Markets

Moral objections have been levied against the market system for as long as it has existed, but there has been relatively little systematic theorizing about what the requirements of a successful objection are. There are at least two strategies for constructing such a requirement. One strategy is to endorse one of the many moral or political theories on offer. But given persistent contestation over the right moral theory, any requirement produced by this strategy will likely be controversial. A second strategy (...) circumvents this problem, and has been pursued in recent work by Jaeggi (2016), Brennan & Jaworski (2022), and Robson (2023a; 2023b). These authors propose requirements which do not depend on any particular moral or political theory. In this paper, I evaluate these proposed requirements, rejecting most on the grounds that they are either too restrictive or unsystematic. (shrink)

The fail-safe makes sure the fee is high enough to meet carbon emission reduction targets. The safeguard keeps the fee from getting any higher than needed. -/- One of the ways that we could account for the unpredictability of the price elasticity of demand for carbon would be to provide a fail-safe mechanism to ensure that we definitely stay on the carbon reduction schedule. If we keep Energy Innovation Act (HR 763) essentially as it is and scale up the annual (...) carbon fee increase by Number-of-Years-Behind-Schedule * 0.15. (shrink)

How should we evaluate the economic environment we live in? Does anyone really believe in capitalism? How good are the philosophical judgments that inform the structures and habits of our economic lives? With David Schweickart, David Haslett, and Ronald Duska.

The most trending behavioral approach of mass people nowadays hovers to acquire a specific area to live on for their mental satisfaction. It is the person registered home to live on the next days of life. This issue has firmly increased due to the rapid and mostly uncontrolled increase of population within most of the countries. Now that, it is the conscious craving for men to settle up for a property that has the highest credential service and maintenance ease possibility; (...) it leads them to the housing provider with the highest product quality offering. The easiest way is to redirect them to go for a trustworthy name in the REM providers. Now, narrowing down to a developing country such as Sri Lanka, its Real estate developers have rewarded investors with strong returns post 2009. It is the time when Sri Lanka saw the end of the civil conflict. When the real estate sector has always been a major factor in the development of the economy in every country. Regionally, Sri Lanka remains attractive as an emerging market, when considering the ROI on Real Estate. For an effective discussion, this paper states the linkage of consumer behavior to the highest quality housing provider offers to them. The paper discusses all the necessary factors to prove the enhanced purchase of supreme quality property company dealers like Prime LnadPvt. Ltd is a leading real estate company in Sri Lanka. However, the valuation of property is most vital for the real estate industry. It depends on the type of artifact, the real estate sector offers to its clients. For this industry, infrastructure quality is the most important factor. All the contributing factors, analyses reveal this lesson. This truth is supported by many theories and analyses to lead today’s provider, meeting the original demand factor of the mass people. (shrink)

James Stacey Taylor’s book – Markets with Limits: How the Commodification of Academia Derails Debate (New York: Routledge, 2022) – is excellent. He explores the errors that have derailed the discussion of the limits of markets, attempts to rerail the discussion through a clarifying taxonomy, and explains why the derailment occurred. He also argues that academic research should be governed by academic rather than market norms. The first part of his project succeeds. It is less clear whether the second and (...) third parts succeed. (shrink)

How should we evaluate the economic environment we live in? Does anyone really believe in capitalism? How good are the philosophical judgments that inform the structures and habits of our economic lives? With David Schweickart , David Haslett , and Ronald Duska.

A wide variety of new forms of money have been developed in recent decades as a challenge or complement to the official, dominant currencies. LETS, Local Currencies, Carbon Currencies and Bitcoins are all examples of this new trend. These currencies are at the heart of a larger movement that questions the present state of money and argues that new currencies might help to build resilient economies and “warmer” social relations. -/- This book focuses on radical alternative proposals as well as (...) on small-scale experiments, and makes use of the analytical tools of philosophy and of economics, with one main question in mind: Can alternative currencies constitute desirable alternatives to the present monetary system? Overall, the book will raise serious doubts regarding the capacity of such currencies to deliver on their promises. In part, it will show that several arguments in favour of alternative currencies are lacking in consistency and clarity, and are thus in need of thorough revision. More fundamentally, it will argue that these currencies either fail to fulfil their objectives or that their fulfilment would entail significant conflicts with justice and economic efficiency. -/- This book is addressed to researchers in economics, politics, and philosophy of money, especially those working on alternative monetary systems. (shrink)

Many scholars of organizations see social enterprise as a promising approach to advancing social justice but neglect to scrutinize the normative foundations and limitations of this optimism. This article draws on Rawlsian political philosophy to investigate whether and how social enterprises can support social justice. We propose that this perspective assigns organizations a duty to foster institutional capacity, a concept we define and elaborate. We investigate how this duty might apply specifically to social enterprises, given their characteristic features. We theorize (...) six different mechanisms through which social enterprises might successfully discharge this duty. These results affirm the value of conversation between organizational studies and political philosophy and shed new light on debates regarding social enterprise, institutional theory, and several other topics. (shrink)

For as long as there have been markets, there have been complaints about market motives. For much of this history, the two sides have talked past one another. Optimists about markets have mostly addressed other optimists, and failed to take seriously the kinds of relational values that might be at stake and the range of possible alternatives to market-based production. Pessimists about markets have mostly addressed other pessimists, and failed to take seriously the full range of market-involving economic structures and (...) the different kinds of psychologies compatible with market interactions. Recently, there has been a break-through, on behalf of the optimists. According to the model of exchange as mutual assistance, an exchange can be perceived as a joint activity for mutual benefit - and needn't involve self-directed motives at all. This essay pushes back, on behalf of the market pessimists. The essay develops a contrast between exchange as mutual assistance and an ideal of production as caring solidarity, in which production is a joint activity of caring about one another. This alternative ideal draws on Marxist, socialist, feminist, and Christian traditions, and, in particular, on recent work on care, solidarity, and alienation. These two models – exchange as mutual assistance and production as caring solidarity – share key features, including an emphasis on reasoning from a ‘we-perspective’, on trusting one another, and on resisting a familiar self/other motivational dichotomy. Key differences are developed in detail. The essay concludes by discussing the implications for an economics of caring solidarity, with discussion of the limitations of various market socialist strategies. (shrink)

Rawlsian justice as fairness is neither fundamentally luck egalitarian nor relational egalitarian. Rather, the most fundamental idea is that of society as a fair system of cooperation. Collective pensions provide a case study which illustrates the fruitfulness of conceiving justice in these latter terms. Those who have recently reached the age of majority do not now know how long they will live in retirement or how well any investments they try to save up for their retirement would fare. From the (...) perspective of the beginning of their working lives, it is therefore rational for each to enter into an agreement with others, who also do not yet know their fates, that, if one turns out to be among the unfortunate whose private pension pots would not have yielded enough for one’s retirement, one will receive much more in retirement, whereas those whose pension pots would have overflowed their retirements will receive somewhat less. These terms are to each person’s expected advantage, which is made possible by a fair sharing of the fruits of social cooperation which arise through the efficiencies reaped by the pooling of the risk of outliving what one could save for one’s retirement on one’s own. It is rational for each to agree to share one another’s fates by pooling risks across both space and time, on fair terms of social cooperation for mutual advantage. Even when collective pensions arise from, and are proportional to, a baseline of unequal income, they can be defended on grounds of reciprocity involving regard for one another as equals. (shrink)

A citizens’ movement in Berlin advocates for the expropriation of housing corporations and has won a significant majority in a popular referendum in September 2021. Building on this proposal, this paper develops a general account of expropriation as a measure for corporate reform and thereby contributes to the ongoing debate on the democratic accountability of business corporations. It argues that expropriation is a valuable tool for intervention in a dire situation in some economic sector to enable a re-structuring of the (...) governance of the assets in question. Compared with other tools available, expropriation is a more forward-looking, genuinely political measure that does not depend on the legal assignment of guilt but rather proceeds in a pragmatic and problem-oriented manner. It also allows us to reconsider in how far the market mechanism should be employed in the administration of assets. Objections from private property rights against expropriation fail as corporations generally are privileged, quasi-public institutions that can justifiably be subject to democratic interventions. Expropriation is thus an important addition to the arsenal of corporate reform proposals, especially for those concerned with a broad democratization of the corporation. (shrink)

The book develops a comprehensive and measured case that bitcoin is a net benefit to the world, despite its imperfections. Resistance Money is intended for all, from the clueless to the specialist, from the proponent to the die-hard skeptic, and everyone in between.

Marx says of alienated labor that it does not “belong” to the worker, that it issues in a product that does not belong to her, and that it is unfulfilling, unfree, egoistically motivated, and inhuman. He seems to think, moreover, that the first of these features grounds all the others. All of these features seem quite independent, however: they can come apart; they share no obvious common cause or explanation; and if they often occur together, this seems accidental. It is (...) not clear, then, how Marx’s concept of alienated labor could possess the strong unity that he takes it to have. This article defends a reinterpretation of the concept that explains this unity. The various features of alienated labor, the article argues, all follow from a single, hitherto underappreciated feature of its formal motivational structure: the fact that such labor is motivated not by its product but by an incentive. (shrink)

Modern macroeconomics owes much to the ideas of Keynes. -/- Yet Keynes was a fantast whose highest ideals centered around a contemplative hedonistic life. His interest in economics was due to his desire to _abolish_ the economy and the active virtues, especially prudence and courage and their social counterparts. As soon as this "religion" is rejected, Keynes' theories are exploded. -/- Part I of this book refutes General Theory and presents a vision of the market process, entrepreneurship, employment, interest, money, (...) and the business cycle. -/- Part II examines textbook Keynesianism, IS-LM, alternative theories of business cycles, and related issues. -/- Summa is a definitive demolition of the Keynesian school and should be grappled with by all economists. (shrink)

John Rawls was a major 20th-century political philosopher, and his work was animated by his loathing of the fact that many of the circumstances of human lives were due to fortune. Why should there be inequalities among men, he asked, that were produced by mere blind luck? To support his intuition, he came up with a version of social contract theory built around the device of the "original position." We imagine that people gather up for a discussion of what social (...) institutions are best, but they forget, in order not to be swayed by their own personal interests, who they are in the actual society. They do not know their religion, social position, wealth and income, their particular ends, or anything else that might prejudice their judgment. Under this veil of ignorance, they – or rather the philosopher who is shattered into numerous ghostly persons – seek to come to an agreement regarding the just basic structure of society. This book demolishes Rawls' every argument in support of his egalitarianism and shows that the original position, to the extent that it is not completely sterile, outputs libertarianism and laissez-faire capitalism. It defends the view of justice as either a virtue or a legal system that promotes harmony and progress in human affairs. (shrink)

A uniform carbon tax with equal per capita dividends is usually advocated as a cost-effective way of reducing greenhouse gas (GHG) emissions without increasing, and in many cases even reducing, economic inequality, in particular because of the positive balance between the carbon taxes paid by the worse off and the carbon dividends they receive back. In this article, I argue that a uniform carbon tax reform is unjust regardless of how the revenue is used, because it does not discourage the (...) rich from indulging in wasteful emissions. This is at odds with a normative account of the distribution of the GHG budget that I define as emissions limitarianism, which is a climate derivative of economic limitarianism. Emissions limitarianism holds that, under low GHG budget conditions, emissions permits should not be used to achieve functionings that over-consume the GHG budget without producing significant welfare gains relative to the achievement of alternative functionings. Accordingly, I argue that a uniform carbon tax should be complemented by a limitarian carbon tax, which restricts the capabilities of the rich to achieve wasteful emission-generating functionings. The article adopts a methodological multi-level perspective on capabilities as a measure of welfare, distinguishing between basic, secondary and tertiary capabilities. (shrink)

Some feminists hold that surrogacy contracts should be unenforceable or illegal because they contribute to and perpetuate unjust gender inequalities. I argue that in developed countries, surrogacy contracts either wouldn't have these negative effects or that these effects could be mitigated via regulation. Furthermore, the existence of a regulated surrogacy market is preferable on consequentialist grounds.

When progressive governments attempt to redistribute wealth, nationalize major industries, or empower unions, they are often faced with the threat of capital flight. Some republican theorists have suggested that this phenomenon might be a source of domination. However, the prominent neo-republican account of domination presented by Philip Pettit cannot justify this claim, since the class of investors is not usually an agent. In this article, I present a novel theory of domination by diffuse collectives that can justify the intuition that (...) the threat of capital flight is a source of domination. (shrink)

In a recent article, Alexander Bryan and Ioannis Kouris argue that the concept of exploitation should be a “central preoccupation” of republican economic thought. While I concur that republicans should be interested in exploitation, I will argue that they should only do so because of the instrumental harms of exploitation. I will argue that contrary to those theorists who see exploitation as inherently wrongful because exploiters steal something that should rightfully belong to the exploited, republicans should see exploitative relations of (...) domination as objectionable only because dominators who exploit will usually be able to reproduce and extend their power more effectively than dominators who do not. When analyzing the instrumental harms produced by exploitation, however, I argue that republicans should not focus on individual relationships of exploitation, but on relationships where dominators successfully extract an aggregate surplus from the collective of people they dominate. If I am right, exploitation should not be a central normative concept of republican economic analysis, though it should still play an important role in explaining how relations of domination persist and spread. (shrink)

When it comes to fulfilling our basic duties to distant others, we in the affluent world face a motivation gap; we consistently fall short of bearing even moderate costs for the sake of helping others secure basic minimums to which they are entitled. One response to the motivation gap is to cultivate in affluent populations a greater concern for distant others; cultivating such concern is the goal of ‘sentimental cosmopolitanism’. Two approaches to sentimental cosmopolitanism currently dominate the literature, a compassion-based (...) and a complicity-based approach, respectively. In this paper, I argue for the promise of reciprocity as an alternative motivator of cosmopolitan concern. I further argue that a sense of obligation to distant others, grounded in our participation in an ongoing system of reciprocal exchange, can be cultivated within a thus-far overlooked sphere of cosmopolitan sensitization, namely the market. I make the case for the market as an appropriate site for cosmopolitan sensitization, and further argue that multinational corporations are, for several reasons, well-positioned to bear the political responsibility of sensitizing affluent populations to the significance of their participation in a cooperative economic scheme shared with distant others. This paper, then, makes a novel contribution to debates on cosmopolitan sentiment, as well as to the emerging literature on corporations’ political responsibilities. Keywords: multinational corporations; political responsibility; reciprocity; sentimental cosmopolitanism; trade. (shrink)

Over 1000 companies have either curtailed or else completely ceased operations in Russia as a response to its invasion of Ukraine, a mass corporate exodus of a speed and scale which we’ve never seen. While corporate withdrawal appears to have considerable public support, it’s not obvious that it has done anything to hamper the Russian war effort, nor is it clear what the long-run effects of corporate withdrawal as a regularised response to war might be. Given this, it’s important the (...) evaluate the ethical merits of such a response. In this paper I critique what I take to be the two most common arguments given in favour of voluntary corporate withdrawal, which I label ‘the instrumental argument’ and ‘the clean hands argument’ respectively. After illustrating their shortcomings, I reframe corporations’ predicament as a ‘spattered hands’ case—one where they may do good by remaining in a war-waging state, but where they contribute indirectly to grave wrongdoing by doing so. Drawing on ideas from the ‘Business for Peace’ and ‘Business and Human Rights’ literature, I highlight the potentially positive role of corporate presence within war-waging countries, before highlighting four considerations which corporations ought to bear in mind when determining whether to withdraw, or whether it is the lesser evil to stay and to let their hands be spattered. (shrink)

This article critically analyzes Rawls’s attitude toward envy. In A Theory of Justice, Rawls is predominantly concerned with the threat that class envy poses to political stability. Yet he also briefly discusses the kind of envy that individuals experience toward their social peers, which he calls particular envy, and which I refer to as peer envy. He quickly concludes, however, that particular envy would not present a serious risk to the stability of his just society. In this article, I contest (...) this claim by arguing that the principles that structure Rawls’s ideal society are likely to exacerbate particular envy to a politically risky extent. Section 1 reconstructs his account of envy, giving special attention to his belief that competition kindles envy between peers. Section 2 then examines the way in which Rawls often endorses rivalry within the body politic. I argue that the society governed by justice as fairness is, on account of this rivalry, likely to generate a politically problematic degree of particular envy. In Section 3, I invoke ancient Greece as an example of a society that was, as a result of its intense competitiveness, often imperiled by dangerously elevated levels of peer envy. I then survey the key institutional mechanisms by which the ancient Greeks sought to manage this hazardous emotion. It turns out, however, that most of these mechanisms would be unavailable to Rawls insofar as they starkly contravene his principles of justice. I conclude that if Rawlsians wish to establish a society that fosters rivalry, they would do well to reflect on the means by which peer envy can be effectively harnessed. (shrink)

Commercial republicanism is the idea that a properly-structured commercial society can serve the republican end of minimizing the domination of citizens by states (imperium) and of citizens by other citizens (dominium). Much has been written about this idea in the last half-century, including analyses of individual commercial republicans (e.g., Adam Smith and Immanuel Kant) as well as discussions of national traditions of the same (e.g., in America, Britain, France, the Netherlands, and Italy). In this chapter, I review five kinds of (...) arguments that have been historically offered for how commercial society so understood advances the republican ideal of non-domination: first, by simply realizing non-dominating relationships in the marketplace itself (Instantiation); second, by encouraging the growth of a wide middle class that can offer a counterweight to other, dominating classes (Internal Check-and-Balance); third, by increasing the wealth and power of republics vis-à-vis other, dominating states in the international arena (External Check-and-Balance); fourth, by helpfully nurturing bourgeois-civic virtues in republican citizens (Cultivating Virtue); and finally, by transforming dangerous passions into more readily regulable, even socially beneficial material interests (Sublimating Vice). I end the chapter by briefly considering commercial republicanism’s prospects as a continuing research program. (shrink)

The market capitalization of an enterprise is one of the key indicators characterizing the degree of influence of financial and non-financial instruments on its volumes and dynamics. Establishing the relationship between such instruments and metrics of equity and cash flows best delineates the plane of their direct impact on stimulating market capitalization. This is aimed at ensuring the implementation of effective management measures in the context of optimizing the use of equity and cash flows. The aim of the study was (...) to establish how the influence of indicators of financial and non-financial instruments on equity and cash flows forms a relevant basis for making management decisions to increase enterprise market capitalization. During the research, the following methods were used: summarization and grouping, multiple linear regression, direct ranking method, establishment of cause-and-effect relationships, logical generalization, and analytical method. As a result of the study, the toolkit for increasing the market capitalization of the enterprise from the standpoint of its grouping in terms of financial and non-financial plane was clarified. It was found that among the 36 analyzed indicators of the impact on equity and cash flows of the studied machine-building enterprises in Ukraine during the period 2010-2021, the most significant are bank lending, investment and technical metals, research and development costs, foreign scientific and technical services received, production investments, work-in-progress, and accounts payable for products, goods, and services. The results were transformed into a model of ranked instruments for stimulating the market capitalization of machine-building enterprises, which demonstrates the degree and directions of the influence of indicators of financial and non-financial instruments on the dynamics of equity and cash flows, which ensures the formation of an information database for making decisions on the further use of such instruments. The structuring of the toolkit serves as the basis for forming a system of management decisions containing practical recommendations within each group of instruments aimed at optimizing market capitalization through increased equity and cash flows of the enterprise. The obtained results will be beneficial to financial analysts of enterprises in preparing databases for making financial and non-financial decisions. (shrink)

Good epistemic practices are essential to the well-functioning of organizations. Epistemic practices are adopted norms, policies, procedures, and general methodologies that further our epistemic aims or realize our epistemic values. This chapter argues for the importance of organizational good epistemic practices through an analysis of the failures of risk management implicated in JPMorgan’s notorious ‘London Whale’ trading losses, which roiled the financial markets in 2012. A number of these failures of risk management exemplified ways in which we, as fallible reasoners, (...) may be prone to error individually and collectively. Good epistemic practices inter alia anticipate and endeavor to correct for erroneous patterns of reasoning. They help guard against future epistemic failings, and they support good reasoning within and on the part of organizations. In so doing, they constitute some of the key structural elements of organizational epistemic virtues. (shrink)

Efficiency requires legislative political institutions. There are many ways efficiency can be promoted, and so an ongoing legislative institution is necessary to resolve this choice in a politically sustainable and economically flexible way. This poses serious problems for classical liberal proposals to constitutionally protect markets from government intervention, as seen in the work of Ilya Somin, Guido Pincione & Fernando Tesón and others. The argument for the political nature of efficiency is set out in terms of both Pareto optimality and (...) aggregate welfare maximisation, and similar arguments can be generalised to other social values. (shrink)

Neoliberalism is an approach to social policy, now globally influential, that applies market approaches to all aspects of social life, including education. Charter schools, privately operated but publicly funded, are its most prominent manifestation in the U.S. The neoliberal principles of competition, consumerism, and choice cannot serve as foundations of a sound and equitable public education system. Neoliberalism embraces socio-economic inequality overall and in doing so constricts any justice mission its adherents espouse in virtue of serving a relatively disadvantaged student (...) population, as charter schools often (by no means always) do. It constricts educational justice by (1) embracing a “human capital” approach as the primary good of education, (2) creating educational inequality through (unofficially) selecting a relatively advantaged segment of the disadvantaged demographic it serves, (3) denying the effect of poverty on educational performance, and (4) devaluing its students’ familial ethnic cultures. (shrink)

Geschwisterlichkeit wird in der Tradition des politischen Liberalismus häufig als moralischer Wert verstanden, der über das Ideal der Gerechtigkeit hinausgeht. Im Unterschied dazu argumentiert Jochen Bojanowski für ein neues Verständnis: Demnach sind wir im politischen Kontext zueinander geschwisterlich eingestellt, wenn wir einen gesellschaftlichen Kooperationsrahmen befürworten, in dem bloße Glücksunterschiede nicht in distributive Vorteile umgemünzt werden können. Ausgehend von dieser Idee entwickelt Bojanowski eine Theorie der Gerechtigkeit, der zufolge Geschwisterlichkeit einen konstitutiven Teil von Gerechtigkeit darstellt.

The recent Covid-19 global health crisis not only brings into sharp relief the current problems afflicting the international intellectual property regime (IIPR) but also calls into question its legitimacy as an international authority. Against this backdrop, the article aims to launch an investigation into the legitimacy of the IIPR, as an international co-ordinative authority, designed to protect IP rights without prejudice to international trade norms. Drawing on Raz’s service conception of authority, it explores whether the IIPR lives up to its (...) promises by enabling co-ordination between states over IP rights without undermining the initial balance on which it is founded, struck between developing and developed countries, as well as between international protection of IP- cum-trade rights and domestic regulatory autonomy. It does so by classifying the historical evolution of the IIPR under three different phases: (i) its foundation, (ii) before, and (iii) after the TRIPS-plus. Upon showing the legitimacy challenges inherent in its undemocratic foundation, the article points to the success of the regime in finding a balance between conflicting interests before the TRIPS-plus era. Later, it underlines the many challenges that come with linking the IIPR to the investment regime and argues that the FTAs and frequent regime-shifting activities put further pressure on the authority and legitimacy of the regime. Stressing the importance of democratic participation for the legitimacy of any co-ordinative authority, the article casts doubt on the IIPR’s legitimacy and concludes by raising some points to overcome the ongoing legitimacy challenges. -/- . (shrink)

In a recent article in this journal, David Rondel argues that symbolic (or semiotic) objections to markets hold significant argumentative force. Rondel distinguishes betweenIncidentalmarkets andPervasivemarkets, where Incidental markets describe individual instances of exchange and Pervasive markets comprise the social management of goods by an institutional market arrangement. In this reply, I specify a key insight that buttresses Rondel’s distinction. The distinction as it is currently characterized fails to identify when Incidental markets become Pervasive. This opaqueness allows scholars that defend markets (...) without limits to question the analytical distinctiveness of Incidental and Pervasive markets. I show that by incorporating the market’s price mechanism as an indicator of a properly Pervasive market, Rondel’s distinction is not only able to tackle the aforementioned retort, but also allows for important reflections on what types of institutions should be considered markets at all. (shrink)

Critics of investment citizenship often appeal to the idea that citizenship should not be commodified. This chapter clarifies how the different arguments in support of this Commodification Objection are best understood as versions of wider claims in the literature on the moral limits of markets (MLM). Through an analysis of the three main objections – The Wrong Distribution Argument, The Value Degradation Argument, and the Motivational Corruption Argument – it claims that these objections rely on flawed and partial interpretations of (...) the broader debates. As such, they do not in fact support the conclusions critics of investment citizenship wish to draw from them. The paper concludes that the commodification objection to investment citizenship should therefore be abandoned, and that normative resistance to the practice should be made on other grounds. (shrink)

Self-employment merits protection and promotion, we often hear, because it confers independence from a boss. But what, if anything, is wrong with having a boss? On one of the two views that this chapter inspects, being under the power of a boss is objectionable as such, no matter how suitably checked this power may be, for it undermines workers’ agency. On a second view, which republican theorists favor, what is objectionable is subjection not to the power of a boss as (...) such but to their arbitrary power. The first view is unconvincing, I argue, as it entails (implausibly) that being under the power of others in realms like the family or the state is likewise objectionable as such. And although the second view yields compelling reasons for self-employment, it only does so when employers’ power is not suitably checked. When it is, such reasons are more easily outweighed by competing considerations, like those stemming from the further forms of dependence—on suppliers and purchasers—that self-employment may prompt. (shrink)

Ethics for Capitalists offers an accessible, comprehensive statement of the Market Failures Approach to business ethics. While the competitive context of the market economy provides economic actors greater freedom to pursue their interests, it also imposes moral constraints on the range of strategies they may employ. The pursuit of profit must be consistent with the overall objective of market institutions, which is to promote efficiency in the production and allocation of goods and services. Ethics for Capitalists draws out the implications (...) of this view for business strategy, corporate governance, managerial authority, and shareholder primacy. (shrink)

Are hierarchical arrangements in the workplace, including the employer-employee relationship, consistent with the ideal of relating to one another as moral equals? With this question at its core, this volume of essays by leading moral and political philosophers explores ideas about justice in the workplace, contributing to both political philosophy and business ethics. Relational egalitarians propose that the ideal of equality is primarily an ideal of social relationships and view the equality of social relationships as having priority over the distributive (...) arrangements. Yet contemporary workplaces are characterized by hierarchical employer-employee relationships. The essays push discussions of the relational egalitarian tradition in new directions, helping to show its promise and its limits. They address pressing concerns at a time of widening inequality and rapid changes in the nature of work. (shrink)