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companies had long-term shareholders, a limited number of domestic
competitors, a few government regulators, and stable employees repre-
sented by a union. These parties could be viewed benignly as important
partners working together to meet the ongoing needs of their societies or
as an “iron triangle” that collaborated on narrow shared interests. Both
perspectives have important elements of truth, but they may also reflect an
era that is now ending. An important example of the iron triangle view
is Gordon Adams, The Politics of Defense Contracting: The Iron Triangle
(New York: Council on Economic Priorities, 1981). More recently, scholars
have argued for a more complex view of American business-government
relationships, ranging from situations in which industries may have “cap-
tured” their government regulators to valuable, exemplary relationships
that served the public interest. See David Carpenter and David Moss,
Preventing Regulatory Capture: Special Interest Influence and How to Limit
It (Cambridge, UK: Cambridge University Press, 2014).
24. Burke wrote, referring to the French revolutionaries of the late
eighteenth century, “All the decent drapery of life is to be rudely torn off.
All the superadded ideas, furnished from the wardrobe of a moral imag-
ination, which the heart owns, and the understanding ratifies, as neces-
sary to cover the defects of our naked shivering nature, and to raise it to
dignity in our own estimation, are to be exploded as a ridiculous, absurd,
and antiquated fashion.” Edmund Burke, Reflections on the Revolution
in France (1790; London: Seeley, Jackson, and Halliday, 1872), 75. The
concept of moral imagination is multifaceted, and a conceptual and his-
torical overview is David Bromwich, Moral Imagination (Princeton, NJ:
Princeton University Press, 2014), 3–40.
25. Stuart Hampshire, Innocence and Experience (Cambridge, MA:
Harvard University Press, 1991), 90.
26. A similar analysis of basic rights and duties—described as “core
values” reflecting a global “overlapping consensus” and accompanied
by detailed practical guidance for business managers—is Thomas
Donaldson, “Values in Tension: Ethics Away from Home,” Harvard
Business Review, September–October 1996, https://hbr.org/1996/09/
values-in-tension-ethics-away-from-home.
27. Smith published The Theory of Moral Sentiments before The
Wealth of Nations, and he returned to it in the years before his death.
Notes.indd 168 11/06/16 12:43 AM