The claim that managers have a fiduciary duty to shareholders to run the corporation in their interests is generally supported by two arguments: that shareholders are owners of a corporation and that they have a contract or agency relation with management. The latter argument is used by Kenneth E. Goodpaster, who rejects a multi-fiduciary, stakeholder approach on the grounds that the shareholder-management relation is “ethically different” because of its fiduciary character. Both of these arguments provide an inadequate basis for the (...) fiduciary duties of officers and directors of corporations. The basis is to be found, rather, in considerations of public policy, a point that was established in the Dodd-Berle exchange of the 1930s. This conclusion also shows the inadequacy of Goodpaster’s solution to the so-called stakeholder paradox, and an alternative solution to the paradox is presented. (shrink)

This presidential address to the Society for Business Ethics argues that business ethics rests upon the mistaken assumption thatteaching and research in the field ought to aim at the incorporation of ethics into managerial decision making. An alternative to this Moral Manager Model is a Moral Market Model, in which the aim is to develop markets that produce ethical outcomes. The differencesbetween the two models are discussed with reference to the themes of responsibility, participation, and relationships.

If one cannot establish givens, such as Platonic ideas, or determiners, such as Kantian categories, as a point of departure for philosophical inquiry, then how is philosophical inquiry to proceed in a non-question-begging manner? This, of course, is the familiar problem of grounding philosophical discourse. In this essay, I hope to offer a Zhuangzian solution—that is, a solution derived from analysis of the Zhuangzi 莊子 text—to this perennial philosophical problem. As a result, I hope to give the reader a critical (...) glimpse into a Zhuangzian philosophy without foundations, thereby providing a potential solution to the preceding problem while displaying the continued relevance of the Zhuangzi text. (shrink)

ABSTRACT:Intermediaries, such as accountants, lawyers, and bankers, are gatekeepers, which are parties whose cooperation is necessary for corporations to function and who, by withholding cooperation, are able to prevent significant corporate misconduct. The recent scandals at Enron and other corporations were due, in part, to failures by gatekeeper institutions. However, intermediaries exist primarily to provide for-fee services and not specifically to detect and deter misconduct. Insofar as these institutions are gatekeepers or guardians, they serve reluctantly. Hence the question: What is (...) the responsibility of intermediaries to act as gatekeepers? This article argues that the appropriate moral, as well as legal, principle for justifying responsibility in a gatekeeper role is cost effectiveness. This conclusion is reached by means of a hypothetical exercise called the investors’ bargain in which investors—who bear the costs and receive the benefits of intermediaries’ gatekeeper role—are asked to choose the best means of protecting their interests. (shrink)

Theory choice can be approached in at least four ways. One of these calls for the application of decision theory, and this article endorses this approach. But applying standard forms of decision theory imposes an overly demanding standard of numeric information, supposedly satisfied by point-valued utility and probability functions. To ameliorate this difficulty, a version of decision theory that requires merely comparative utilities and plausibilities is proposed. After a brief summary of this alternative, the article illustrates how comparative decision theory (...) affords a rational reconstruction of decisions made by exemplary scientists in two cases of theory choice: Buffon’s law and the luminiferous ether. It also offers a rational reconstruction of two cases of theory diagnosis: Mendeleev’s anomalies and the Pioneer anomaly. (shrink)

Intermediaries, such as accountants, lawyers, and bankers, are gatekeepers, which are parties whose cooperation is necessary for corporations to function and who, by withholding cooperation, are able to prevent significant corporate misconduct. The recent scandals at Enron and other corporations were due, in part, to failures by gatekeeper institutions. However, intermediaries exist primarily to provide for-fee services and not specifically to detect and deter misconduct. Insofar asthese institutions are gatekeepers or guardians, they serve reluctantly. Hence the question: What is the (...) responsibility of intermediaries to act as gatekeepers? This article argues that the appropriate moral, as well as legal, principle for justifying responsibility in a gatekeeper role is cost effectiveness. This conclusion is reached by means of a hypothetical exercise called the investors’ bargain in which investors—who bear the costs and receive the benefits of intermediaries’ gatekeeper role—are asked to choose the best means of protecting their interests. (shrink)

In their article, “Shrewd Bargaining on the Moral Frontier,” J. Gregory Dees and Peter C. Crampton challenge us with a puzzle about deception in bargaining. How can the practice of misleading others about our settlement preferences—the terms on which we are willing to come to an agreement —possibly be justified? On any standard ethical theory, they claim, Brer Rabbit's trick of professing fear of the briar patch in order to avoid being eaten by the fox would seem to be wrong, (...) and yet we read this tale to our children for their moral edification. The discussion by Dees and Crampton of this apparent inconsistency is penetrating, instructive, and well-informed. It is also a delight to read. (shrink)

Wolfgang Stegmüller, the leading German philosopher of science, considers the status of scientific revolutions the central issue in the field ever since "the famous Popper-Lakatos-Kuhn discussion" of a decade and a half ago, comments on "almost all contributions to this problem", and offers his alternative solutions in a series of papers culminating with, and summarized in, his recent "A Combined Approach to Dynamics of Theories. How To Improve Historical Interpretations of Theory Change By Applying Set Theoretical Structures", published in Gerard (...) Radnitzky and Gunnar Andersson, editors, The Structure and Development of Science, issued in the Boston Studies in the Philosophy of Science series, volume 59, 1979, pp. 151-86. Popper views scientific revolutions as rational and due to empirical refutations, but there are no refutations in science. Lakatos agrees and assumes that research programs are refutable and their replacements to be revolutions, but the same arguments he launches against Popper apply to him; moreover, applying his philosophy to itself makes it collapse anyway . Kuhn's view was interpreted to be one of scientific revolutions as quite irrational and as arbitrary as mob action. Stegmüller presents revolution in another interpretation of Kuhn - as non-rational, as based on hopes and value judgment but not on facts. He thinks there are big and small revolutions. And he uses his own modifications of J. D. Sneed's famous formal analysis of scientific theory to make his point. After presenting a summary of Stegmüller's ideas in our own way, which seems to us a clarification of presentation with no change of content, especially due to our stressing all differences of opinion, we apply Stegmüller's idea to itself, the way Stegmüller has done with the view of Lakatos, and with similar results. (shrink)

To promote so-called cultural competence in work of direct-care providers and other health professionals among diverse peoples, cross-cultural training is now widely advised. However, in ethically assessing aims and content of CCT, and surrounding issues and concerns, what should guide us? And if we can elaborate satisfactory moral touchstones, what do they imply for healthcare professionals, overarching structures, and bioethicists? Building on prior work, this paper tries to help answer these questions.

This essay is concerned with modern and postmodern theories of the sublime and with a possible theological response to them. The essay first discusses the “modern sublime” and the “postmodern sublime” , and shows how these versions of the sublime terminate in one or the other form of “pure immanence” and, hence, are not sublime in any standard sense of the term. The essay then argues, in a second part, for an aesthetic of the beautiful and the sublime based upon (...) the theological doctrine of the analogy of being as articulated in the past century by Erich Przywara, S. J. (shrink)

In their article, “Shrewd Bargaining on the Moral Frontier,” J. Gregory Dees and Peter C. Crampton challenge us with a puzzle about deception in bargaining. How can the practice of misleading others about our settlement preferences—the terms on which we are willing to come to an agreement —possibly be justified? On any standard ethical theory, they claim, Brer Rabbit's trick of professing fear of the briar patch in order to avoid being eaten by the fox would seem to be wrong, (...) and yet we read this tale to our children for their moral edification. The discussion by Dees and Crampton of this apparent inconsistency is penetrating, instructive, and well-informed. It is also a delight to read. (shrink)

In order to understand the way in which the results of a study of business ethics could enter into the actual conduct of business, I formulate and examine five models of the role of the manager which can be found in the literature of management theory. These I call the engineering model, the economic model, the management of values model, the formal organization model, and the political model. While none of these models is wholly adequate, each provides important theoretical insights (...) into the relevance of ethics to management decision making which can be of use in the examination of specific cases. (shrink)

Although enterprise risk management (ERM) has many benefits for corporations, there has been virtually no discussion of the extent to which its practice may be said to constitute corporate social responsibility. This article presents a prima facie case for the convergence of the two and examines this case through a consideration of four possible objections or challenges. The conclusion of this article is a tempered optimism that ERM has the significant, but as yet untapped, potential to constitute socially responsible activity, (...) which, if realized, would enable Adam Smith's invisible hand of the marketplace to have an expanded sweep. (shrink)

In this essay, Brook Ziporyn’s reading of Zhuangzi 莊子 is explicated and broken down into what I take to be its two primary parts: first, Zhuangzi’s epistemological agnosticism and perspectivism, and second, Zhuangzi’s Wild Card. The former presents a unique set of philosophical problems through the specialized terminology of the classical Chinese lexicon, while the latter tries to remedy these problems. I take the first part of Zhuangzi’s position to be compelling and pertinent, while the second part is problematic. Carrying (...) out the project, I focus primarily on Ziporyn’s recent publication, Ironies of Oneness and Difference, as well as his translation of the Zhuangzi chapters that (allegedly —... (shrink)

This chapter investigates Spinoza's conception of reason, focusing on (i) the difference between reason and the imagination, and (ii) the difference between reason and intuitive knowledge. The central interpretive debate this chapter considers is about the scope of rational cognition. Some commentators have argued that it is only possible to have rational cognition of properties that are universally shared, whereas intuitive knowledge may grasp the essences of particular individuals. Another prominent interpretation is that reason differs from intuition only in virtue (...) of its form or manner of apprehension, and not in virtue of the content or ideas it apprehends. However, authors on both sides of the debate have held that reason is incapable of grasping singular things. After summarizing the debate, this chapter presents an argument that Spinozan reason is not blind to particulars: it is (at least sometimes) capable of grasping the causal structure that characterizes an individual. (shrink)

Despite often being condemned for having a paradigmatically unrealistic or dangerous conception of power, Plato expends much effort in constructing his distinctive conception of power. In the wake of Socrates’ trial and execution, Plato writes about conventional, elitist, and radically unethical conceptions of power only to ‘refute’ them on behalf of a favoured conception of power allied with justice. Are his arguments as pathetic or wrong-headed as many theorists make them out to be – from Machiavelli to contemporary political realists, (...) from ‘political’ critics of Plato ranging from Popper to Arendt? And if not, has our understanding of power been impoverished? This question has been surprisingly unasked, and it is one I address by asking Plato and his critics: What are the dialectical moves Plato makes in refuting Socrates’s opponents and constructing his own conception of legitimate power? Exactly how does he interweave his conception of power with a kind of ethics? How does it compare to recent conceptions of political realism and the power-politics/ethics relationship – e.g., after Marx and Foucault? While addressing these questions I also attend to the issue of Plato’s historicity: to what extent do the limits of his language and world affect our reading of Plato and his political critics? Ultimately, I argue that and how Plato’s conception of power and its political dimensions realistically have much to teach us that we have not learned. (shrink)

As the second decade of the twenty-first century begins, political leaders across Western Europe have increasingly pointed to Muslims' bodily attitudes as indicative of their refusal to join the wider society, and as indicative of the failure of the society to sufficiently carry out programs of political socialization and assimilation. Among the targeted practices have been covering the hair or face , wearing loose, short trousers , refusing to shake hands with those of the opposite sex, and praying in the (...) street . Political actors have made both broader and more specific claims: that these badges of separation show that some Muslims refuse the rules of common social life, and that covering the hair or face shows that the oppression of women, either in particular cases or generally, remains part of Islamic culture. Civic "normality" is thereby portrayed against images of its opposite: people who by their bodily practices show themselves to be visibly and slavishly obedient, unmodern, and sectarian. I examine here how politically useful condemnations have been given the force of law in France. In particular, I trace a shift in the legal justifications for French laws and decisions targeting women's dress during the first decade of the 2000s. The shift, to be found in texts of court decisions and administrative practice, consists in moving from harm-based arguments to values-based ones. (shrink)

This article interprets demokratia and arete as dynamically related terms of political thought in ancient Greek culture, from Homeric times to the end of the classical era. It does so selectively, identifying three stages in which this relationship is developed: from the Homeric to archaic eras; fifth-century Athenian democracy, in which demokratia and arete are posed as complementary terms; and the fourth century era in which philosophers used virtue to critique democracy. Relying mostly on evidence from writers who have become (...) benchmarks in the history of Western political thought, the argument emphasizes the inherently political dimension of arete during this period of ancient Greek culture. Noting different ways in which arete is related to political power in general and democracy in particular, it also illustrates the manner in which arete is neither philosophically pristine nor merely an instrument. (shrink)

This article interprets demokratia and arete as dynamically related terms of political thought in ancient Greek culture, from Homeric times to the end of the classical era. It does so selectively, identifying three stages in which this relationship is developed: from the Homeric to archaic eras; fifth-century Athenian democracy, in which demokratia and arete are posed as complementary terms; and the fourth century era in which philosophers used virtue to critique democracy. Relying mostly on evidence from writers who have become (...) benchmarks in the history of Western political thought, the argument emphasizes the inherently political dimension of arete during this period of ancient Greek culture. Noting different ways in which arete is related to political power in general and democracy in particular, it also illustrates the manner in which arete is neither philosophically pristine nor merely an instrument of practical power. The effect of the research contradicts traditional and recent readings of democracy and virtue as inherently antagonistic. The aim of the article is to identify ancient Greek contributions to understanding the potential, contingencies and dangers of the relationship between democracy and virtue — one which may benefit both democracy and virtue. (shrink)

Citizens, political leaders, and scholars invoke the term 'democracy' to describe present-day states without grasping its roots or prospects in theory or practice. This book clarifies the political discourse about democracy by identifying that its primary focus is human activity, not consent. It points out how democracy is neither self-legitimating nor self-justifying and so requires critical, ethical discourse to address its ongoing problems, such as inequality and exclusion. Wallach pinpoints how democracy has historically depended on notions of goodness to ratify (...) its power. The book analyses pivotal concepts of democratic ethics such as 'virtue', 'representation', 'civil rightness', 'legitimacy', and 'human rights' and looks at them as practical versions of goodness that have adapted democracy to new constellations of power in history. Wallach notes how democratic ethics should never be reduced to power or moral ideals. Historical understanding needs to come first to highlight the potentials and prospects of democratic citizenship. (shrink)

The notion of 'democracy' as found in ancient Athens and the work of ancient Greek political theorists has crucially functioned as a critical, distant mirror for major authors of twentieth-century political thought -- starting importantly with Ernest Barker but continuing along diverse paths in the works of Karl Popper, Leo Strauss, Hannah Arendt in the wake of World War II, as well as for recent theorists of democracy who have read Athenian practices and critical discourses against the grain of contemporary (...) philosophy, politics, and culture. In all of them, images of 'democracy' in ancient Greek political theory operate simultaneously as historical discoveries, theoretical constructions, and rhetorical supplements for critical renditions of the political realm. As such, they evidence the slippery centrality of ideas of democracy in ancient Greek political thought for the necessary, problematic, and divergent efforts of recent political theorists to justify their ideas as historically rooted, philosophically true, and politically relevant. (shrink)

The notion of ‘democracy’ as found in ancient Athens and the work of ancient Greek political theorists has crucially functioned as a critical, distant mirror for major authors of twentieth-century political thought — starting importantly with Ernest Barker but continuing along diverse paths in the works of Karl Popper, Leo Strauss, Hannah Arendt in the wake ofWorld War II, as well as for recent theorists of democracy who have read Athenian practices and critical discourses against the grain of contemporary philosophy, (...) politics, and culture. In all of them, images of ‘democracy’ in ancient Greek political theory operate simultaneously as historical discoveries, theoretical constructions, and rhetorical supplements for critical renditions of the political realm. As such, they evidence the slippery centrality of ideas of democracy in ancient Greek political thought for the necessary, problematic, and divergent efforts of recent political theorists to justify their ideas as historically rooted, philosophically true, and politically relevant. (shrink)

Notably since Thomas Hobbes, canonically with Benjamin Constant, and conventionally amid Nietzschean, Popperian, Straussian, Arendtian, liberal, republican, political, and sociological readings of ancient texts, contemporary scholarship on the ancients often has employed some version of the dichotomous ancient/modern or ancient/contemporary contrast as a template for explaining, understanding, and interpretively appropriating ancient texts and political practices – particularly those of ancient Greek philosophy and democracy. In particular, this has been done to argue for some conception of political ethics and democracy. I (...) argue that this rhetorical trope, often using Athens and Europe/America as synecdoches for antiquity and modernity, has generated narrow and distorted views of ancient texts and political practices, on the one hand, and their contemporary relevance, on the other – views that misinterpret the theoretical significance of historical phenomena and misread the potential lessons of ancient authorities. Instead, texts and practices should be read either with more qualifications or more fully against a historical dynamic of critical philosophy and political power – including its ethical, cultural, institutional, and governing elements – that is not framed by this dichotomy. (shrink)

This paper attempts to clarify some of the mathematical details of Ramón Llull's combinatorial logic.

How can the objectivity of an argument’s conclusion be determined? To propose an answer, this paper builds on Betz’s view of premises as hedged hypotheses. If an argument’s premises are hedged, its conclusion must be hedged as well. But how? The paper first introduces a two-dimensional critical grid. The grid’s vertical dimension is inductive, reflecting the argument’s downward flow from premises to conclusion. It specifies the inductive probability of the conclusion given the premises. The grid’s horizontal dimension is epistemic, focusing (...) on the premises without dropping down to the conclusion. It evaluates the epistemic probability of the premises when conjoined. This two-dimensional grid is then applied to three kinds of cases: vertical and horizontal evaluations rely on point-valued probabilities; vertical and horizontal evaluations rely on interval probabilities; vertical and horizontal evaluations rely on non-numeric plausibilities. The result is that, in each case, the argument’s conclusion can be assigned a credence tag, as it were, that reflects a critical appraisal of its objectivity. Reference Betz, Gregor. 2013. “In defence of the value free ideal.” European Journal for Philosophy of Science 3, 207–220. (shrink)

Some arguments are good; others are not. How can we tell the difference? This article advances three proposals as a partial answer to this question. The proposals are keyed to arguments conditioned by different degrees of uncertainty: mild, where the argument’s premises are hedged with point-valued probabilities; moderate, where the premises are hedged with interval probabilities; and severe, where the premises are hedged with non-numeric plausibilities such as ‘very likely’ or ‘unconfirmed’. For mild uncertainty, the article proposes to apply a (...) principle referred to as ‘Jeffrey’s rule’, for the principle is a generalization of Jeffrey conditionalization. For moderate uncertainty, the proposal is to extend Jeffrey’s rule for use with probability intervals. For severe uncertainty, the article proposes that even when lack of probabilistic information prevents the application of Jeffrey’s rule, the rule can be adapted to these conditions with the aid of a suitable plausibility measure. Together, the three proposals introduce an approach to argument evaluation that complements established frameworks for evaluating arguments: deductive soundness, informal logic, argumentation schemes, pragma-dialectics, and Bayesian inference. Nevertheless, this approach can be looked at as a generalization of the truth and validity conditions of the classical criterion for sound argumentation. (shrink)

Henrike Jansen’s “The strategic formulation of abductive arguments in everyday reasoning” insightfully explores the terrain of abductive argumentation. The purpose of this note is to continue the exploration along lines marked out by her paper. This further exploration proceeds in two stages. Section 2 of the paper addresses the nature of abductive inference by distinguishing two types of abduction, identifying some of abduction’s formal and nonformal properties, and relating abduction to enthymematic inference. Section 3 focuses on some of Jansen’s examples, (...) paying particular attention to the distinction between abduction and argument from sign. Whereas Jansen maintains that some arguments from sign are not abductive, the paper suggests an alternative perspective from which arguments from sign can generally be viewed as one sort of abductive inference. (shrink)

This paper argues that structural elements of Bonaventure’s illumination theory significantly parallel Kantian transcendental philosophy. The question of whetherand what elements of transcendental thought can be found in Bonaventure’s philosophy is potentially instructive both for understanding medieval influences on transcendental philosophy and for raising the philosophical question of why substantially similar premises and thought-patterns result in substantially different solutions. After defining what I mean by “transcendental philosophy” and justifying that definition I turn to Bonaventure’s illumination theory and highlight thought patterns (...) parallel to Kantian transcendental philosophy that emerge in Bonaventure’s epistemology. Finally, I discuss how their differences help us to understand the variations in medieval and modern solutions to what is sometimes termed “the transcendental problem.”. (shrink)

For Max Scheler, St. Francis represented perhaps the highest ideal of the moral life, an ideal he felt compelled to articulate throughout his philosophical work. In this paper, I examine the significance of the person of St. Francis for Scheler’s philosophy. I begin by developing Scheler’s notion of “exemplary person,” the idea that persons act as influences on moral life and thought. I then hypothesize that St. Francis functioned as an exemplary person for Scheler. Finally, I attempt to justify that (...) hypothesis by examining Scheler’s discussion of Francis in Sympathy and by comparing Scheler’s philosophy to elements of the thought of Bonaventure and of Scotus. I conclude with a discussion of the significance of using exemplary persons for understanding the history of philosophy. (shrink)