This article unravels the complex set of financial dealings that are at the heart of the Enron story and follows the story through the highs and lows of Enron share prices. The key players are identified and their roles described. Apart from the financial and accounting issues, the Enron story also raises a wide range of ethical issues including corporate governance, organisational culture and ethical leadership and scrutiny. These are discussed in the article. It might be argued that Enron could (...) never have got away with some of its practices if it had been operating in Europe. The article concludes that this view may be naïve, particularly in the light of recent media disclosures of the UK Labour government's continuing flirtation with business donations. The Enron story raises serious considerations in a whole host of financial, economic, political and ethical areas. As the Enron story continues to unfold, an article of this type can only begin to scratch the surface of some of these issues and to lay them out for further investigation. (shrink)

Abstract:The discussion of the global economy and worldwide expansion of the capitalist and market economic system barely deals with the topic of public goods, although they are of paramount importance precisely in this international setting. Fortunately, the theory of public economics systematically developed the central concept of the public good with its far-reaching implications so that this knowledge can be applied also to global issues. In order to treat these often vaguely discussed issues, a typology of international relations is proposed. (...) These and other considerations prepare the way to ask the question about the implied ethos. Because a common and sustainable ethos for public goods in the global economy is of great relevance and high urgency, both religious and non-religious ethical traditions are called for making their necessary contributions to this foundation. (shrink)

This paper offers a new concept of the firm that aims at balancing the corporate economic, social, and environmental responsibilities and goes beyond the stakeholder approach. It intends to provide a conceptual and operationalizable basis to fairly assess corporate conduct from both inside and outside the companies. To a large extent these different responsibilities may overlap and reinforce each other. However, if they conflict, they should be clearly evaluated for their own sake and in terms of wealth creation. Only then (...) can a balanced approach be realized. Section 1 briefly discusses some general aspects of the relationship between concepts and measurement. In Section 2, a concept of the firm is developed that is based on the notion of responsibility and balances economic, social and environmental responsibilities. According to these concepts, different ways of measuring corporate planning and performance are examined in Section 3, followed up by a summary and conclusions. (shrink)