Abstract

This article develops a liberal theory of the virtues in business. I first articulate two key liberal values embodied within market society: self-authorship and mutual benefit. Self-authorship is a mode of autonomy given expression through the effective exercise of economic liberties. Mutual benefit involves the intentional pursuit of the well-being of one’s transaction partners within economic exchange. These values are uniquely realized, I argue, within business, conceptualized as a distinct, firm-level, social practice. More specifically, individuals realize self-authorship by purposively integrating cospecialized resources, forms of knowledge, and business functions to facilitate mutually beneficial transactions. Through their commitment to mutual benefit, businesspersons establish ongoing, cooperative relationships with customers, members of other firms, and various stakeholders more generally. These relationships are constitutive of a distinct liberal notion of the common good. The practice of business and the common good in a market society are sustained by a range of individual-level virtues. I recount these virtues and, before concluding, discuss several other theoretical implications of this account.