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One of the main branches of philosophical enquiry, moral philosophy studies ethical conduct from both a theoretical and applied perspective. Since business ethics is a prominent area of applied moral philosophy, it is imperative to understand the theoretical background behind an ethics of business. The chapters in Part II present and examine the foundational theories that historically comprise the subject area of moral philosophy. The distinct kinds of moral theorizing, or schools of ethics, include consequentialism, non-consequentialism, contractarianism, virtue theory, and, most recently, feminism. The discussions in this Part reveal how business ethics has drawn upon the first principles and basic theses of these theories. In addition, and because much ethical conduct bears the influence of a religious background, this section includes a chapter on the role of religion in shaping business ethics.
In the first chapter, Consequentialism and non-consequentialism, Andrew Gustafson presents the viewpoints of two competing visions as to what makes an action, trait, or policy right or wrong—the consequentialist and its opposite, the non-consequentialist. Both schools of morals have a principal and developed version, utilitarianism and deontology, respectively. The chapter starts with an overview of ethical theories focusing on their history, kinds, and ramifications, and proceeds to present and critically discuss both consequentialism and non-consequentialism, tracing the main theoretical varieties of each. Gustafson points out that in business ethics the prevailing view seems to be in favor of a non-consequentialist rather than a consequentialist perspective. He proceeds to analyze extensively and in detail how the two opposing moral standpoints are employed in business ethics.
In Chapter 6, Social contract theories, Pedro Francés-Gómez examines the contribution of social contract theory to contemporary debates in business ethics. After distinguishing between classical and contemporary versions of the political and moral theory that grounds contractarian thought, he explains how contractarianism has been applied to business ethics in general and how this application is justified by its proponents. Francés proceeds to discuss in detail the constitutive elements of any contractarian approach, as well as a variety of particular contractarian theories of business ethics. The most prominent of these is the so-called “integrative social contracts theory” (ISCT). Francés outlines its proposed applications as well as the criticisms voiced against it, even from those within the contractarian camp. The chapter closes with a picture of some alternative paths of current contractarian theory.
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Michael C. Munger and Daniel C. Russell open Chapter 7, Can profit seekers be virtuous?, by arguing that under appropriate conditions profit seeking in business can be compatible with being a virtuous person. They argue for this thesis by examining profit, the character of businesspersons, and the place of virtue within a competitive market (with a focus on virtuous intent in entrepreneurship). If profit seeking is no vice, then is there such a thing as entrepreneurial virtue? The authors answer this question positively (but critically) by drawing a distinction between a commercial versus a rent-seeking society. They delineate the place of entrepreneurial virtue in commercial society and describe how the rent-seeking society proves corrosive to virtue.
In Chapter 8, Feminist ethics and business ethics: redefining landscapes of learning, Ming Lim considers how feminism can shed light on business ethics by illuminating neglected features of human conduct in commercial, and, more generally, in economic activities. She points out the concrete contributions—philosophical and empirical—that feminist theory has made to business ethics, in particular, a reorientation towards a fuller appreciation of the moral experiences of women. She examines, on the one hand, feminist ethics and its relationship to the ethics of care, and, on the other, the complex, critical, and ambivalent relationship between feminist ethics and business ethics. To accomplish a reorientation of business ethics, she draws from a theory of social or situated learning within “communities of practice” in which a person’s social identity is constantly re-fashioned through a dynamic process of exchange that can be facilitated within organizations or commercial enterprises.
In Chapter 9, Business ethics and religious belief, Kenneth J. Barnes observes that, some obvious differences apart, there are crucial similarities among the global religions regarding their stances vis à vis commercial conduct. The chapter starts by examining the Jewish tradition and moves on to Christianity and Islam before closing with an examination of Asian religious traditions, namely Hinduism, Buddhism, Taoism and Confucianism. The author provides a detailed discussion of an extensive material, both scriptural and practical, taken from each religious tradition and its moral assessment of economic life in general, including, where relevant, any specific perspectives on activities of business or trade.
Byron Kaldis