Business Ethics: A European Review, EarlyView.

This article argues that shareholder primacy cannot be defended on the grounds that there is something special about the position of shareholders that grounds a right to preferential treatment on part of management. The notions of property and contract, traditionally thought to ground such a right, are now widely recognized as incapable of playing that role. This leaves shareholder theorists with two options. They can either abandon the project of arguing for their view on broadly deontological grounds and try to (...) advance consequentialist arguments instead, or they can search for other morally relevant properties that could ground shareholder rights. The most sustained argument in the latter vein is Marcoux’s attempt to show that the vulnerability of shareholders mandates that managers are their fiduciaries. I show that this argument leads to the unacceptable conclusion that it would be unethical for corporations to make incomplete contracts with nonshareholding stakeholders. (shrink)

This paper will show that if we take conventional ethics seriously, then there is no moral justification for business profits. To show this, we explore three conventional ethical theories, namely Christian ethics, Kantian ethics and Utilitarian ethics. Since they essentially reject self-interest, they also reject the essence of business: the profit motive. To illustrate the relationship, we will concretize how the anti-egoist perspective expresses itself in business and business ethics. In business, we look at what many businesses regard as proof (...) of their virtue. In business ethics, we look at what many business ethicists say about the relationship between morality and self-interest and, thus, the profit motive. Ultimately, we will argue that conventional ethics can, at most, only justify the means of business, but not the end of business. (shrink)

In recent years, there has been increasing concern about unethical conduct within corporate business, not least because of the scandalous behavior of former chief executives at top blue chip companies such as Enron, Worldcom, Parmalat, and Volkswagen. These scandals have not only threatened the privileged position of senior corporate employees but also the solvency of the companies they manage and lead. The high profile cases of corporate crime and corruption that occurred in the early 2000s together with the 2008 Wall (...) Street bailouts and the growth in criminal prosecutions since have raised the profile of business ethics to an unprecedented level. Greater public sensitivity toward and awareness about the unlawful and immoral conduct of firms in the United States and elsewhere, has created demand for organizations to become more accountable and socially responsible and prompted greater regulatory scrutiny. It has also served to highlight the embryonic and delimited state of research and scholarship on business ethics, where the focus has tended to remain on leadership. A neglected, though important, line of ethical enquiry concerns followership. Corporate wrongdoing would be less formidable and extensive if it was not aided and abetted. Two key questions arise. First, what prompts followers to support rather than oppose bad leaders? Second, what can be done to stem or at least curtail their allegiance to bad leaders? (shrink)

This article addresses a dilemma about autonomous vehicles: how to respond to trade-off scenarios in which all possible responses involve the loss of life but there is a choice about whose life or lives are lost. I consider four options: kill fewer people, protect passengers, equal concern for survival, and recognize everyone’s interests. I solve this dilemma via what I call the new trolley problem, which seeks a rationale for the intuition that it is unethical to kill a smaller number (...) of people to avoid killing a greater number of people based on numbers alone. I argue that killing a smaller number of people to avoid killing a greater number of people based on numbers alone is unethical because it disrespects the humanity of the individuals in the smaller-numbered group. I defend the recognize-everyone’s-interests algorithm, which will probably kill fewer people but will not do so based on numbers alone. (shrink)