Abstract

Consider a stylized contrast between medical and business ethics. Both fields of applied ethics focus on a profession whose activities are basic to human welfare. Both enquire into obligations of professionals, and the relations between goals intrinsic to the profession and ethical duties to others and to the society. I am struck, however, by a fundamental difference: whereas medical ethics takes place against a background of almost universal consensus that the practice of medicine is admirable and morally praiseworthy, the business profession is embedded within the framework of firms in a capitalist market economy, and for the last century and a half there has been sustained debate about the moral and economic justifiability of such an economy. To be sure, even under socialism there might be an “ethics of socialist managers,” and there would be some overlap between such an ethic and contemporary business ethics. Nevertheless, many of the characteristic problems of business ethics — e.g., what are the obligations of a corporation to its shareholders? — arise only in the context of a private property-based market economy. This raises a deep problem for business ethics: can one develop an account of ethical practices for an activity (i.e., business) while ignoring that the context in which this activity occurs (i.e., capitalism) is morally controversial? It is as if the work in medical ethics proceeded in the midst of widespread disagreement whether medicine was a good thing. Another way of thinking about the problem is: if one teaches business ethics, does this commit you to accepting that business can be ethical? And doesn’t this commit you to accepting that capitalism is justifiable?1 I suspect that this is a serious problem for many teachers of business ethics. Many were trained in academic philosophy, and within academic philosophy there are many who think — or at least suspect — that capitalism is basically unjust, or perhaps that only a greatly modified capitalism would be acceptable..