Leaving an editorial chair provides an opportunity for the departing incumbent to deliver a final message to his readers. Seven years after founding Business Ethics. A European Review the editor can offer no better valedictory than to explore the role of moral courage in the ethical conduct of business. Not only does this provide an excellent illustration of the recent recovery of the subject of “virtue” ethics in moral philosophy in general, as well as in the application of morality to (...) business. It also serves to highlight the important difference between ‘business ethics’ as a term applied to the study of right and wrong behaviour in business, and ‘ethical business’, which is business actually conducted on ethical lines. For the difference between behaving rightly and wrongly in any area of human activity, including that of business, is not simply a matter of knowledge, or of finding the “correct” answer. There is a crucial psychological gap between knowing what one ought to do and then actually doing it; as Ovid ruefully observed, we see and approve the better things, yet we follow the worse. This is where courage comes in, for the gap between ethical perception and ethical performance is bridged by moral courage, as the following article suggests. More colloquially, the author is accustomed to conclude his classroom teaching on business ethics by observing that it is one thing to work out, often laboriously and hesitantly, what is the correct line of behaviour to follow; it is quite another thing to have the guts to follow it. An early version of this paper was delivered in Gresham College, London, while a more developed account dates from the First World Congress of the International Society of Business, Economics and Ethics, held in Tokyo in 1996. The following is reprinted from International Business Ethics: Challenges and Approaches , edited by George Enderle earlier this year and published by the University of Notre Dame Press and Hong Kong University Press. (shrink)

Stakeholder theory aims at identifying those who have rights or interests at stake in business behaviour. Can we turn the tables and also consider what ethical responsibilities various stakeholders may have for the good behaviour of business? The author is Editor of this Review. This article contains material which also appeared in the Hugh Kay Memorial Lecture for 1993 delivered by the author under the auspices of the Christian Association of Business Executives, London.

Sources include the data‐base of the Institute of Management Information Centre, Management House, Cottingham Road, Corby, Northants NN17 1TT, England , to whom acknowledgement is made.

Sources include the data‐base of the Institute of Management Information Centre, Management House, Cottingham Road, Corby, Northants NN17 1TT, England (tel 0536 204222), to whom acknowledgement is made.

Interest in business ethics is not new in Britain and has been increasing recently. Business companies have responded over the years with various organisational initiatives, including the British Institute of Management and the Christian Association of Business Executives; and interest in corporate mission statements and codes of conduct is growing. As a formal subject for study and teaching, however, business ethics is still in a rudimentary form, dependent on work in the United States. However, official reports, conferences, and new Centres (...) are indicators of growing interest. As teaching begins to develop British business ethics has to identify its own agenda, and especially in the light of 1992 and the implementation of the Single European Act. (shrink)