Markets, Ethics, and Business Ethics (Paperback, 3 ed)

0 The Value of an Ethical Life??0.1 Introduction? 0.2 Why Study Ethics?? 0.3 Skepticism and Ethics? 0.4 Values as Guidance? 0.5 Summary? Discussion Questions? Further Readings??Part 1?Foundations??1 Markets?1.0 Introduction? 1.1 What Are Market Exchanges?? 1.2 Why Begin This Study With Market Exchanges?? 1.3 Debates About How to Define Markets? 1.4 Blocked Exchanges? 1.5 Background Conditions for Markets to Operate? 1.6 Summary? 1.7 Looking Ahead? Discussion Questions? Further Readings? Appendix: Dialogues That Shape This Book? 1.A1 Descriptive and Normative Analysis? 1.A2 Personal and Institutional Points of View? Discussion Questions? Further Readings??2 Property Rights??2.0 Introduction? 2.1 Property as Relations Among People? 2.2 Hohfeld’s Conception of Property Rights? 2.3 Tips for Learning and Applying Property Relations? 2.4 Ownership and a Bundle of Sticks? 2.5 Further Distinctions? 2.6 Patents and Intellectual Property? 2.7 The Limits of Property Rights? 2.8 Summary? Discussion Questions? Further Readings?3 Property Rights, Markets, and Law??3.0 Introduction? 3.1 Property Rights and Markets? 3.2 Property Rights and Law? 3.3 Property Rights and Culture? 3.4 Economic Systems Today? 3.5 Why Study Property Rights?? 3.6 Relativism? 3.7 Two Normative Theories About Property Rights? 3.8 Summary? 3.9 Looking Ahead? Discussion Questions? Further Readings??Part 2?The Purpose and Responsibilities of Corporations??4 Shareholder Primacy Theory of Corporations??4.0 Introduction? 4.1 A Debate? 4.2 Corporate Purpose: Advance Shareholder Interests By Maximizing Profits Within the Law? 4.3 Debates About Shareholder Rights and Managerial Duties? 4.4 Ethical Justifications? 4.5 Interpreting the CSR Movement From the Shareholder Perspective? 4.6 Separating the Roles of Business and Government? 4.7 Self-Interest and Markets? 4.8 Summary? Discussion Questions? Further Readings??5 Stakeholder Theory of Corporations??5.0 Introduction 68? 5.1 A Global Perspective: “All Is Not Well” 68? 5.2 Corporate Purpose, Stakeholder Rights, and Managerial Duties 70? 5.3 Ethical Justifications 74? 5.4 Interpreting the CSR Movement From a Stakeholder Perspective 76? 5.5 Corporations and Government 78? 5.6 Ethics, Self-Interest, and Markets 79? 5.7 Personal and Institutional Points of View Revisited 81? 5.8 Other Theories of Corporate Purpose 83? 5.9 Corporate Personhood 83? 5.10 Summary 84? Discussion Questions 85? Further Readings 87??Part 3?Efficiency and Welfare: Common Ethical Guides in Business?and Economics??6 Efficiency and Welfare??6.0 Introduction? 6.1 Pareto Efficiency as an Ethical Ideal? 6.2 How Idealized Markets Create Efficiency Gains? 6.3 Background Conditions? 6.4 How Actual Markets Approximate Ideal Markets? 6.5 How Efficiency Is a Basis for Criticizing Markets? 6.6 The Ethical and Practical Appeal of the Efficiency Standard? 6.7 Complications About the Meaning of Efficiency? 6.8 Summary? Discussion Questions? Further Readings??7 Public Goods, Responsibility, and Utilitarianism??7.0 Introduction? 7.1 Public Goods? 7.2 Two Neighborhoods and a Park: A Public Goods Problem? 7.3 The Tragedy of the Commons? 7.4 Responsibility for Collective Action Problems? 7.5 Limitations to Pareto Efficiency as a Normative Standard? 7.6 Utilitarianism? 7.7 Attractions and Limitations of Utilitarianism? 7.8 Summary? Discussion Questions? Further Readings??8 The Invisible Hand: Ethics, Incentives, and Institutions??8.0 Introduction? 8.1 The Invisible Hand Model? 8.2 The Government Regulation Model? 8.3 The Professional Ethics Model? 8.4 Conflicts of Interest? 8.5 The Dance Between Ethics, Incentives, and Institutions? 8.6 Beyond Welfare? 8.7 Summary? Discussion Questions? Further Readings??Part 4?Ethics Beyond Efficiency??9 Liberty??9.0 Introduction? 9.1 Two Concepts of Liberty? 9.2 Freedom and Ethics? 9.3 Kantian Ethics? 9.4 Institutional Implications of Negative Freedom? 9.5 Institutional Implications of Positive Freedom? 9.6 Two Visions of a Free Society: Positive and Negative Freedom? 9.7 Summary? Discussion Questions? Further Readings??10 Rights??10.0 Introduction? 10.1 Preliminaries? 10.2 Rights as Side-Constraints? 10.3 Rights and Markets: Nozick’s Entitlement Theory of Justice? 10.4 Applying the Entitlement Theory to Global Capitalism? 10.5 Criticisms of Nozick’s Entitlement Theory of Justice? 10.6 Justifying Rights? 10.7 Summary? Discussion Questions? Further Readings? 11 Equality??11.0 Introduction? 11.1 Fundamental Equality? 11.2 Implications for Institutions? 11.3 Professional Ethics and the Personal Point of View? 11.4 Social Contract Theory: Liberty and Equality Joined? 11.5 Rawls’s Theory of Justice? 11.6 Beyond Rawls: Businesses and the Social Contract? 11.7 Integrative Social Contracts Theory? 11.8 Summary? Discussion Questions? Further Readings??12 What People Deserve??12.0 Introduction? 12.1 The Concept of Desert? 12.2 Deserved Wages? 12.3 Desert and Professional Ethics? 12.4 Capitalism and Debates About the Relevance of Desert? 12.5 Deserving Anything at All? 12.6 Summary? Discussion Questions? Further Readings??13 Personal Relationships and Character??13.0 Introduction? 13.1 Relationships? 13.2???? Criticisms of Markets and Capitalism Based on Relationships and Character? 13.3 Virtue Ethics? 13.4 Ayn Rand and Virtuous Rational Egoism? 13.5 The Ethics of Care? 13.6 Religious and Non-Western Ethical Approaches: Less of the Self? 13.7 Integrating Earlier Debates on Relationships and Character? 13.8 Advocating Markets and Capitalism Based on Relationships and Character? 13.9 Summary? Discussion Questions? Further Readings??14 Community and the Common Good??14.0 Introduction? 14.1???? Creative Destruction and Community: Institutional Perspective? 14.2 Change and Tradition From the Personal Point of View? 14.3 Markets That Undermine Communities? 14.4 Markets That Build Communities? 14.5 The Meaning of the Common Good? 14.6 Communitarianism? 14.7 Justice and the Common Good: Complementary or Conflicting Values?? 14.8 Summary? Discussion Questions? Further Readings??Supplemental Materials??I. A Primer on Ethics? II. The Overall Approach of the Book? III. Syllabi Suggestions? IV.Summary? Key Terms