balances economic, social and environmental responsibilities. According to these concepts, different ways of measuring corporate planning and performance are examined in Section 3, followed up by a summary and conclusions. (shrink)

A dazzling blend of business vision, history, social psychology, and economics, The Support Economy starts with a compelling premise: People have changed more than the corporations upon which their well-being depends. In the chasm that now separates the new individuals from the old organizations is the opportunity to forge a capitalism suited to our times and so unleash a vast new potential for wealth creation. In recent years, many books have offered fixes for this crisis, but they have (...) dealt only with its symptoms. The Support Economy is the first book to critically examine its cause: Managerial capitalism has outlived the society it was once designed to serve. It successfully achieved the efficient production of goods and services, but today's individuals want more. They want to take their lives into their own hands and are ready to pay for the support and advocacy necessary to fulfill that yearning. The next leap forward in wealth creation depends upon developing a new capitalism that speaks to the needs of people today. The Support Economy will be the next "must read" big think book. It speaks to every business and technology leader, as well as every reader interested in the future of the economy and society. (shrink)

Foucault’s analysis of the relation of power and the economy in the lectures given at the Collège de France between 1975 and 1979 opens up modern societies for a radically different interrogation of the relations of force inscribed in historically heterogeneous forms of wealth creation and distribution, but more specifically within the period of liberal capitalism. Its vast scope clears the ground for genealogies of power, political economy and race that demonstrate their intertwinement, yet he underplays several elements (...) which have been central for the institution of the political economy of liberal capitalism, particularly regarding colonial expansion and subjugation, the prior existence of trade and other networks operating on a world scale, and politico-economic and technical developments, such as banking and finance, that acted as conditions of possibility. By redressing the balance, this article outlines a different genealogy of the emergence of biopolitics and the mechanisms supporting global capitalism, making visible the constitutive role of colonialism. It suggests elements for a more fundamental critique of inequality, one that relays the Foucaldian themes of economy, territory, security, population and race according to a longer periodization that reveals most economies to have been zero-sum games of ‘winners’ and ‘losers’. Transcending this situation requires a radically different, transcolonial and transindividual understanding of the essentially collaborative and co-implicate character of the production of all life. The implications mean the rejection of ontologies that support not only neoliberalism but other forms of dispossession and pauperization, often allied to the hierarchization of difference, opening the way for a different history of the present and for imagining new economies and socialities. (shrink)

Individuals who demonstrate organizational citizenship behavior (OCB) contribute to their organization’s ability to create wealth, but they also owe their organizations a complex set of ethical duties. Although, the academic literature has begun to address the ethical duties owed by organizational leaders to organizational citizens, very little has been written about the duties owed by those who practice OCB to their organizations. In this article, we identify an array of ethical duties owed by those who engage in extra-role behavior (...) and describe those duties in context with personality theory. We suggest that employees who understand the complex nature of OCB and the associated duties they owe to others are more likely to reach their potential and make greater contributions within their organizations. (shrink)

As part of our exploration of a new conceptual framework for an economy that works for 100% of humanity, this conceptual paper asks why all talk about the purpose of organizations seems to suffer from a certain bias, namely the bias of scarcity, and how this myth of scarcity influences our understanding of corporate responsibility. The mainstream understanding of corporate purpose always contains partly normative and partly functional aspects designed to cope with the purported problem of scarcity. According to economic (...) and CSR reasoning, this bias concerning the purpose of business organizations triggers two quite distinct understandings of the essence of corporate responsibility. The economic view interprets it as responsibility towards the company, while CSR and business ethics argue that it reflects, or at least ought to reflect, a broader responsibility towards society. To overcome this responsibility gap, we need to affect a paradigm shift in economic reasoning, a shift which reconciles economic responsibility on the micro-level logic of raising profit with the greater demands of the meso, macro, and supra levels. Only then do we obtain a truly meaningful lever for changing real-world business practice from within the micro-logics of running a corporation. This paradigm shift requires a different mental model - a model of resource growth and natural abundance, rather than of scarcity - on the part of both economists and business ethicists. It can be labeled the economic model of future viability. This paper develops a conceptual argument for a future viable model of business practice which, first and foremost, takes seriously the need for the kind of micro-level decision-making which keeps individual organizations afloat, but which also, and crucially, delivers a solution for future viable business models and business behavior which breaks the apparent downward spiral of modern wealth creation, i.e. the spiral of continuous acceleration, disruption, concentration and resource exploitation, and which, thirdly, delivers a proper definition of purpose which can be applied in measurement systems which are free of biased assumptions of scarcity. (shrink)

As part of our exploration of a new conceptual framework for an economy that works for 100% of humanity, this conceptual paper asks why all talk about the purpose of organizations seems to suffer from a certain bias, namely the bias of scarcity, and how this myth of scarcity influences our understanding of corporate responsibility. The mainstream understanding of corporate purpose always contains partly normative and partly functional aspects designed to cope with the purported problem of scarcity. According to economic (...) and CSR reasoning, this bias concerning the purpose of business organizations triggers two quite distinct understandings of the essence of corporate responsibility. The economic view interprets it as responsibility towards the company, while CSR and business ethics argue that it reflects, or at least ought to reflect, a broader responsibility towards society. To overcome this responsibility gap, we need to affect a paradigm shift in economic reasoning, a shift which reconciles economic responsibility on the micro-level logic of raising profit with the greater demands of the meso, macro, and supra levels. Only then do we obtain a truly meaningful lever for changing real-world business practice from within the micro-logics of running a corporation. This paradigm shift requires a different mental model - a model of resource growth and natural abundance, rather than of scarcity - on the part of both economists and business ethicists. It can be labeled the economic model of future viability. This paper develops a conceptual argument for a future viable model of business practice which, first and foremost, takes seriously the need for the kind of micro-level decision-making which keeps individual organizations afloat, but which also, and crucially, delivers a solution for future viable business models and business behavior which breaks the apparent downward spiral of modern wealth creation, i.e. the spiral of continuous acceleration, disruption, concentration and resource exploitation, and which, thirdly, delivers a proper definition of purpose which can be applied in measurement systems which are free of biased assumptions of scarcity. (shrink)

Capitalism has been an unprecedented engine of wealth creation for many centuries, leading to sustained productivity gains and long-term growth and lifting an increasing proportion of humanity out of poverty. But its effects, and hence its future, have come increasingly under question: Is capitalism still improving wealth and well-being for the many? Or, is long-term value creation being sacrificed to the pressures of short-termism, with potentially far-reaching consequences for society, the natural environment, prosperity, and global order? (...) Building on a collaboration between the Schulich School of Business and global management consultancy McKinsey & Company, this volume reflects both the urgency of the needed action and the tremendous opportunity to forge consensus and catalyze a lasting movement toward a more responsible, long-term, and sustainable model of capitalism. This unique volume brings together many of the leading proponents for a reformed, re-imagined capitalism from the Âfields of academia, business, and NGOs. Its contributors have been at the forefront of thought and action in regard to the future of capitalism. Both individually and collectively, they provide powerful suggestions of what such a long-term oriented model of capitalism should look like and how it can be achieved. Drawing on their research and professional experience, they write in an accessible style aiming to reach the broad audiences required to turn a re-imagined capitalism into a reality. (shrink)

Corporate social responsibility focuses organizational inquiry on the role of business in society and corporate social performance provides a framework comprised of principles, processes and outcomes describing CSR performance. Virtuous social responsiveness describes CSP from a humanistic management perspective, providing an alternative principle of social responsibility as the basis from which processes and outcomes flow. Incorporating humanistic management assumptions into the role of business in society leads to social performance predicated on well-being creation and dignity promotion. VSR requires a (...) principle of social responsibility grounded in eudaemonia, positioning well-being creation as the common good, as opposed to wealth creation. Dignity promotion within stakeholder relationships is a second requirement for VSR, indicated by altruist stakeholder culture and a collectivistic organizational identity orientation. Theoretical propositions are developed to describe a humanistic management perspective on CSP. A current example of an organization engaging in VSR is provided, illustrating potential CSP outcomes. A discussion of the importance of VSR is presented, along with implications and future research. (shrink)

When a handful of people thrive while whole industries implode and millions suffer, it is clear that something is wrong with our economy. The wealth of the few is disconnected from the misery of the many. In Civilizing the Economy, Marvin Brown traces the origin of this economics of dissociation to early capitalism, showing how this is illustrated in Adam Smith's denial of the central role of slavery in wealth creation. In place of the Smithian economics of (...) property, Brown proposes that we turn to the original meaning of economics as household management. He presents a new framework for the global economy that reframes its purpose as the making of provisions instead of the accumulation of property. This bold new vision establishes the civic sphere as the platform for organizing an inclusive economy and as a way to move toward a more just and sustainable world. (shrink)

Property rights are the rules governing ownership in society. This Element offers an analytical framework to understand the origins and consequences of property rights. It conceptualizes of the political economy of property rights as a concern with the follow questions: What explains the origins of economic and legal property rights? What are the consequences of different property rights institutions for wealth creation, conservation, and political order? Why do property institutions change? Why do legal reforms relating to property rights (...) such as land redistribution and legal titling improve livelihoods in some contexts but not others? In analyzing property rights, the authors emphasize the complementarity of insights from a diversity of disciplinary perspectives, including Austrian economics, public choice, and institutional economics, including the Bloomington School of institutional analysis and political economy. (shrink)

Humanistic management theory and religiously grounded business ethics are both important research avenues for the study of business management. This paper links these two domains by examining to what extent a religiously grounded business ethics can potentially contribute to the broad and burgeoning literature on humanistic management through an exploration of the case of Jewish business ethics. Specifically, this paper examines three distinct ways of doing Jewish business ethics. These three ways are labeled here as traditionalist, integrationist, and constructivist. Each (...) of these distinct paths begins with a different conception of the fundamental relationship between Judaism and business. Traditionalists believe that the creation of wealth is a legitimate practice, but only because Judaism says so. Integrationists, by contrast, consider wealth creation as a legitimate practice on its own terms. From this perspective, wealth creation is viewed as a positive human activity, independent of its grounding in religious thought. Judaism contributes to wealth creation by setting and guarding its appropriate boundaries and limits and by serving as an external source of morality and meaning, often invoking broad aspirational Jewish values like tikkun olam. Finally, constructivists agree with the integrationists about the stand-alone value of wealth creation. Constructivists push even further, though, and assert that business is not only a legitimate practice, but it is a potentially meaningful one. Business is imagined as an ongoing and open-ended constructive project, one that includes a broad and complex set of human values including wealth creation, but potentially other values like covenantal leadership, kindness, everyday redemption, and other higher purposes. Here, business is no longer viewed merely as a source of material wealth for society but business is envisioned as a potentially important location and source of human meaning and fulfillment. For the constructivists, the role of Jewish business ethics is not to judge business from the outside, but it is to actively participate and contribute to an expansive dialogue with other business ethics voices, centered on the construction of new and evolved forms of business as a human enterprise. (shrink)

Increasing pharmaceutical industry presence in health care research and practice has evoked critical social, political, economic, and ethical questions and concern among health care providers, ethicists, economists, and the general citizenry. The case example presented of the ‘marketization’ of nursing practice not only reveals the magnitude of the purview of the pharmaceutical industry, it demonstrates how that industry imparts effect upon the organization of nursing work, an area of health care professional practice where the ethical polemic of pharmaceutical industry involvement (...) and influence has been largely ignored, and the profession of nursing conspicuously silent. Drawing on a Foucauldian dispositive analysis that troubled the complex apparatus responsible for the production of knowledge and action in the neurology subspecialty of multiple sclerosis (MS), the case discloses how the pharmaceutical industry has created compliance and adherence as clinical imperatives in the practice of MS nursing. The case makes explicit the conscious transformative self‐action undertaken by MS nurses as a result of their subjectivation (marketization) and demonstrates how MS nurses have become pawns in pharmaceutical industry strategic games of power, truth, identity, and wealth creation by turning their clinical practice settings into heterodiscursive spaces of surveillance and persuasion. MS nurses have become instruments of the pharmaceutical industry, and their clinical practices ordered, organized, limited, constrained, and marketized as a result. (shrink)

Concerns over the organising of food are widespread, stemming from unsustainable production practices that focus on extractive ‘use’ of resources that privilege wealth creation over planetary flourishing, care and well-being. We propose a conceptual framework based on _ecologies of care_ to assist in the re-entanglement of food systems. The concept of ecologies of care brings together theoretical understandings of relationality, ecology and care, along with an Aotearoa New Zealand indigenous Māori perspective. We examine how food production can be (...) underpinned by interdependent webs of relationships (whanaungatanga), stewardship (kaitiakitanga), and care and support (manaakitanga) with healthy land and healthy people at the core of organising. (shrink)

Stakeholder theorists distinguish between normative stakeholders, those who gain moral standing by making contributions to the firm, and derivative stakeholders, those who can constrain the corporate association even though they make no contribution. The board of directors has the legal authority to distinguish among these stakeholder groups and to distribute rights and obligations among these stakeholder groups. To be sure, this stakeholder formulation appropriately seizes on the firm’s voluntary, associative character. Yet, the firm’s constituents contribute assets and incur risks to (...) participate in market, economic activities. And, as such, the firm’s “stakeholders” must share an imperfect language to assist in making two key economic decisions: (1) who are the legitimate and who are the derivative stakeholders; and (2) who should sit on the board? Still, stakeholder theorists have good reason to be skeptical of neoclassical economics. Its assumptions that all act opportunistically and that all can calculate rationally and fully hardly correspond to studies on the managerial experience of corporate coordination. However, advances in behavioral law and economics now provide a cogent economic logic that readily fits into a stakeholder mode. In brief, we argue that (1) the firm’s economic purpose designates legitimacy to core stakeholders, to those who add value, assume unique risk, and can incur harm; (2) the board serves as the principal who coordinates these core stakeholders to sustain competitive advantage and new wealth creation; and (3) state incorporation law, Delaware in particular, reinforces the board’s function. These, in turn, supply selection criteria for board membership. We aim to synchronize concepts from behavioral law and economics with stakeholder theory. (shrink)

Our present crises are growing more urgent, pervading many domains of public life—economic, political, environmental, and social. This motivates scholars to find more adequate, combinatory perspectives from which to explain them. One such effort, under the broad heading of Law and Political Economy (LPE), challenges an established view of legality that insulates the market and its dominant actors from critique and accountability. The established view is based on two misconceptions. First, it sees the real function of a capitalist legal device, (...) whether in contracts, antitrust, property, or corporate law, in terms of efficient wealth creation; this function is its underlying rationale and normative aim. Second, it tends to remove equality, coercion, and legitimacy—the core problems of power—from the scope of economic appraisal. When laws and policies are fashioned out of these ideas, democratic institutions will be unable to counter the dominance of capital. New analytical approaches are therefore necessary (Purdy et al. 2020). Along with researchers in associated fields, LPE scholars are attempting to better understand the legal constructions in which financial and political power are anchored and to develop new ways of integrating the economy into democratic life. Robé is a leading voice in these debates. His new book, Property, Power, and Politics, encloses in one volume his ideas on the role of incorporated firms—and of markets, property, and finance—in the larger dynamics of global politics. In this symposium, interlocutors with backgrounds in law, political science, and philosophy engage with this rich analysis. This introduction provides an overview of the book’s arguments (sections 2 and 3) and then introduces the contributions (section 4). (shrink)

Given the enormous changes in the ways we will live together on the planet Earth, business and economic ethics, with its considerable developments since the1980s, is called to ask itself what major challenges lay ahead for it in the next ten years. It seems three major challenges have emerged with increasing clarity, urgency, and importance. They concern all levels of business, from the personal to the organizational and the systemic level and likely will become even more important in the future. (...) In three sections, the paper explicates the following challenges: (a) a rich and comprehensive understanding of wealth creation as the purpose of business and economics; (b) the guarantee of securing all human rights to all people; and (c) the active involvement of the world’s religions in meeting the challenges of creating wealth and securing human rights. (shrink)

Our abstract begins with the question: what means the sentence - the life is a capital? Michel Foucault makes the question when he signalizes that the bio-power is connected to the capitalism. In this case, the question is to understand how the increase and the confiscate of wealth suppose the power’s development that captures the life strength to make them participe to the wealth creation process. What other fundamental question could be emphasized? The contemporaneous capitalism is strictly (...) connected to method of subjetictivity production. In Nascimento da biopolítica Foucault shows how the capitalism appeals to the people to construct their lives like enterprises. It refers to homo oeconomicus like a suject that considers himself as a valuable capital. We realize the human capital is managed like lives markets, through the neoliberal biogovernamentality, regulating the sujects conducts by a place of truth, the market . We propose the constitution of a new subjectivity: the homo dispensatio. Tracing the relation between the life management as a capital and the constitution of this subjectivity, we could signalize what this situation can provide from the ethical and political viewpoint. (shrink)