Business Ethics - Wikipedia, The Free Encyclopedia

2/1/12 Business ethics - Wikipedia, the free encyclopedia

1/39en.wikipedia.org/wiki/Business_ethics

Business ethicsFrom Wikipedia, the free encyclopedia

Business ethics (also corporate ethics) is a form of applied ethics or professional ethicsthat examines ethical principles and moral or ethical problems that arise in a businessenvironment. It applies to all aspects of business conduct and is relevant to the conduct ofindividuals and entire organizations.

Business ethics has both normative and descriptive dimensions. As a corporate practice anda career specialization, the field is primarily normative. Academics attempting to understandbusiness behavior employ descriptive methods. The range and quantity of business ethicalissues reflects the interaction of profit-maximizing behavior with non-economic concerns.Interest in business ethics accelerated dramatically during the 1980s and 1990s, both withinmajor corporations and within academia. For example, today most major corporationspromote their commitment to non-economic values under headings such as ethics codes andsocial responsibility charters. Adam Smith said, "People of the same trade seldom meettogether, even for merriment and diversion, but the conversation ends in a conspiracy against

the public, or in some contrivance to raise prices."[1] Governments use laws and regulationsto point business behavior in what they perceive to be beneficial directions. Ethics implicitly

regulates areas and details of behavior that lie beyond governmental control.[2] Theemergence of large corporations with limited relationships and sensitivity to the communities

in which they operate accelerated the development of formal ethics regimes.[3]

Contents

1 History2 Overview3 Functional business areas

3.1 Finance3.2 Other issues3.3 Human resource management3.4 Sales and marketing3.5 Production3.6 Property3.7 Intellectual property

4 International issues5 Economic systems



6 Law and regulation7 Implementation

7.1 Corporate policies7.2 Ethics officers

8 Academic discipline9 Religious views10 Related disciplines11 See also12 References13 Further reading14 External links

History

Business ethical norms reflect the norms of each historical period. As time passes normsevolve, causing accepted behaviors to become objectionable. Business ethics and the

resulting behavior evolved as well. Business was involved in slavery,[4][5][6] colonialism,[7][8]

and the cold war.[9][10]

The term 'business ethics' came into common use in the United States in the early 1970s. Bythe mid-1980s at least 500 courses in business ethics reached 40,000 students, using sometwenty textbooks and at least ten casebooks along supported by professional societies,centers and journals of business ethics. The Society for Business Ethics was started in 1980.European business schools adopted business ethics after 1987 commencing with the

European Business Ethics Network (EBEN).[11][12][13][14] In 1982 the first single-authored

books in the field appeared.[15][16]

Firms started highlighting their ethical stature in the late 1980s and early 1990s, possiblytrying to distance themselves from the business scandals of the day, such as the savings andloan crisis. The idea of business ethics caught the attention of academics, media and

business firms by the end of the Cold War.[12][17][18] However, legitimate criticism ofbusiness practices was attacked for infringing the "freedom" of entrepreneurs and critics

were accused of supporting communists.[19][20] This scuttled the discourse of business

ethics both in media and academia.[21]

Overview



Business ethics reflects the philosophy of business, one of whose aims is to determine thefundamental purposes of a company. If a company's purpose is to maximize shareholderreturns, then sacrificing profits to other concerns is a violation of its fiduciary responsibility.Corporate entities are legally considered as persons in USA and in most nations. The'corporate persons' are legally entitled to the rights and liabilities due to citizens as persons.

Economist Milton Friedman writes that corporate executives' "responsibility... generally willbe to make as much money as possible while conforming to their basic rules of the society,

both those embodied in law and those embodied in ethical custom".[22] Friedman also said,"the only entities who can have responsibilities are individuals ... A business cannot haveresponsibilities. So the question is, do corporate executives, provided they stay within thelaw, have responsibilities in their business activities other than to make as much money for

their stockholders as possible? And my answer to that is, no, they do not."[22][23][24] Amulti-country 2011 survey found support for this view among the "informed public" ranging

from 30-80%.[25] Duska views Friedman's argument as consequentialist rather thanpragmatic, implying that unrestrained corporate freedom would benefit the most in long

term.[26][27] Similarly author business consultant Peter Drucker observed, "There is neither aseparate ethics of business nor is one needed", implying that standards of personal ethics

cover all business situations.[28] However, Peter Drucker in another instance observed that

the ultimate responsibility of company directors is not to harm—primum non nocere.[29]

Another view of business is that it must exhibit corporate social responsibility (CSR): anumbrella term indicating that an ethical business must act as a responsible citizen of the

communities in which it operates even at the cost of profits or other goals.[30][31][32][33][34]

In the US and most other nations corporate entities are legally treated as persons in somerespects. For example, they can hold title to property, sue and be sued and are subject totaxation, although their free speech rights are limited. This can be interpreted to imply that

they have independent ethical responsibilities.[citation needed] Duska argues that stakeholdershave the right to expect a business to be ethical; if business has no ethical obligations, otherinstitutions could make the same claim which would be counterproductive to the

corporation.[26]

Ethical issues include the rights and duties between a company and its employees, suppliers,customers and neighbors, its fiduciary responsibility to its shareholders. Issues concerningrelations between different companies include hostile take-overs and industrial espionage.Related issues include corporate governance;corporate social entrepreneurship; politicalcontributions; legal issues such as the ethical debate over introducing a crime of corporate

manslaughter; and the marketing of corporations' ethics policies.[citation needed]



Functional business areas

Finance

Fundamentally, finance is a social science discipline.[35] The discipline borders behavioral

economics, sociology,[36] economics, accounting and management. It concerns technicalissues such as the mix of debt and equity, dividend policy, the evaluation of alternativeinvestment projects, options, futures, swaps, and other derivatives, portfolio diversification

and many others. It is often mistaken to be a discipline free from ethical burdens.[35] The2008 financial crisis caused critics to challenge the ethics of the executives in charge of U.S.

and European financial institutions and financial regulatory bodies.[37] Finance ethics isoverlooked for another reason—issues in finance are often addressed as matters of law

rather than ethics.[38]

Finance paradigm

Aristotle said, "the end and purpose of the polis is the good life".[39] Adam Smithcharacterized the good life in terms of material goods and intellectual and moral excellences

of character.[40] Smith in his The Wealth of Nations commented, "All for ourselves, andnothing for other people, seems, in every age of the world, to have been the vile maxim of the

masters of mankind."[41]

However, a section of economists influenced by the ideology of neoliberalism, interpretedthe objective of economics to be maximization of economic growth through accelerated

consumption and production of goods and services.[42] Neoliberal ideology promoted

finance from its position as a component of economics to its core.[citation needed]

Proponents of the ideology hold that unrestricted financial flows, if redeemed from the

shackles of "financial repressions",[43] best help impoverished nations to

grow.[citation needed] The theory holds that open financial systems accelerate economicgrowth by encouraging foreign capital inflows, thereby enabling higher levels of savings,

investment, employment, productivity and "welfare",[44][45][46][47] along with containing

corruption.[48] Neoliberals recommended that governments open their financial systems to

the global market with minimal regulation over capital flows.[49][50][51][52][53] Therecommendations however, met with criticisms from various schools of ethical philosophy.Some pragmatic ethicists, found these claims to unfalsifiable and a priori, although neither of

these makes the recommendations false or unethical per se.[54][55][56] Raising economic



growth to the highest value necessarily means that welfare is subordinate, although advocates

dispute this saying that economic growth provides more welfare than known alternatives.[57]

Since history shows that neither regulated nor unregulated firms always behave ethically,

neither regime offers an ethical panacea.[58][59][60]

Neoliberal recommendations to developing countries to unconditionally open up theireconomies to transnational finance corporations was fiercely contested by some

ethicists.[61][62][63][64][65] The claim that deregulation and the opening up of economies

would reduce corruption was also contested.[66][67][68]

Dobson observes, "a rational agent is simply one who pursues personal material advantagead infinitum. In essence, to be rational in finance is to be individualistic, materialistic, andcompetitive. Business is a game played by individuals, as with all games the object is to win,and winning is measured in terms solely of material wealth. Within the discipline thisrationality concept is never questioned, and has indeed become the theory-of-the-firm's sine

qua non".[69][70] Financial ethics is in this view a mathematical function of shareholderwealth. Such simplifying assumptions were once necessary for the construction of

mathematically robust models.[71] However signalling theory and agency theory extended the

paradigm to greater realism.[72]

Other issues

Fairness in trading practices, trading conditions, financial contracting, sales practices,consultancy services, tax payments, internal audit, external audit and executive compensation

also fall under the umbrella of finance and accounting.[38][73] Particular corporateethical/legal abuses include: creative accounting, earnings management, misleading financialanalysis insider trading, securities fraud, bribery/kickbacks and facilitation payments. Outsideof corporations, bucket shops and forex scams are criminal manipulations of financial

markets. Cases include accounting scandals, Enron, WorldCom and Satyam.[citation needed]

Human resource management

Human resource management occupies the sphere of activity of recruitment selection,orientation, performance appraisal, training and development, industrial relations and health

and safety issues.[74] Business Ethicists differ in their orientation towards labour ethics.Some assess human resource policies according to whether they support an egalitarian

workplace and the dignity of labor.[75][76][77]



Issues including employment itself, privacy, compensation in accord with comparable worth,

collective bargaining (and/or its opposite) can be seen either as inalienable rights[78][79] or as

negotiable.[80][81][82][83][84] Discrimination by age (preferring the young or the old),gender/sexual harassment, race, religion, disability, weight and attractiveness. A commonapproach to remedying discrimination is affirmative action.

Potential employees have ethical obligations to employers, involving intellectual propertyprotection and whistle-blowing.

Employers must consider workplace safety, which may involve modifying the workplace, orproviding appropriate training or hazard disclosure.

Larger economic issues such as immigration, trade policy, globalization and trade unionismaffect workplaces and have an ethical dimension, but are often beyond the purview of

individual companies.[78][85][86]

Trade unions

Unions for example, may push employers to establish due process for workers, but may alsocost jobs by demanding unsustainable compensation and work

rules.[87][88][89][90][91][92][93][94][95][96]

Unionized workplaces may confront union busting and strike breaking and face the ethical

implications of work rules that advantage some workers over others.[citation needed]

Management strategy

Among the many people management strategies that companies employ are a "soft"approach that regards employees as a source of creative energy and participants in

workplace decision making, a "hard" version explicitly focused on control[97] and Theory Z

that emphasizes philosophy, culture and consensus.[98] None ensure ethical behavior.[99]

Some studies claim that sustainable success requires a humanely treated and satisfied

workforce.[100][101][102]

Sales and marketing

Main article: Marketing ethics



Marketing Ethics came of age only as late as 1990s.[103] Marketing ethics was approachedfrom ethical perspectives of virtue or virtue ethics, deontology, consequentialism,

pragmatism and relativism.[104][105]

Ethics in marketing deals with the principles, values and/or ideals by which marketers (and

marketing institutions) ought to act.[106] Marketing ethics is also contested terrain, beyondthe previously described issue of potential conflicts between profitability and other concerns.Ethical marketing issues include marketing redundant or dangerous

products/services[107][108][109] transparency about environmental risks, transparency about

product ingredients such as genetically modified organisms[110][111][112][113] possible health

risks, financial risks, security risks, etc.,[114] respect for consumer privacy and

autonomy,[115] advertising truthfulness and fairness in pricing & distribution.[116]

According to Borgerson, and Schroeder (2008), marketing can influence individuals'perceptions of and interactions with other people, implying an ethical responsibility to avoid

distorting those perceptions and interactions.[117]

Marketing ethics involves pricing practices, including illegal actions such as price fixing andlegal actions including price discrimination and price skimming. Certain promotional activitieshave drawn fire, including greenwashing, bait and switch, shilling, viral marketing, spam(electronic), pyramid schemes and multi-level marketing. Advertising has raised objectionsabout attack ads, subliminal messages, sex in advertising and marketing in schools.

Production

This area of business ethics usually deals with the duties of a company to ensure thatproducts and production processes do not needlessly cause harm. Since few goods andservices can be produced and consumed with zero risk, determining the ethical course canbe problematic. In some case consumers demand products that harm them, such as tobaccoproducts. Production may have environmental impacts, including pollution, habitatdestruction and urban sprawl. The downstream effects of technologies nuclear power,genetically modified food and mobile phones may not be well understood. While theprecautionary principle may prohibit introducing new technology whose consequences arenot fully understood, that principle would have prohibited most new technology introducedsince the industrial revolution. Product testing protocols have been attacked for violating the

rights of both humans and animals[citation needed]

Property



Main article: Private property, and Property rights

The etymological root of property is the Latin 'proprius'[118] which refers to 'nature','quality', 'one's own', 'special characteristic', 'proper', 'intrinsic', 'inherent', 'regular', 'normal','genuine', 'thorough, complete, perfect' etc. The word property is value loaded andassociated with the personal qualities of propriety and respectability, also implies questionsrelating to ownership. A 'proper' person owns and is true to herself or himself, and is thus

genuine, perfect and pure.[119]

Modern history of property rights

Modern discourse on property emerged by the turn of 17th century within theologicaldiscussions of that time. For instance, John Locke justified property rights saying that God

had made "the earth, and all inferior creatures, [in] common to all men".[120][121][122][123]

In 1802 Utilitarian Jeremy Bentham stated, "property and law are born together and die

together".[124][125]

One argument for property ownership is that it enhances individual liberty by extending the

line of non-interference by the state or others around the person.[126] Seen from thisperspective, property right is absolute and property has a special and distinctive characterthat precedes its legal protection. Blackstone conceptualized property as the "sole anddespotic dominion which one man claims and exercises over the external things of the world,

in total exclusion of the right of any other individual in the universe".[127]

Slaves as property

During the seventeenth and eighteenth centuries, slavery spread to European coloniesincluding America, where colonial legislatures defined the legal status of slaves as a form of

property.[128] During this time settlers began the centuries-long process of dispossessing the

natives of America of millions of acres of land.[129] Ironically, the natives lost about 200,000

square miles (520,000 km2) of land in the Louisiana Territory under the leadership of

Thomas Jefferson, who championed property rights.[130][131][132]

Combined with theological justification, property was taken to be essentially natural ordained

by God.[133] Property, which later gained meaning as ownership and appeared natural to

Locke, Jefferson and to many of the 18th and 19th century intellectuals[134] as land, labour

or idea[135] and property right over slaves had the same theological and essentialized



justification[136][137][138][139][140][141] It was even held that the property in slaves was a

sacred right.[142][143] Wiecek noted, "slavery was more clearly and explicitly established

under the Constitution as it had been under the Articles".[144] Accordingly, US SupremeCourt Chief Justice Roger B. Taney in his 1857 judgment stated, "The right of property in aslave is distinctly and expressly affirmed in the Constitution".

Natural right vs social construct

Neoliberals hold that private property rights are a non-negotiable natural right.[145][146]

Davies counters with "property is no different from other legal categories in that it is simply aconsequence of the significance attached by law to the relationships between legal

persons."[147][148] Singer claims, "Property is a form of power, and the distribution of

power is a political problem of the highest order".[149][150] Rose finds, "'Property' is only aneffect, a construction, of relationships between people, meaning that its objective character iscontestable. Persons and things, are 'constituted' or 'fabricated' by legal and other normative

techniques.".[151][152] Singer observes, "A private property regime is not, after all, aHobbesian state of nature; it requires a working legal system that can define, allocate, and

enforce property rights."[153] Davis claims that common law theory generally favors the viewthat "property is not essentially a 'right to a thing', but rather a separable bundle of rightssubsisting between persons which may vary according to the context and the object which is

at stake".[147]

In common parlance property rights involve a 'bundle of rights'[154] including occupancy,use and enjoyment, and the right to sell, devise, give, or lease all or part of these

rights.[155][156][157][158] Custodians of property have obligations as well as rights.[159][160]

Michelman writes, "A property regime thus depends on a great deal of cooperation,

trustworthiness, and self-restraint among the people who enjoy it."[161][162]

Menon claims that the autonomous individual, responsible for his/her own existence is acultural construct moulded by Western culture rather than the truth about the human

condition.[163] Penner views property as an "illusion"—a "normative phantasm" without

substance.[164][165]

In the neoliberal literature, property is part of the private side of a public/private dichotomyand acts a counterweight to state power. Davies counters that "any space may be subject to

plural meanings or appropriations which do not necessarily come into conflict".[166]



Private property has never been a universal doctrine, although since the end of the Cold Waris it has become nearly so. Some societies, e.g., Native American bands, held land, if not allproperty, in common. When groups came into conflict, the victor often appropriated the

loser's property.[167][168] The rights paradigm tended to stabilize the distribution of property

holdings on the presumption that title had been lawfully acquired.[169]

Property does not exist in isolation, and so property rights too.[170] Bryan claimed thatproperty rights describe relations among people and not just relations between people and

things[171][172][173][174][175][176] Singer holds that the idea that owners have no legalobligations to others wrongly supposes that property rights hardly ever conflict with other

legally protected interests.[177] Singer continues implying that legal realists "did not take thecharacter and structure of social relations as an important independent factor in choosing therules that govern market life". Ethics of property rights begins with recognizing the vacuous

nature of the notion of property.[178]

Intellectual property

Main articles: Intellectual property and Intellectual property rights

Intellectual property (IP) encompasses expressions of ideas, thoughts, codes andinformation. "Intellectual property rights" (IPR) treat IP as a kind of real property, subject toanalogous protections, rather than as a reproducible good or service. Boldrin and Levineargue that "government does not ordinarily enforce monopolies for producers of othergoods. This is because it is widely recognized that monopoly creates many social costs.Intellectual monopoly is no different in this respect. The question we address is whether it

also creates social benefits commensurate with these social costs."[179]

International standards relating to Intellectual Property Rights are enforced through

Agreement on Trade Related Aspects of Intellectual Property Rights (TRIPS).[180] In theUS, IP other than copyrights is regulated by the United States Patent and Trademark Office.

The US Constitution included the power to protect intellectual property, empowering theFederal government "to promote the progress of science and useful arts, by securing forlimited times to authors and inventors the exclusive right to their respective writings and

discoveries".[181] Boldrin and Levine see no value in such state-enforced monopolies stating,

"we ordinarily think of innovative monopoly as an oxymoron.[182][183] Further theycomment, 'intellectual property' "is not like ordinary property at all, but constitutes agovernment grant of a costly and dangerous private monopoly over ideas. We show through



theory and example that intellectual monopoly is not necessary for innovation and as a

practical matter is damaging to growth, prosperity, and liberty" .[181] Steelman defendspatent monopolies, writing, "Consider prescription drugs, for instance. Such drugs havebenefited millions of people, improving or extending their lives. Patent protection enablesdrug companies to recoup their development costs because for a specific period of time they

have the sole right to manufacture and distribute the products they have invented."[184] Thecourt cases by 39 pharmaceutical companies against South Africa's 1997 Medicines andRelated Substances Control Amendment Act, which intended to provide affordable HIV

medicines has been cited as a harmful effect of patents.[185][186][187]

One attack on IPR is moral rather than utilitarian, claiming that inventions are mostly acollective, cumulative, path dependent, social creation and therefore, no one person or firm

should be able to monopolize them even for a limited period.[188] The opposing argument isthat the benefits of innovation arrive sooner when patents encourage innovators and theirinvestors to increase their commitments. Roderick Long, a libertarian philosopher, observes,"Ethically, property rights of any kind have to be justified as extensions of the right ofindividuals to control their own lives. Thus any alleged property rights that conflict with thismoral basis—like the "right" to own slaves—are invalidated. In my judgment, intellectualproperty rights also fail to pass this test. To enforce copyright laws and the like is to preventpeople from making peaceful use of the information they possess. If you have acquired theinformation legitimately (say, by buying a book), then on what grounds can you be preventedfrom using it, reproducing it, trading it? Is this not a violation of the freedom of speech andpress? It may be objected that the person who originated the information deserves ownershiprights over it. But information is not a concrete thing an individual can control; it is auniversal, existing in other people's minds and other people's property, and over these theoriginator has no legitimate sovereignty. You cannot own information without owning other

people".[189] Machlup concluded that patents do not have the intended effect of enhancing

innovation.[190] Self-declared anarchist Proudhon, in his 1847 seminal work noted,"Monopoly is the natural opposite of competition," and continued, "Competition is the vitalforce which animates the collective being: to destroy it, if such a supposition were possible,

would be to kill society"[191][192]

Mindeli and Pipiya hold that the knowledge economy is an economy of abundance[193]

because it relies on the "infinite potential" of knowledge and ideas rather than on the limitedresources of natural resources, labor and capital. Allison envisioned an egalitarian distribution

of knowledge.[194] Kinsella claims that IPR create artificial scarcity and reduce

equality.[195][196][197] Bouckaert wrote, "Natural scarcity is that which follows from therelationship between man and nature. Scarcity is natural when it is possible to conceive of it



before any human, institutional, contractual arrangement. Artificial scarcity, on the otherhand, is the outcome of such arrangements. Artificial scarcity can hardly serve as ajustification for the legal framework that causes that scarcity. Such an argument would be

completely circular. On the contrary, artificial scarcity itself needs a justification" [198][199]

Corporations fund much IP creation and can acquire IP they do not create,[200] to which

Menon and others object.[201][202] Andersen claims that IPR has increasingly become an

instrument in eroding public domain.[203]

Ethical and legal issues include: Patent infringement, copyright infringement, trademarkinfringement, patent and copyright misuse, submarine patents, gene patents, patent, copyrightand trademark trolling, Employee raiding and monopolizing talent, Bioprospecting, biopiracyand industrial espionage, digital rights management.

Notable IP copyright cases include Napster, Eldred v. Ashcroft and Air Pirates.

International issues

While business ethics emerged as a field in the 1970s, international business ethics did notemerge until the late 1990s, looking back on the international developments of that

decade.[204] Many new practical issues arose out of the international context of business.Theoretical issues such as cultural relativity of ethical values receive more emphasis in thisfield. Other, older issues can be grouped here as well. Issues and subfields include:

The search for universal values as a basis for international commercial behaviour.Comparison of business ethical traditions in different countries. Also on the basisof their respective GDP and [Corruption rankings].Comparison of business ethical traditions from various religious perspectives.Ethical issues arising out of international business transactions; e.g.,bioprospecting and biopiracy in the pharmaceutical industry; the fair trademovement; transfer pricing.Issues such as globalization and cultural imperialism.Varying global standards—e.g., the use of child labor.The way in which multinationals take advantage of international differences, suchas outsourcing production (e.g. clothes) and services (e.g. call centres) to low-wage countries.The permissibility of international commerce with pariah states.

The success of any business depends on its financial performance. Financial accountinghelps the management to report and also control the business performance.



The information regarding the financial performance of the company plays an important rolein enabling people to take right decision about the company. Therefore, it becomesnecessary to understand how to record based on accounting conventions and conceptsensure unambling and accurate records.

Foreign countries often use dumping as a competitive threat, selling products at prices lowerthan their normal value. This can lead to problems in domestic markets. It becomes difficultfor these markets to compete with the pricing set by foreign markets. In 2009, theInternational Trade Commission has been researching anti-dumping laws. Dumping is oftenseen as an ethical issue, as larger companies are taking advantage of other less economicallyadvanced companies.

Economic systems

Political economy and political philosophy have ethical implications, particularly regarding

the distribution of economic benefits.[205] John Rawls and Robert Nozick are both notablecontributors. For example, Rawls has been interpreted as offering a critique of offshoreoutsourcing (http://works.bepress.com/julian_friedland/3/) on social contract grounds,whereas Nozick's libertarian philosophy rejects the notion of any positive corporate socialobligation.

Law and regulation

Very often it is held that business is not bound by any ethics other than abiding by the law.Milton Friedman is the pioneer of the view. He held that corporations have the obligation to

make a profit within the framework of the legal system, nothing more.[206] Friedman made itexplicit that the duty of the business leaders is, "to make as much money as possible whileconforming to the basic rules of the society, both those embodied in the law and those

embodied in ethical custom".[207] Ethics for Friedman is nothing more than abiding by'customs' and 'laws'. The reduction of ethics to abidance to laws and customs however havedrawn serious criticisms.

Counter to Friedman's logic it is observed that legal procedures are technocratic,bureaucratic, rigid and obligatory where as ethical act is conscientious, voluntary choice

beyond normativity.[208] Law is retroactive. Crime precedes law. Law against a crime, to be

passed, the crime must have happened. Laws are blind to the crimes undefined in it.[209]

Further, as per law, "conduct is not criminal unless forbidden by law which gives advance

warning that such conduct is criminal.[210] Also, law presumes the accused is innocent until



proven guilty and that the state must establish the guilt of the accused beyond reasonabledoubt. As per liberal laws followed in most of the democracies, until the governmentprosecutor proves the firm guilty with the limited resources available to her, the accused isconsidered to be innocent. Though the liberal premises of law is necessary to protectindividuals from being persecuted by Government, it is not a sufficient mechanism to make

firms morally accountable.[211][212][213][214]

Implementation

Corporate policies

As part of more comprehensive compliance and ethics programs, many companies haveformulated internal policies pertaining to the ethical conduct of employees. These policiescan be simple exhortations in broad, highly generalized language (typically called a corporateethics statement), or they can be more detailed policies, containing specific behaviouralrequirements (typically called corporate ethics codes). They are generally meant to identifythe company's expectations of workers and to offer guidance on handling some of the morecommon ethical problems that might arise in the course of doing business. It is hoped thathaving such a policy will lead to greater ethical awareness, consistency in application, and theavoidance of ethical disasters.

An increasing number of companies also require employees to attend seminars regardingbusiness conduct, which often include discussion of the company's policies, specific casestudies, and legal requirements. Some companies even require their employees to signagreements stating that they will abide by the company's rules of conduct.

Many companies are assessing the environmental factors that can lead employees to engagein unethical conduct. A competitive business environment may call for unethical behaviour.Lying has become expected in fields such as trading. An example of this are the issuessurrounding the unethical actions of the Saloman Brothers.

Not everyone supports corporate policies that govern ethical conduct. Some claim thatethical problems are better dealt with by depending upon employees to use their ownjudgment.

Others believe that corporate ethics policies are primarily rooted in utilitarian concerns, andthat they are mainly to limit the company's legal liability, or to curry public favour by givingthe appearance of being a good corporate citizen. Ideally, the company will avoid a lawsuitbecause its employees will follow the rules. Should a lawsuit occur, the company can claim



that the problem would not have arisen if the employee had only followed the code properly.

Sometimes there is disconnection between the company's code of ethics and the company'sactual practices. Thus, whether or not such conduct is explicitly sanctioned by management,at worst, this makes the policy duplicitous, and, at best, it is merely a marketing tool.

Jones and Parker write, "Most of what we read under the name business ethics is either

sentimental common sense, or a set of excuses for being unpleasant."[215] Many manuals areprocedural form filling exercises unconcerned about the real ethical dilemmas. For instance,US Department of Commerce ethics program treats business ethics as a set of instructions

and procedures to be followed by 'ethics officers'.,[31] some others claim being ethical is just

for the sake of being ethical.[216] Business ethicists may trivialize the subject, offering

standard answers that do not reflect the situation's complexity.[208]

Ethics officers

Ethics officers (sometimes called "compliance" or "business conduct officers") have beenappointed formally by organizations since the mid-1980s. One of the catalysts for thecreation of this new role was a series of fraud, corruption, and abuse scandals that afflictedthe U.S. defense industry at that time. This led to the creation of the Defense IndustryInitiative (DII), a pan-industry initiative to promote and ensure ethical business practices. TheDII set an early benchmark for ethics management in corporations. In 1991, the Ethics &Compliance Officer Association (http://www.theecoa.org) (ECOA)—originally the EthicsOfficer Association (EOA)—was founded at the Center for Business Ethics(http://www.bentley.edu/cbe) (at Bentley College, Waltham, MA) as a professionalassociation for those responsible for managing organizations' efforts to achieve ethical bestpractices. The membership grew rapidly (the ECOA now has over 1,200 members) and wassoon established as an independent organization.

Another critical factor in the decisions of companies to appoint ethics/compliance officerswas the passing of the Federal Sentencing Guidelines for Organizations in 1991, which setstandards that organizations (large or small, commercial and non-commercial) had to followto obtain a reduction in sentence if they should be convicted of a federal offense. Althoughintended to assist judges with sentencing, the influence in helping to establish best practiceshas been far-reaching.

In the wake of numerous corporate scandals between 2001–04 (affecting large corporationslike Enron, WorldCom and Tyco), even small and medium-sized companies have begun toappoint ethics officers. They often report to the Chief Executive Officer and are responsible



for assessing the ethical implications of the company's activities, making recommendationsregarding the company's ethical policies, and disseminating information to employees. Theyare particularly interested in uncovering or preventing unethical and illegal actions. This trendis partly due to the Sarbanes–Oxley Act in the United States, which was enacted in reactionto the above scandals. A related trend is the introduction of risk assessment officers thatmonitor how shareholders' investments might be affected by the company's decisions.

The effectiveness of ethics officers is not clear. If the appointment is made primarily as areaction to legislative requirements, one might expect little impact, at least over the shortterm. In part, this is because ethical business practices result from a corporate culture thatconsistently places value on ethical behaviour, a culture and climate that usually emanatesfrom the top of the organization. The mere establishment of a position to oversee ethics willmost likely be insufficient to inculcate ethical behaviour: a more systemic programme withconsistent support from general management will be necessary.

The foundation for ethical behaviour goes well beyond corporate culture and the policies ofany given company, for it also depends greatly upon an individual's early moral training, theother institutions that affect an individual, the competitive business environment the companyis in and, indeed, society as a whole.

Academic discipline

As an academic discipline, business ethics emerged in the 1970s. Since no academicbusiness ethics journals or conferences existed, researchers published in general managementjournals, and attended general conferences. Over time, specialized peer-reviewed journalsappeared, and more researchers entered the field. Corporate scandals in the earlier 2000sincreased the field's popularity. As of 2009, sixteen academic journals devoted to variousbusiness ethics issues existed, with Journal of Business Ethics and Business Ethics Quarterly

considered the leaders.[217]

The International Business Development Institute[218] is a global non-profit organization thatrepresents 217 nations and all 50 United States. It offers a Charter in Business Development(CBD) that focuses on ethical business practices and standards. The Charter is directed byHarvard, MIT, and Fulbright Scholars, and it includes graduate-level coursework ineconomics, politics, marketing, management, technology, and legal aspects of businessdevelopment as it pertains to business ethics. IBDI also oversees the International Business

Development Institute of Asia[219] which provides individuals living in 20 Asian nations theopportunity to earn the Charter.



Religious views

Main article: Religious views on business ethics

In Sharia law, followed by many Muslims, banking specifically prohibits charging interest on

loans.[citation needed] Traditional Confucian thought discourages profit-seeking.[220]

Christianity offers the Golden Rule command, "Therefore all things whatsoever ye would that

men should do to you, do ye even so to them: for this is the law and the prophets."[221]

according to the article "Theory of the real economy", there is a more narrow point of viewfrom the Christianity faith towards the relationship between ethics and religious traditions.This article stresses about how capable is Christianity of establishing reliable boundaries forfinancial institutions. one criticism comes from pope Benedict by describing the "damagingeffects of the real economy of badly managed and largely speculative financial dealing." it ismentioned that Christianity has the potential to transform the nature of finance and investmentbut only if theologians and ethicist provide more evidence of what is real in the economic

life.[222]

Related disciplines

Business ethics is part of the philosophy of business, the branch of philosophy that dealswith the philosophical, political, and ethical underpinnings of business and economics.Business ethics operates on the premise, for example, that the ethical operation of a privatebusiness is possible—those who dispute that premise, such as libertarian socialists, (whocontend that "business ethics" is an oxymoron) do so by definition outside of the domain of

business ethics proper.[citation needed]

The philosophy of business also deals with questions such as what, if any, are the socialresponsibilities of a business; business management theory; theories of individualism vs.collectivism; free will among participants in the marketplace; the role of self interest; invisiblehand theories; the requirements of social justice; and natural rights, especially property rights,

in relation to the business enterprise.[citation needed]

Business ethics is also related to political economy, which is economic analysis frompolitical and historical perspectives. Political economy deals with the distributiveconsequences of economic actions. It asks who gains and who loses from economicactivity, and is the resultant distribution fair or just, which are central ethical

issues.[citation needed]



See also

BriberyBusiness cultureBusiness Ethics QuarterlyBusiness and Professional Ethics JournalBusiness lawCorporate behaviourCorporate crimeCorporate Social EntrepreneurshipCorporate social responsibilityCorruptionEthicismEthicsEthical implications in contractsEthical consumerismEthical codeEthical jobFiduciaryJournal of Business EthicsManagementOrganizational EthicsOptimism biasStrategic misrepresentationStrategic planning

References

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2. ^ Berle, A. A., & Means, G. C. (1932). The Modern Corporation and Private Property. NewJersey: Transaction Publishers. In this book, Berle and Means observe, "Corporations haveceased to be merely legal devices through which the private business transactions ofindividuals may be carried on. Though still much used for this purpose, the corporate form hasacquired a much larger significance. The corporation has, in fact, become both a method ofproperty tenure and a means of organizing economic life. Grown to tremendous proportions,there may be said to have evolved a 'corporate system'—as there once was a feudal system—which has attracted to itself a combination of attributes and powers, and has attained a degreeof prominence entitling it to be dealt with as a major social institution. […] We are examiningthis institution probably before it has attained its zenith. Spectacular as its rise has been, every



this institution probably before it has attained its zenith. Spectacular as its rise has been, everyindication seems to be that the system will move forward to proportions which staggerimagination today […] They [management] have placed the community in a position to demandthat the modern corporation serve not only the owners […] but all society." p. 1.

3. A Jones, Parker & et al. 2005, p. 174. A Slavery and the Making of America—Episode 1 (http://video.google.com/videoplay?

docid=-4471479045063533294&hl=en#) . Video.google.com. Retrieved on 2010-09-02.5. A Kingsolver, A. (2008). Capitalism. Encyclopedia of Race and Racism. J. H. Moore. Detroit,

Macmillan reference ISBN 0-02-866021-8 pp. 268–271.6. A Williams, E. (1994 [1944]). Capitalism and Slavery (http://books.google.com/books?

id=Ns4ktOA-FxQC&pg=PA7) . Chapel Hill, The University of North Carolina Press. "Slaverywas not born of racism: rather, racism was the consequence of slavery. Unfree labor in theNew World was brown, white, black, and yellow; Catholic, Protestant and pagan"

7. A King Leopold II King of Belgium—King of the Congo (http://video.google.com/videoplay?docid=-3146068175882284969&hl=en#) . Video.google.com. Retrieved on 2010-09-02.

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9. A Berger D., Easterly W, et al. (2010) Commercial Imperialism? Political Influence and TradeDuring the Cold War (http://www.nber.org/papers/w15981) . NBER Working Paper No.15981.

10. A The article A History of Business Ethics(http://www.scu.edu/ethics/practicing/focusareas/business/conference/presentations/business-ethics-history.html) by Richard T. De George of Santa Clara University (web page version ofDeGeorge, Richard. 2005, "History of Business Ethics", paper delivered at "The AccountableCorporation", the third biennial global business conference sponsored by the Markkula Centerfor Applied Ethics at Santa Clara University) as availed on March 30, 2010– observes, on theorigin of business ethics discourse, " The Second World War was over, the Cold War was everpresent, and the War in Viet Nam fostered a good deal of opposition to official public policyand to the so-called military-industrial complex, which came in for increasing scrutiny andcriticism. The Civil Rights movement had caught the public imagination. The United States wasbecoming more and more of a dominant economic force. American-based multinationalcorporations were growing in size and importance. Big business was coming into its own,replacing small and medium-sized businesses in the societal image of business. The chemicalindustry was booming with innovation, and in its wake came environmental damage on a scalethat had not previously been possible. The spirit of protest led to the environmental movement,to the rise of consumerism, and to criticism of multinational corporations....Corporations,finding themselves under public attack and criticism, responded by developing the notion ofsocial responsibility. They started social responsibility programs and spent a good deal ofmoney advertising their programs and how they were promoting the social good. Exactly what"social responsibility" meant varied according to the industry and company

11. A Richard T. De George

12. ^ D E History of Business Ethics(http://www.scu.edu/ethics/practicing/focusareas/business/conference/presentations/business-ethics-history.htmlA) . Scu.edu (2005-02-19). Retrieved on 2010-09-02.

13. A Madsen, Essentials of Business Ethics14. A Velasquez, Corporate Ethics: Losing it, Having it, Getting it, p. 229 as quoted in Cory 2005



14. A Velasquez, Corporate Ethics: Losing it, Having it, Getting it, p. 229 as quoted in Cory 2005Activist Business Ethics (http://books.google.com/books?id=V-HO7Bn2T14C&pg=PA11)The passage quoted is: "Between 1970 and 1980, 11 percent of the largest American firmswere convicted of lawlessness, including bribery, criminal fraud, illegal campaigncontributions, tax evasion, or price-fixing. Well-known companies with four or moreconvictions included Braniff International, Gulf Oil, and Ashland Oil. Firms with at least twoconvictions included Allied, American Airlines, Bethlehem Steel, Diamond International,Firestone, Goodyear, International Paper, National Distillers, Northrop, Occidental Petroleum,Pepsico, Phillips Petroleum, R.J. Reynolds, Schlitz, Seagram, Tenneco, and United Brands.The recent Union Carbide disaster in Bhopal is well-known, as is the E.F. Hutton fiasco, theGeneral Dynamics fraud, and of course, the Wall Street scandals involving Ivan Boesky, DavidLevine, and Michael Milken... Unethical behaviour in business more often than not is asystematic matter. To a large degree it is the behaviour of generally decent people whonormally would not think of doing anything illegal or immoral. But they get backed into doingsomething unethical by the systems and practices of their own firms and industries. Unethicalbehaviour in business generally arises when business firms fail to pay explicitly attention tothe ethical risks that are created by their own systems and practices."

15. A Richard De George, Business Ethics16. A Manuel G. Velasquez, Business Ethics: Concepts and Cases.17. A Moon, Chris Et al.(2001) Business Ethics. London: The Economist:119–13218. A MBA Institutes & Business school networks: IIMA, IIMB, IIMC, IIML, IIMK, IIMI, ISB,

Great lakes, XLRI, JBIMS, FMS (http://www.coolavenues.com/bschools/xlri_jrdtata.php3) .Coolavenues.com. Retrieved on 2010-09-02.

19. A Cullather Gleijeses, pp. 16–37 The entire book discusses unethical business practices andCIA collaborating with each other with appropriate documentary evidence.

20. A Confessions of An Economic Hit Man—What Really Goes on Behind Global Affairs(http://video.google.com/videoplay?docid=808526880666247652&hl=en#) .Video.google.com. Retrieved on 2010-09-02.

21. A Chomsky, N. (1989). Necessary Illusions: Thought Control in Democratic Societies London(http://books.google.com/books?id=t5yVao-mv8sC) , Pluto Press ISBN 0-89608-366-7.

22. ^ D E Friedman, Milton (1970-09-13). "The Social Responsibility of Business is to Increase ItsProfits" (http://www-rohan.sdsu.edu/faculty/dunnweb/rprnts.friedman.html) . The New YorkTimes Magazine. http://www-rohan.sdsu.edu/faculty/dunnweb/rprnts.friedman.html. RetrievedMarch 11, 2011.

23. A Friedman, M. (1984). "Milton Friedman responds—an interview with Friedman." Businessand Society 84(5)

24. A Bevan, D. (2008).Philosophy: A Grounded Theory Approach and the Emergence ofConvenient and Inconvenient Ethics. Cutting Edge Issues in Business Ethics(http://www.hec.edu/var/fre/storage/original/application/71f5e725c1015bc11af86fc6d7e2b8bb.pdfContinental)M. Painter-Morland and P. Werhane. Boston, Springer. 24: 131–152.

25. A "Milton Friedman goes on tour" (http://www.economist.com/node/18010553?story_id=18010553) . The Economist. Jan 27th 2011.http://www.economist.com/node/18010553?story_id=18010553. Retrieved March 12, 2011.

26. ^ D E Duska 2007, p. 11 Contemporary Reflections on Business Ethics(http://books.google.com/books?id=dANmdJHsqu0C&pg=PA51) .

27. A Cory 2005, pp. 7–34 Activist Business Ethics (http://books.google.com/books?id=V-HO7Bn2T14C&pg=PA11)



HO7Bn2T14C&pg=PA11)28. A Drucker, P. (1981). " What is business ethics?" The Public Interest Spring(63): 18–36.29. A Cory 2005, p. 9 Activist Business Ethics (http://books.google.com/books?id=V-

HO7Bn2T14C&pg=PA9)30. A Pinnington, A. H. and Lafferty, G. (2002). Human Resource Management in Australia.

Melbourne: Oxford University Press ISBN 0-19-551477-7

31. ^ D E Good Governance Program. (2004). Business Ethics: A manual for managing aresponsible business enterprise in emerging market economies. (pp.93–128) Washington DC:Good Governance Program, US Department of Commerce

32. A Hansmann, H., & Kraakman, R.(2000). The End of History for Corporate Law(http://papers.ssrn.com/sol3/papers.cfm?abstract_id=204528) . Georgetown Law Journal(89),439–468. The article says, "All thoughtful people believe that corporate enterprise should beorganized and operated to serve the interests of society as a whole, and that the interests ofshareholders deserve no greater weight in this social calculus than do the interests of any othermembers of society."

33. A Greenfield, K. (2006). The Failure of Corporate Law fundamental flaws & progressivepossibilities (http://books.google.com/books?id=bEKqN8QMONsC&printsec=frontcover) .Chicago: The University of Chicago Press ISBN 0-226-30693-3. Greenfield observes, "what isgood for shareholders is good for corporations, and what is good for corporations is good forsociety....If this connection existed, the shareholder bandwagon would be attractive indeed. Theproblem is that advocates for shareholder primacy do not purport to say how the connectionoccurs or test whether the connection is true. p. 22

34. A Jones, Parker & et al. 2005, p. 5 observe, "when a company with shareholders gives some ofthe profits it has made to investors who have not been involved in producing the value, this isseen as a reward for risk. But why should the surplus generated by workers be given tosomeone else who almost certainly already has a lot of money in the first place?"

35. ^ D E Dobson 1997, p. xvii36. A Cetina, K. K., & Preda, A. (Eds.). (2005). The sociology of financial markets. Oxford

University Press ISBN 0-19-929692-837. A Huevel, K. et al., (2009). Meltdown: how greed and corruption shattered our financial

system and how we can recover. New York: Nation Books ISBN 1-56858-433-4.

38. ^ D E Boatright, J. R. Finance ethics (http://books.google.com/books?id=PDXVnfyKHBIC&pg=PA153) Frederic 2002, pp. 153–163

39. A Aristotle 1948 Politics E. Barker, trans. Oxford: Clarendon, p. 38.40. A Smith 1759, p. VI.i.1541. A Smith 1759, p. III.iv.44842. A Jevons, W.S. 1970 The Theory of Political Economy. Harmondsworth: Penguin. Jevons

observes, "The theory…is entirely based on a calculus of pleasure and pain: the object ofeconomics is to maximize happiness by purchasing pleasure, as it were, at the lowest cost ofpain" (Jevons, 1970:91). Jevons also noted, "The strength of preferences for a good, measuredby individuals' willingness to pay for their satisfaction at the margin, is an indirect measure ofsubjective states: it is from the quantitative effects of the feelings that we must estimate theircomparative amounts" (Jevons, 1970:83). O'Neil on the other hand points out that theideologists of neoliberalism "do not claim to prove that markets maximize well-being. Ratherthey claim to show that in certain 'ideal' conditions the market will issue in a state ofequilibrium, defined as a state in which, so long as individuals' preferences and productive



equilibrium, defined as a state in which, so long as individuals' preferences and productiveresources remain the same, any departure from that state will involve a welfare change for theworse for some party, in the sense that a previously satisfied preference will no longer besatisfied. O'Neill 1998, p. 54

43. A Montiel, P. J. (2003). Macroeconomics in Emerging Markets(http://books.google.com/books?id=ShobukedfBwC&printsec=frontcover) . Cambridge:Cambridge University Press (pp. 214–238) ISBN 0-521-78551-0. By the phrase 'financialrepression', Montiel refers to the monitoring and regulations on capital inflows and outflows,regulations on free entry and exit of national and international financial institutions, thepresence of state run financial institutions, stipulations on cash reserve ratio or liquidity ratio,interest rate ceilings, guidelines regarding priority sector financing, and other measures ofmonitory regulations.

44. A Wolf, Martin (Tuesday, July 24, 2007). "Wolf: In Defense of Neoliberalism"(http://ipezone.blogspot.com/2007/07/fts-wolf-in-defense-of-neoliberalism.html) . TheFinancial Times. http://ipezone.blogspot.com/2007/07/fts-wolf-in-defense-of-neoliberalism.html. Retrieved March 11, 2011.

45. A welfare in terms of preference satisfaction O'Neill 1998, p. 5646. A Hayek F.A. 1976 Law, Legislation and Liberty: Volume 2 London: Routledge and Kegan

Paul, pp. 15–30.47. A O'Neill challenges the welfare claim based on the 'preference satisfaction' in the following

words: The empirical problem is this—that with all the increase in the variety of goods andservices that consumers are able to buy, there is no corresponding reported increase inperceived satisfaction. The total amount of welfare understood as preference satisfaction overdissatisfaction appears to be remarkably static in modern market societies. There appears to belittle evidence of any growth in the gap between preference satisfaction and dissatisfaction.Quoting from Lane, he points out, "The assumed positive relationship between markets andwellbeing understood as preference satisfaction is not confirmed by empirical evidence…Indeed, the fact that there is no increase in preference satisfaction over dissatisfaction nolonger entails immediately that there is no increase in welfare. Not all dissatisfaction is a signof a life that has taken a turn for the worse. Indeed, it can indicate the opposite, that a person isexercising capacities that are part of what it is for a life to be improving. Consider a pianist,who starts being greatly satisfied with her initial developments, but who, as she continues todevelop technically and artistically, becomes ever more critical of her performance. Herincreasing dissatisfaction is a symptom of increasing accomplishment. Or again consider thecontented slave, wage earner or housewife who become discontented with their lot: it is betterfor them that this is so and not just in virtue of other possible improvements this might bring.This is an old point." O'Neill 1998, pp. 56–60

48. A Schaler, J. A. Corruption.Hamowy, Kuznicki & Steelman 2008, pp. 105–107 What thelibertarians consider as corruption is interesting. The author concludes abruptly, "if we reducewhat the government does, we also will reduce corruption…. It also may offer a way to identifyand understand the moral decline that follows (and fosters) the continual expansion of thewelfare state.(p. 107). However, the author is reluctant to admit that private individual/ firmcorruption. For instance, he writes, "Paying money for goods or services provided by a publicofficial constitutes bribery and often involves punishment for the parties to the transaction.Why bribery is invariably equated with corruption and condemned? It is not obviouslyinefficient. Indeed, in highly collectivized nations, paying public officials to allow what wouldotherwise be normal market exchanges may contribute much to human welfare. (p. 105). He



otherwise be normal market exchanges may contribute much to human welfare. (p. 105). Hecontinues, "These standard accounts of corruption and bribery involve efficiency anddemocratic accountability, not liberty"... "In some cases, government actions that areparticularly prone to bribery—like the licensing of economic activity—inherently restrictindividual liberty"… "It is possible that bribery might liberalize some parts of society"...However, he presents "in the financing of election campaigns" individuals and groups aresimply "contributing to the campaigns of chosen candidates" and observes, "Campaign financeregulations, like the corruption they seek to prevent, actually serve the narrow interests ofparties and incumbents instead of the interest voters have in open competition for legislativeseats. Thus, campaign finance restrictions may be deemed a kind of corruption". He furtherpoints out, "However, as Nathaniel Persily discovered, campaign finance appears to have noreal relationship one way or the other to trust in government. In any case, public trust ingovernment tends to reduce, rather than protect, individual liberty (p. 106). In his statement onthe primacy of liberty he argues, "But libertarians might recognize that corruption may be morethan an excuse to limit liberty".

49. ^ The neoclassical economists of the first generation in the early 70s, while the impoverishedworld was still struggling to recover from the adverse effects of the second world war and theconsequent cold wars, recommended deregulation of financial systems of the impoverishednations which they termed liberating financial systems from the 'financial repression'. Chili,Uruguay and Argentina were chosen to be the labs of financial experiments. Contrary to theclaims the countries experienced severe economic and financial setbacks of soaring interestrates, waves of bank failures and other bankruptcies, extreme asset price volatility andextensive loan defaults, the real sector entered deep and prolonged recessions contrary to whathad been projected by the ideologues (Grabel, I., 2008). Global finance and development: falsestarts, dead ends and social economic alternatives. Davis, J. B.; Dolfsma, W., eds. The ElgarCompanion to Social Economics (. Cheltenham: Edward Elgar. pp. 498, 501.

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54. ^ Samuels, W., J (1977). Ideology in Economics In S. Weintraub (Ed.), Modern EconomicThought (pp. 467–484). Oxford: Blackwell.

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62. ^ Ferguson, J. (1997). Anthropology and its Evil Twin: Development in the Constitution of aDiscipline (http://books.google.com/books?id=NueOngvzwK0C&pg=PA150) . In F. Cooper &R. Packard (Eds.), International Development and the Social Sciences: Essays on the Historyand Politics of Knowledge (pp. 150–175). Berkeley: University of California Press ISBN 0-520-20957-5.

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66. ^ Bribery committed by large companies and multinational corporations—social problems andsystematic, pervasive government corruption—Peter Eigen—government, corruption, bribery,social, problems, large, companies—sciencestage.com Political science(http://sciencestage.com/v/19460/bribery-committed-by-large-companies-and-multinational-corporations-social-problems-and-systematic,-.html) . Sciencestage.com. Retrieved on 2010-09-02.

67. ^ Fisman, R., & Miguel, E. (2008). Economic Gangsters: Corruption, Violence and thePoverty of Nations (http://books.google.com/books?id=AFdIJh1Z7roC&printsec=frontcover). Princeton: Princeton University Press ISBN 0-691-13454-5.

68. ^ Global Corruption Report 2009: Corruption and Private Sector. (A Report by TransparencyInternational) (2009). Cambridge: Cambridge University Press ISBN 0-521-13240-1.

69. ^ Dobson 1997, p. ix "Experts of finance tend to view business firm as, 'an abstract engine thatuses money today to make money tomorrow'

70. ^ Miller, M. H. (1986). "Behavioral Rationality in Finance: The Case of Dividends" (p. 452).Journal of Business 59: 451–468. doi:10.1086/296380(http://dx.doi.org/10.1086%2F296380) .

71. ^ Dobson 1997, p. xvi In this regard Dobson points out, "An apologist for the finance paradigmmight defend its conceptual rigidity as follows. Although there are undoubtedly motivationsother than wealth maximization that influence, and should influence, behaviour, theassumptions of the finance paradigm provide a reasonable approximation of agents' behaviourover a broad spectrum of business environments. The firm is an economic mechanism and



over a broad spectrum of business environments. The firm is an economic mechanism andagents act within the firm for fundamentally economic reasons. In addition, the construction ofmathematically robust models requires simplifying assumptions. Like perfect-and-frictionlesscapital markets, wealth maximization is one such simplifying assumption. All disciplines havetheir conceptual boundaries, and any value-based normative consideration of human behavioursimply lies beyond finance's conceptual boundary. Indeed, if finance were to stretch thisboundary in an attempt to encompass such questions, mathematical rigor would be lost.Finance would be set adrift in the scientifically unnavigable sea of moral philosophy. Wealthmaximization provides a secure anchorage from which a rigorous theory of financial-marketbehaviour can be built. Says Norman Bowie, "Like perfect information and zero transactioncosts, psychological egoism [i.e., wealth maximization] is one of the simplifying assumptionsneeded for the mathematics of equilibrium analysis"

72. A Dobson 1997, pp. xvi, 14273. A Armstrong, M. B. (2002). Ethical Issues in Accounting. In N. E. Bowie (Ed.), The Blackwell

guide to business ethics (http://books.google.com/books?id=CHtbwX11oUIC&pg=PA145)(pp. 145–157). Oxford: Blackwell ISBN 0-631-22123-9

74. A Walsh, A. J. HRM and the ethics of commodified work in a market economy. Pinnington,Macklin & Campbell 2007, pp. 102–118

75. A Kuchinke, K. P. (2005). The self at work: theories of persons, meaning of work and theirimplications for HRD (http://books.google.com/books?id=pA0PKmbhKaUC&pg=PA141)Elliott & Turnbull 2005, pp. 141–154

76. A Dirkx, J. M. (2005). To develop a firm persuasion: Workplace learning and the problem ofmeaning (http://books.google.com/books?id=pA0PKmbhKaUC&pg=PA155) .Elliott &Turnbull 2005, pp. 155–174

77. A Terkel, S. (1974) Working: People Talk About What They Do All Day and How They FeelAbout What They Do, New York: Ballantine. Terkel introduces the work conditions in thefollowing words: "This book, being about work, is, by its very nature, about violence—to thespirit as well as to the body. It is about ulcers as well as accidents, about shouting matches aswell as fistfights, about nervous breakdowns as well as kicking the dog around. To survive theday is triumph enough for the walking wounded among the great many of us", p. xii.

78. ^ D E Introduction: ethical human resource management Pinnington, Macklin & Campbell2007, pp. 1–22

79. A Duska, R. Employee Rights (http://books.google.com/books?id=PDXVnfyKHBIC&pg=PA257) .Frederic 2002, pp. 257–268

80. A Koehn, D. (2002). Ethical Issues in Human Resources (http://books.google.com/books?id=CHtbwX11oUIC&pg=PA225) . In N. E. Bowie (Ed.), The Blackwell guide to businessethics (pp. 225–243). Oxford: Blackwell ISBN 0-631-22123-9.

81. A Watson, I., Buchanan, J., Campbell, I., and Briggs, C. (2003). Fragmented Futures: NewChallenges in Working Life. ACIRRT, University of Sydney, NSW: The Federation Press.

82. A Smith, N. H. (1997). Strong Hermeneutics: Contingency and Moral Identity. London:Routledge.

83. A Machan 2007, p. 68 Machan observes, "It is futile to deny that owners have and exerciseconsiderable economic power. Such power is the ability to make what one wants actuallyhappen. When a worker wants to keep a job but the owner does not want to employ him or her,the worker loses out, usually, although on a larger scale this doesn't hold true. Of course, if theworker wants to quit, he or she will win, but that is often the less visible situation. Just



consider the worry about downsizing. It is also often true that employers are able to findreplacements for workers more readily than workers can find new jobs on their own terms.Even when this is not the case, the worker's situation is deemed to be more dire because of theoften greater wealth of the employer. Whether this imbalance of bargaining power is justifiedor not is what ultimately must be addressed by those who believe that there is greater merit in afree market system than in one that is regimented by government—say, via a workers'democracy.

84. ^ Machan 2007, p. 6785. ^ Legge, K. The ethics of HRM in dealing with individual employees without collective

representation]. Pinnington, Macklin & Campbell 2007, pp. 35 ff86. ^ Morehead, A., Steele, M., Stephen, K., and Duffin, L. (1997). Changes at Work: The 1995

Australian Workplace Industrial Relations Survey. Melbourne: Longman87. ^ Reinhold, R. (2000). 'Union Membership in 2000: Numbers Decline During Record

Economic Expansion', Illinois Labor Market Review, 6.88. ^ Akyeampong, E. (1997). 'A Statistical Portrait of the Trade Union Movement', Perspectives

on Labour and Income, 9: 45–54.89. ^ Kuruvilla, S., Das, S., Kwon, H., and Kwon, S. (2002). 'Trade Union Growth and Decline in

Asia', British Journal of Industrial Relations, 40(3): 431–61.90. ^ Watson T.J (2003). 'Ethical Choice in Managerial Work: The Scope for Managerial Choices

in an Ethically Irrational World', Human Relations, 56(2): 167–85.91. ^ Woodd, Maureen (1997). "Human resource specialists—guardians of ethical conduct?".

Journal of European Industrial Training 21 (3): 110. doi:10.1108/03090599710161810(http://dx.doi.org/10.1108%2F03090599710161810) .

92. ^ Guest, David E (1999). "Human resource management—the workers' verdict". HumanResource Management Journal 9 (3): 5. doi:10.1111/j.1748-8583.1999.tb00200.x(http://dx.doi.org/10.1111%2Fj.1748-8583.1999.tb00200.x) .

93. ^ However, weakening of labour unions, what they call 'notorious,' is celebrated as a victory of'free market' by moralists bent towards neoliberal ideologyMachan 2007, p. 29

94. ^ Machan justifies his displeasure with unions, "So, unions are notorious for promotingfeatherbedding, making jobs that have no real function any longer. A most recent case reportedinvolved a new urinal that doesn't require flushing. Don't ask me for the details—it's a bafflingidea. But, the story goes, when in Philadelphia it was recently introduced, the plumber's unionnegotiated a deal whereby despite the fact that it wasn't needed, plumbing was supplied so thatplumbers wouldn't have to find new employment. This kind of thing used to be routine with therailroads, when locomotives were upgraded and unions secured deals whereby the samenumber of people would continue to man the engines.Machan 2007, p. 29

95. ^ Desai, M. (1991). Issues concerning setting up of social work specializations in India.International Social Work, 34, 83–95

96. ^ Guest, D. E. HRM and performance: can partnership address the ethical dilemmas?Pinnington, Macklin & Campbell 2007, pp. 52–65

97. ^ Storey, D.J. (1985). "THE PROBLEMS FACING NEW FIRMS [1]". Journal ofManagement Studies 22 (3): 327. doi:10.1111/j.1467-6486.1985.tb00079.x(http://dx.doi.org/10.1111%2Fj.1467-6486.1985.tb00079.x) .

98. ^ Ouchi, William G. (1981). Theory Z. New York: Avon Books. ISBN 978-0380594511.99. ^ Pinnington, Macklin & Campbell 2007, p. 3 Introduction: ethical human resource

management



management100. ^ Schneider, B., Hanges, P., Smith, D., and Salvaggio, A. (2003). 'Which Comes First:

Employee Attitudes or Organizational Financial and Market Performance?', Journal of AppliedPsychology, 88: 836–51.

101. ^ Guest, D. E., Michie, J., Conway, N., and Sheehan, M. (2003). 'Human ResourceManagement and Corporate Performance in the UK', British Journal of Industrial Relations,41(2): 291–314.

102. ^ Boxall, P., & Purcell, J. Strategic management and human resources: the pursuit ofproductivity, flexibility, and legitimacy Pinnington, Macklin & Campbell 2007, pp. 66–80

103. ^ Murphy 2002, pp. 165–185104. ^ Jones, Parker & et al. 2005, p. 3105. ^ Murphy 2002, pp. 168–169106. ^ Brenkert, G. K. Marketing ethics (http://books.google.com/books?

id=PDXVnfyKHBIC&pg=PA179) .Frederic 2002, pp. 179107. ^ Marcoux, A. (2009). Business-Focused Business Ethics. in Normative Theory and Business

Ethics. J. Smith. Plymouth Rowman & Littlefield: pp. 17–34 ISBN 0-7425-4841-4108. ^ Fisher, B., 2003-05-27 "Ethics of Target Marketing: Process, Product or Target?"

(http://www.allacademic.com/meta/p111389_index.html) Paper presented at the annualmeeting of the International Communication Association, Marriott Hotel, San Diego, CA

109. ^ Groucutt, J., P. Leadley, et al. (2004). Marketing: essential principles, new realities(http://books.google.com/books?id=cd6Sjxu2lesC&pg=PA75) . London, Kogan p. 75 ISBN 0-7494-4114-3

110. ^ Murphey, P. E., G. R. Laczniak, et al. (2007). "An ethical basis for relationship marketing: avirtue ethics perspective"(http://www.ethicalbusiness.nd.edu/documents/European%20Journal%20of%20Marketing.pdf) . European Journal of Marketing 41: 37–57. doi:10.1108/03090560710718102(http://dx.doi.org/10.1108%2F03090560710718102) .http://www.ethicalbusiness.nd.edu/documents/European%20Journal%20of%20Marketing.pdf.

111. ^ Free as in Freedom: Table of Contents (http://oreilly.com/openbook/freedom/) .Oreilly.com. Retrieved on 2010-09-02.

112. ^ Labelling of GMO Products: Freedom of Choice for Consumers (http://www.gmo-compass.org/eng/regulation/labelling/) . Gmo-compass.org. Retrieved on 2010-09-02.

113. ^ EUROPA—Food Safety—Biotechnology—GM Food & Feed—Labelling(http://ec.europa.eu/food/food/biotechnology/gmfood/labelling_en.htm) . Ec.europa.eu (2003-09-22). Retrieved on 2010-09-02.

114. ^ Anand, V.; Rosen, C. C. (2008). "The Ethics of Organizational Secrets". Journal ofManagement Inquiry 17 (2): 97. doi:10.1177/1056492607312785(http://dx.doi.org/10.1177%2F1056492607312785) .

115. ^ Brenkert, G. K. Marketing ethics (http://books.google.com/books?id=PDXVnfyKHBIC&pg=PA178) Frederic 2002, pp. 178–193

116. ^ Murphy 2002, p. 165117. ^ Borgerson, J. L. and J. E. Schroeder (2008). Building an Ethics of Visual Representation:

Contesting Epistemic Closure in Marketing Communication (http://books.google.com/books?id=RsBfMI6di8gC&pg=PA87) . in Cutting Edge Issues in Business Ethics. M. P. Morland andP. Werhane. Boston, Springer pp. 87–108 ISBN 1-4020-8400-5

118. ^ Online Etymology Dictionary (http://www.etymonline.com/index.php?term=property) .Etymonline.com. Retrieved on 2010-09-02.



Etymonline.com. Retrieved on 2010-09-02.119. ^ Davies 2007, p. 25120. ^ Locke, John (1690),Sec. 25 Of Property (chapter 5)

(http://www.constitution.org/jl/2ndtr05.htm) , in Second Treatise on Government: "God, whohath given the world to men in common, hath also given them reason to make use of it to thebest advantage of life, and convenience. The earth, and all that is therein, is given to men for thesupport and comfort of their being. And tho' all the fruits it naturally produces, and beasts itfeeds, belong to mankind in common, as they are produced by the spontaneous hand of nature;and no body has originally a private dominion, exclusive of the rest of mankind, in any of them,as they are thus in their natural state: yet being given for the use of men, there must ofnecessity be a means to appropriate them some way or other, before they can be of any use, orat all beneficial to any particular man. The fruit, or venison, which nourishes the wild Indian,who knows no enclosure, and is still a tenant in common, must be his, and so his, i.e. a part ofhim, that another can no longer have any right to it, before it can do him any good for thesupport of his life." He continues in sec.27, "Though the earth, and all inferior creatures, becommon to all men, yet every man has a property in his own person: this nobody has any rightto but himself. The labour of his body, and the work of his hands, we may say, are properly his.Whatsoever then he removes out of the state that nature hath provided, and left it in, he hathmixed his labour with, and joined to it something that is his own, and thereby makes it hisproperty. It being by him removed from the common state nature hath placed it in, it hath bythis labour something annexed to it, that excludes the common right of other men: for thislabour being the unquestionable property of the labourer, no man but he can have a right to whatthat is once joined to, at least where there is enough, and as good, left in common for others.

121. ^ Harris, J.W. (1996), "Who owns My Body", Oxford Journal of Legal Studies, 16: 55–84.Harris finds this argument a 'spectacular non sequitur,' '[f]rom the fact that nobody owns me if Iam not a slave, it simply does not follow that I must own myself'(p. 71)

122. ^ Day Patrick, (2002) The Self-Ownership Thesis: A Critique(http://www.libertarian.co.uk/lapubs/philn/philn019.pdf) . Locke founded his notion ofproperty rights on the premise of 'self-ownership' of course excluding the slaves from suchownership. Day critiques Locke's ontology saying, "The answer to the question is to be foundin Locke's ontology. There exist God, Divine Artifacts and Human Artifacts. God ownsHimself. All makers own what they have made, so that God also owns Divine Artifacts. Thereare Direct Divine Artifacts and Indirect Divine Artifacts. The unique Direct Divine Artifact isLand, which God made out of nothing. He made Indirect Divine Artifacts by mingling HisLabour with Land. Among these are wild plants, wild animals and Man (Adam and hisdescendants). God gave Land 'and all inferior creatures' 'to men in common'" (Day, 2002:)

123. ^ Day, P. J. (1966). "Locke on Property". The Philosophical Quarterly 16 (64): 207–220.doi:10.2307/2218464 (http://dx.doi.org/10.2307%2F2218464) . JSTOR 2218464(http://www.jstor.org/stable/2218464) .

124. ^ Bentham, J. (1931), Theory of Legislation, London: Kegan Paul, p. 113 ISBN 978-1-103-20150-1

125. ^ Proudhon in his essay on property asked, "If property is a natural, absolute, imprescriptible,and inalienable right, why, in all ages, has there been so much preoccupation with its origin?For this is one of its distinguishing characteristics. The origin of a natural right: Good God,whoever inquired into the origin of the rights of liberty, security, or equality?" Proudhon, P.-J.([1840] 1969). What is property (http://books.google.com/books?id=KZcysiWmMoQC&pg=PA69) , p. 69 ISBN 1-60680-212-7



id=KZcysiWmMoQC&pg=PA69) , p. 69 ISBN 1-60680-212-7126. ^ Davies 2007, p. 27127. ^ Blackstone, W. (1766), Commentaries on the Laws of England, Volume II, Of the Rights of

Things (http://www.lonang.com/exlibris/blackstone/bla-201.htm) , Oxford: Clarendon Press.128. ^ Ely, J. W. (2008). The Guardian of Every Other Right. Oxford: Oxford University Press

ISBN 0-19-532332-7. Ely notes, 'In 1740 South Carolina declared slaves "to be chattelspersonal, in the hands of their owners and possessors ' Because slaves were property, theycould be purchased, sold, inherited, taxed, or seized to pay the master's debts… The slavecodes also minutely governed the slaves' activities, prohibiting them from assembling, runningaway, owning goods or livestock, or using fi rearms. Moreover, it was unlawful to sell liquor toslaves or to teach them to read and write. Finally, crimes committed by slaves received harsherpunishment than did equivalent offenses by free persons (p. 15).

129. ^ Wishart, D. J. (1994). An Unspeakable Sadness The Dispossession of the Nebraska Indians(http://books.google.com/books?id=TgLHoEwA0fgC&printsec=frontcover) . Lincoln:University of Nebraska Press ISBN 0-8032-9795-5

130. ^ "Jefferson's Instructions to Lewis, June 20, 1803" (http://westgatehouse.com/art263.html)Letters of the Lewis and Clark Expedition with Related Documents, 17831854, ed. DonaldJackson (Urbana: University of Illinois Press, 1978) 1: 6166.

131. ^ Robertson 2005132. ^ Michael, J. (2008). Identity and the Failure of America. Minneapolis: University of

Minnesota Press (http://books.google.com/books?id=rKVwqZIs2OkC&pg=PA45) . Michaelobserves that Thomas Jefferson, in spite of all his freedom speeches, was himself a slaveowner, owning slaves as his property, p.45

133. ^ In this regards Ross (1994:14) notes, "within the liberal context the private nature ofproperty is naturalized and universalized, as though other forms are somehow less ethicallydefensible"

134. ^ Rose 1994, p. 58 Rose observes, "What is the purpose of property under this . . .understanding? The purpose is to accord to each person or entity what is 'proper' or'appropriate' to him or her. Indeed, this understanding of property historically made no strongdistinction between 'property' and 'propriety', and one finds the terminology mixed up to a veryconsiderable degree in historical texts. And what is 'proper' or appropriate, on this vision ofproperty, is that which is needed to keep good order in the commonwealth or body politic"

135. ^ Jefferson wrote, "[W]hile it is a moot question whether the origin of any kind of property isderived from nature at all, it would be singular to admit a natural and even an hereditary right toinventors. It is agreed by those who have seriously considered the subject, that no individualhas, of natural right, a separate property in an acre of land, for instance. By an universal law,indeed, whatever, whether fixed or movable, belongs to all men equally and in common, is theproperty for the moment of him who occupies it, but when he relinquishes the occupation, theproperty goes with it. Stable ownership is the gift of social law, and is given late in theprogress of society. It would be curious then, if an idea, the fugitive fermentation of anindividual brain, could, of natural right, be claimed in exclusive and stable property."Jeferrson's Letter to McPherson (http://books.google.com/books?id=Imn6yQjcfZIC&pg=PA19) in, Boyle, J. (2008). The Public Domain: Enclosing theCommons of the Mind. New Haven: Yale University Press ISBN 0-300-13740-0.

136. ^ Daykin, Jeffer B. (2006). ""They Themselves Contribute to Their Misery by Their Sloth": TheJustification of Slavery in Eighteenth-Century French Travel Narratives". The EuropeanLegacy 11 (6): 623. doi:10.1080/10848770600918117



Legacy 11 (6): 623. doi:10.1080/10848770600918117(http://dx.doi.org/10.1080%2F10848770600918117) .

137. ^ Gordon, D. (2009). Gender, Race and Limiting the Constitutional Privilege of Religion as aHaven for Bias: The Bridge Back to the Twentieth Century (http://ssrn.com/abstract=1350522). Women's Rights Law Reporter, p. 30.

138. ^ Sandoval, Alonso De. (2008). Treatise on Slavery: Selections from De instaurandaAethiopum salute (http://books.google.com/books?id=eIHte1t-BKsC&pg=PA17) .Indianapolis: Hackett Publishing Company, Inc. pp. 17, 20

139. ^ Bay, M. (2008). Polygenesis Versus Monogenesis In Black and White. In J. H. Moore (Ed.),Encyclopedia of Race and Racism (Vol. 1, pp. 90–93). Detroit: Macmillan Reference:91

140. ^ Baum, B. (2006). The Rise and Fall of the Caucasian Race: A Political History of RacialIdentity (http://books.google.com/books?id=TnVgKpqCxzQC&pg=PA35) . New York: NewYork University Press, ISBN 0-8147-9892-6 p. 35

141. ^ Skinner, D (2006). "Racialized Futures: Biologism and the Changing Politics of Identity".Social Studies of Science 36 (3): 459–488. doi:10.1177/0306312706054859(http://dx.doi.org/10.1177%2F0306312706054859) . JSTOR 25474453(http://www.jstor.org/stable/25474453) .

142. ^ Jensen, E. M. (1991). The Good Old Cause': The Ratification of the Constitution and Bill ofRights in South Carolina. In R. J. Haws (Ed.), The South's Role in the Creation of the Bill ofRights. Jackson: University Press of Mississippi.

143. ^ Following a bitter debate over the importation of slaves from abroad, Congress was deniedthe authority to prohibit the slave trade until 1808. The rendition of escaped slaves was also apriority for southerners. Accordingly, the fugitive slave clause declared that persons held toservice or labor under state law "shall be delivered up on Claim of the Party to whom suchService or Labour may be due." (Ely, 2008:46)

144. ^ Wiecek, W. M. (1977). The Sources of Antislavery Constitutionalism in America, 1760–1848. New York: Cornell University Press:63

145. ^ Tom Bethell "Private Property" Hamowy, Kuznicki & Steelman 2008, pp. 393146. ^ Digital History (http://www.digitalhistory.uh.edu/documents/documents_p2.cfm?doc=23) .

Digitalhistory.uh.edu. Retrieved on 2010-09-02.

147. ^ D E Davies 2007, p. 20148. ^ "Property is something we must collectively define and construct. It is not given to us whole;

it does not emerge fully formed like Athena from Zeus's head. It is closer to a piece of musicthat unfolds over time. Like music, property gets its sense of stability from the ongoingcreation and resolution of various forms of tension. The tensions that inform property are thetensions inherent in social relations. The solutions to the problems of property conflicts lie inunderstanding the connection between property and human relationships. Relationshipssometimes form stable patterns, but they are also ongoing and constantly renegotiated. culturalnorms. It is argued that there is no simple definition of property that can be posited withoutmaking controversial value judgments about how to choose between conflictinginterests"—Singer 2000, p. 13

149. ^ Singer 2000, p. 9150. ^ Cohen, M. R. (1927). Property and Sovereignty. Cornell Law Quarterly, 13, 8–30. Cohen

commenting on the power dimension of property noted, "we must not overlook the actual factthat dominion over things is also imperium over our fellow human beings" p. 13

151. ^ Rose 1994, p. 14152. ^ "'Property' has no essential character, but is rather a highly flexible set of rights and



152. ^ "'Property' has no essential character, but is rather a highly flexible set of rights andresponsibilities which congeal in different ways in different contexts" Davies 2007, p. 20

153. ^ Singer 2000, p. 8154. ^ Cooter, R. and T. Ulen (1988). Law and Economics. New York, Harper Collins.155. ^ Honore, A. M. (1961). Ownership. In A. G. Guest (Ed.), Oxford Essays in Jurisprudence.

London: Oxford University Press.; Becker, L. (1980). The Moral Basis of Property Rights In J.Pennock & J. Chapman (Eds.), Property. New York: New York University Press..

156. ^ However, some scholars often use the terms ownership, property and property rightsinterchangeably, while others define ownership (or property) as a set of specific rights eachattached to the vast array of uses accessible by the owner. Ownership has thus been interpretedas a form of aggregation of such social relations—a bundle of rights over the use of scarceresources . Alchian, A. A. (1965). Some Economics of Property Rights. Il Politico, 30, 816–829

157. ^ Epstein, R. A. (1997). "A Clear View of the Cathedral: The Dominance of Property Rules"(http://www.questia.com/googleScholar.qst;jsessionid=M1sW1nylSWKQJzZnVYGGY3ZCLG0shFGz4Bjj8YTLjNjFKRGv92Ym!-1814198305!558324302?docId=5000440763) . YaleLaw Journal 106 (7): 2091–2107. doi:10.2307/797162(http://dx.doi.org/10.2307%2F797162) . JSTOR 797162(http://www.jstor.org/stable/797162) .http://www.questia.com/googleScholar.qst;jsessionid=M1sW1nylSWKQJzZnVYGGY3ZCLG0shFGz4Bjj8YTLjNjFKRGv92Ym!-1814198305!558324302?docId=5000440763. "Bundleof rights is often interpreted as 'full control' over the property by the owner"

158. ^ Merrill, T. W., & Smith, H. E. (2001). "What Happened to Property in Law and Economics?"(http://www.yalelawjournal.org/the-yale-law-journal/content-pages/what-happened-to-property-in-law-and-economics?/) . Yale Law Journal 111 (2): 357–398.doi:10.2307/797592 (http://dx.doi.org/10.2307%2F797592) . JSTOR 797592(http://www.jstor.org/stable/797592) . http://www.yalelawjournal.org/the-yale-law-journal/content-pages/what-happened-to-property-in-law-and-economics?/.

159. ^ Property has been conceptualized as absolute ownership with full control over the ownedproperty without being accountable to anyone else Singer 2000, p. 29.

160. ^ Demsetz, H. (1988). A Framework for the Study of Ownership. In H. Demsetz (Ed.),Ownership, Control, and the Firm (Vol. I, pp. 12–27). Oxford: Blackwell. Further, it is held,the ownership goes beyond what is describable. Demsetz claims that the notion of "full privateownership" over assets is "vague", and "[i]n one sense, it must always remain so, for there is aninfinity of potential rights of actions that can be owned […]. It is impossible to describe thecomplete set of rights that are potentially ownable.

161. ^ Rose 1996, pp. 329–365 Property as the Keystone Right? Notre Dame Law Review 71162. ^ "Property itself is fragile—much more so than one would think from its sheer persistence. A

central feature of this fragility is this: property entails the cooperation of others. You cannothave property all alone. Even the rule of First Possession, seemingly so quintessentiallyindividualistic, depends on the recognition and acquiescence of others; they must know whatyou are claiming, and tacitly agree to let you hold it—even against their own interests.… Notrust, no property" Michelman, F. I. (1982). Ethics, Economics, and the Law of Property. In J.R. Pennock & J. W. Chapman (Eds.), Nomos: Ethics, Economics, and the Law (Vol. 24, pp. 3–40). New York: New York University Press.

163. ^ Menon observes, "Atomy, in short, is selfishness and free fulfillment of sovereign self at the



163. ^ Menon observes, "Atomy, in short, is selfishness and free fulfillment of sovereign self at thecost of the other. Atomy is reified as if it were autonomy within the social construction of themythology of individuality". p. 15 Menon, Madhu (2008). Suicide as unfreedom and vice versa(http://books.google.com/books?id=Ho66yZj9LNYC&pg=PT18) . Norderstedt: GRIN VerlagISBN 3-640-18334-7

164. ^ Gray, Kevin (2009). "Property in Thin Air". The Cambridge Law Journal 50 (02): 252.doi:10.1017/S0008197300080508 (http://dx.doi.org/10.1017%2FS0008197300080508) .

165. ^ Penner, J. E. (1997). The Idea of Property in Law (http://books.google.com/books?id=xihmDndRfmoC&printsec=frontcover) . Oxford: Clarendon Press ISBN 0-19-826029-6 Inexplaining the identity crisis of 'property' Penner wrote, "'You see', property will say, 'now I amnot even my own idea. I'm just a bundle of other concepts, a mere chimera of an entity. I'm justa quivering, wavering, normative phantasm, without any home, without anything to call my ownbut an album full of fading and tattered images of vitality and consequence and meaning. I'mdepressed." p. 1

166. ^ Any space may be subject to plural meanings or appropriations which do not necessarilycome into conflict: pastoralists and Indigenous people may have quite different understandingsof rural landscapes reflected in different types of property interests, which can—ideally—coexist legally. A nominally open public space may have 'private' or limited meanings imposedupon it—for instance religious meanings (Urban spaces such as privately owned but publiclyaccessible shopping malls are increasingly of a 'quasi'-public nature. At the same time,intrusions of public norms into personal proprietary spaces through, for instance, zoning,heritage, and environmental regulations, militate against seeing 'private' property as entirelyprivate. Social transitions which transgress neat liberal distinctions put the theory under strainin key points: where the owners of a quasi-public space like a shopping mall try to enforce adress code or standards of behaviour, private proprietorial power intrudes into the publicsphere Davies 2007, p. 11

167. ^ AJ van der Walt notes, "forced removals and the restrictions upon free movement andeconomic activity that accompanied state-enforced racial segregation, helped to secure whiteprivilege while at the same time politically and economically marginalising millions of blackSouth Africans. Walt, AJ. (2009). Property in the Margins. Oxford: Hart Publishing, ISBN 1-84113-963-7 p. 2

168. ^ Fischbach, M. R. (2003). Records of Dispossession: Palestinian Refugee Property and theArab-Israeli Conflict (http://books.google.com/books?id=l8amWU3Z800C&printsec=frontcover) . New York: Columbia University Press ISBN 0-231-12978-5. In this book Fischbach discusses on forceful dispossession of Palestinianproperty by Israel

169. ^ Robertson observes, "In this country and, to a great extent, in other former British colonies,the legal rule justifying claims to indigenous lands discovered by Europeans traces to the 1823decision of the Supreme Court of the United States in Johnson v. M'Intosh. Johnson containedthe "discovery doctrine, which answered the question: What rights did Europeans acquire, andindigenous peoples lose, upon the discovery of the New World? The answer, according to theCourt, was ownership of all discovered lands. Discovery converted the indigenous owners ofdiscovered lands into tenants on those lands. The underlying title belonged to the discoveringsovereign. The indigenous occupants were free to sell their "lease," but only to the landlord,and they were subject to eviction at any time. More than 180 years later, the discovery doctrineis still the law". Robertson 2005, pp. ix–x

170. ^ Sax, J. L. (1971). "Takings, Private Property and Public Rights" (see pp. 149, 152). Yale Law



170. ^ Sax, J. L. (1971). "Takings, Private Property and Public Rights" (see pp. 149, 152). Yale LawJournal 81 (2): 149–186. doi:10.2307/795134 (http://dx.doi.org/10.2307%2F795134) .JSTOR 795134 (http://www.jstor.org/stable/795134) .

171. ^ Singer 2000, p. 6172. ^ Hohfeld, W. (1913). "Some Fundamental Legal Conceptions as Applied in Judicial

Reasoning I". Yale Law Journal 23 (1): 16–59. doi:10.2307/785533(http://dx.doi.org/10.2307%2F785533) . JSTOR 785533(http://www.jstor.org/stable/785533) .

173. ^ Hohfeld, W. (1917). "Some Fundamental Legal Conceptions as Applied in JudicialReasoning II". Yale Law Journal 26 (8): 710–770. doi:10.2307/786270(http://dx.doi.org/10.2307%2F786270) . JSTOR 786270(http://www.jstor.org/stable/786270) .

174. ^ Miunzer, S. R. (1990). A theory of property. Cambridge: Cambridge University Press, p. 17175. ^ Bryan, B. (2000). Property as Ontology: on Aboriginal and English Understandings of

Property. Canadian Journal of Law and Jurisprudence, 13, 3–31. In this article Bradley Bryanclaimed that property is about much more than a set of legal relations: it is 'an expression ofsocial relationships because it organizes people with respect to each other and their materialenvironment' p. 4

176. ^ Arendt, H. (1958). The Human Condition. Chicago: University of Chicago Press, p. 7177. ^ Singer 2000, p. 16178. ^ "The legal realists understood property rights as relationships only in the formal sense. They

acknowledged that rights impose duties on others and that liberties impose vulnerabilities onthose affected by the exercise of those liberties. In deciding whether those duties and thosevulnerabilities were fair, they suggested that lawmakers balance the interests of those harmedby entitlements against those who benefit from them. This balancing solution did not takeseriously the idea that legal rules both respond to and shape the contours of social relations.They did not, in other words, take the character and structure of social relations as an importantindependent factor in choosing the rules that govern market life. Economists may similarly failto give sufficient attention to the moral and customary underpinnings of market societies. Theidea of balancing interests is a useful one, but it does not quite get at what is at stake inconstructing property law. What is at stake is a vision of social life" Singer 2000, p. 11 Singerfurther states, "Problems emerge when abstract property concepts meet the disputes overproperty that arise between people in the real world. The ownership model fails toacknowledge the substantial limitations on property rights that are necessary to protect theinterests of both owners and nonowners harmed by the exercise of those rights. Conflictsamong owners are quite prevalent. In some cases one owner's exercise of her lawful propertyrights interferes with other owners' rights in their own property. We also need to restrictproperty rights in situations where they impinge on nonproperty rights we hold as dearly". (p.31)

179. ^ Boldrin & Levine 2008, p. 10180. ^ Drahos and Braithwaite write, "When in 1994 we interviewed a former US trade negotiator,

he remarked that 'less than 50 individuals' were responsible for TRIPS. Less than 50 individualshad managed to globalize a set of regulatory norms for the conduct of all those doing businessor aspiring to do business in the information age" Drahos & Braithwaite 2002, p. 73

181. ^ D E Steelman, A. Intellectual Property.Hamowy, Kuznicki & Steelman 2008, pp. 249–250182. ^ We shall see that when monopoly over ideas is absent, competition is fierce—and that, as a

result, innovation and creativity thrive. Whatever a world without patents and copyrights would



result, innovation and creativity thrive. Whatever a world without patents and copyrights wouldbe like, it would not be a world devoid of great new music and beneficial new drugs." Theysubstantiate their argument by showing instances of key innovation in software industry priorto 1981, before the advent of patent protection … The best evidence that copyright and patentsare not needed and that competition leads to thriving innovation in the software industry is thefact that there is a thriving and innovative portion of the industry that has voluntarilyrelinquished its intellectual monopoly—both copyright and patent. Boldrin & Levine 2008,pp. 10, 16–17

183. A Välimäki, M. (2005). The Rise of Open Source Licensing: A Challenge to the Use ofIntellectual Property in the Software Industry. Helsinki: Turre Publishing ISBN 952-91-8769-6.

184. A Hamowy, Kuznicki & Steelman 2008, p. 249185. A The South African Medicines and Related Substances Control Amendment Bill and TRIPS

(http://academic.udayton.edu/Health/06world/africa01.htm) . Academic.udayton.edu. Retrievedon 2010-09-02.

186. A Orsi, F., Camara, M., & Coriat, B. (2006). AIDS, TRIPS and 'TRIPS plus': the case fordeveloping and less developed countries. Andersen 2006, pp. 70–108

187. A The authors of the book "Information Feudalism" state: Generally speaking, when a largepharmaceutical company develops a therapeutic compound, it surrounds that compound with awall of intellectual property protection. Patents are taken out on all aspects of the compound,including the compound itself, dosage methods and processes of making it. Some knowledge isheld back and protected under trade-secret law, brand name identity is protected through trademark law and a lot of written information is protected by copyright. The whole point ofbuilding this wall is to ensure that protection lasts well beyond the term of any single patentand keeps cheaper generic manufacturers out of the market for as long as possible. For peoplein developing countries living on one or two dollars a day, the price of anti-retroviral therapiesrepresented a king's ransom. In some countries such as South Africa, some treatments were infact more expensive. As an aside we might note that the phenomenon of patented medicinesbeing more expensive in developing countries is not unusual. The logic of patent monopoly isto have a safe and secure distribution system aimed at selling smaller numbers of expensivemedicines to a wealthy class, rather than trying to distribute large numbers of cheap medicinesat a few cents a day to the many poor. When large pharmaceutical companies speak about'growing the market' in developing countries, it is the wealthy segment of the market they havein mind" Drahos & Braithwaite 2002, p. 6

188. A Andersen & 2006 pp109–147189. A Roderick Long in Hamowy, Kuznicki & Steelman 2008, pp. 249–250190. A Machlup, F. (1958). An Economic Review of the Patent System. Washington D.C.: US

Government Printing Office, p. 80. Expressing similar concern Fritz Machlup wrote, "It wouldbe irresponsible, on the basis of our present knowledge of its economic consequences, torecommend instituting [a patent system]."

191. A Proudhon (1847), Chapter VI(http://www.marxists.org/reference/subject/economics/proudhon/philosophy/ch06.htm) in ThePhilosophy of Poverty.

192. A The Sherman Act of 1890, was passed in America to stop rampant cartelization andmonopolization in the American economy, followed by the Clayton Act of 1914, Federal TradeCommission Act of 1914,[1](http://www.law.cornell.edu/uscode/15/usc_sup_01_15_10_2_20_I.html) and the Anti-Price



(http://www.law.cornell.edu/uscode/15/usc_sup_01_15_10_2_20_I.html) and the Anti-PriceDiscrimination Act of 1936. In recent years, "antitrust]" enforcement is alleged to havereduced competition. E.g., "antitrust is anticompetitive" writes Boudreaux Antitrust.Hamowy,Kuznicki & Steelman 2008, pp. 16

193. ^ Mindeli, L. E.; Pipiya, L. K. (2007). "Conceptual aspects of formation of a knowledge-basedeconomy". Studies on Russian Economic Development 18 (3): 314.doi:10.1134/S1075700707030100 (http://dx.doi.org/10.1134%2FS1075700707030100) .

194. ^ Allison, R. (2005). The Birth of Spiritual Economics In L. Zsolnai (Ed.), Spirituality andethics in management (Vol. 19, pp. 61–74). New York: Springer:73

195. ^ Kinsella, S. (2008). Against Intellectual Property (http://books.google.com/books?id=og0OkSwUnUQC&pg=PA32) . Alabama: Ludwig von Mises Institute. Kinsella writes,"Ideas are not naturally scarce. However, by recognizing a right in an ideal object, one createsscarcity where none existed before" p. 33

196. ^ Andersen 2006, p. 125197. ^ David, P. (2001, 22–23 January). Will Building 'Good Fences' Really Make 'Good

Neighbours'. Paper presented at the Science, report to European Commission (DG-Research)STRATA-ETAN workshop on IPR aspects of internal collaborations, Brussels.

198. ^ Bouckaert, B (1990). "What is Property?" In "Symposium: Intellectual Property." HarvardJournal of Law & Public Policy 13(3) p. 793

199. ^ Andersen 2006, p. 109 "Capturing value from intellectual capital and knowledge-based assetshas become the new mantra. The battles are not for control of raw materials, but for the controlof the most dynamic strategic asset, namely 'productive knowledge'"

200. ^ Macmillan, F. (2006). Public interest and the public domain in an era of corporatedominance. Andersen 2006, pp. 46–69

201. ^ The spatial-distantiation is globalization and the temporal distantiation is futurization.Futurization futurizes the present and globalization globalizes the local. Combined, they driveaway politics out of place and time, reducing life into bare life. Moreover, the stretching oftime and space as it has brought global to the local it has also brought the future to the present.In the earlier times it was the past that directed the present in the form of tradition and culture.With the shift in spatio-temporality, it is no longer the past, but the future that pulls humandestiny, of course in increasing degrees. The social-time, if left in its present course ofdirection and acceleration it would incessantly outdate not only the people living in the presentbut also destine those yet to be born. The velocity of movement towards the future throughspeculative investment by the power elite, if unconstrained, indeed would invert the social timeand space into irredeemable black hole and refuse politics for everyone not yet born. Menon2008 Suicide as unfreedom and vice versa (http://books.google.com/books?id=Ho66yZj9LNYC&pg=PT5)

202. ^ Drahos & Braithwaite 2002203. ^ Andersen 2006, pp. 63204. ^ Enderle, Georges (1999). International Business Ethics. University of Notre Dame Press.

p. 1. ISBN 0-268-01214-8.205. ^ George, Richard de (1999). Business Ethics. ISBN 0412460807.206. ^ Machan 2007.Frederic 2002, pp. 88207. ^ Friedman, M. (1970). "The Social Responsibility of Business is to Increase Profit"

(http://www.oppapers.com/essays/The-Social-Responsibility-Of-Business-Is/317417) , TheNew York Times Magazine.

^ D E Agamben, G. (1993) The Coming Community (http://books.google.com/books?



208. ^ D E Agamben, G. (1993) The Coming Community (http://books.google.com/books?id=6ekx1dg4nSgC&pg=PT43) , trans. Michael Hardt. Minneapolis: University of MinnesotaPress, p. 43 ISBN 0-8166-2235-3

209. ^ Hasnas 2005, pp. 15–18210. ^ United States of America, Plaintiff-appellee, v. Kristine D. Vasarajs, Defendant-appellant—

908 F.2d 443—Justia US Court of Appeals Cases and Opinions (http://cases.justia.com/us-court-of-appeals/F2/908/443/168897/) . Cases.justia.com. Retrieved on 2010-09-02.

211. ^ Coleman, J. W. (1987). "Toward an Integrated Theory of White-Collar Crime". AmericanJournal of Sociology 93 (2): 406–439. doi:10.1086/228750(http://dx.doi.org/10.1086%2F228750) . JSTOR 2779590(http://www.jstor.org/stable/2779590) .

212. ^ Shapiro, B. (1995). "Collaring the Crime, not the Criminal: Reconsidering the Concept ofWhite-collar Crime". American Sociological Review 55 (3): 346–65. doi:10.2307/2095761(http://dx.doi.org/10.2307%2F2095761) . JSTOR 2095761(http://www.jstor.org/stable/2095761) .

213. ^ Enker, A. N. (1969). "Impossibility in Criminal Attempts—Legality and the Legal Process"(http://heinonline.org/HOL/LandingPage?collection=journals&handle=hein.journals/mnlr53&div=40&id=&page=) . Minnesota LawReview 53: 665. http://heinonline.org/HOL/LandingPage?collection=journals&handle=hein.journals/mnlr53&div=40&id=&page=.

214. ^ Coffee, J. C. J. (1981). ""No Soul to Damn: No Body to Kick": An Unscandalized Inquiryinto the Problem of Corporate Punishment". Michigan Law Review 79 (3): 386–459.doi:10.2307/1288201 (http://dx.doi.org/10.2307%2F1288201) . JSTOR 1288201(http://www.jstor.org/stable/1288201) .

215. ^ Jones, Parker & et al. 2005216. ^ Jones, Parker & et al. 2005, pp. 3–8217. ^ Serenko, A. and Bontis, N. (2009). "A citation-based ranking of the business ethics scholarly

journals" (http://foba.lakeheadu.ca/serenko/papers/IJBGE040405_PUBLISHED.pdf) .International Journal of Business Governance and Ethics 4 (4): 390–399.doi:10.1504/IJBGE.2009.023790 (http://dx.doi.org/10.1504%2FIJBGE.2009.023790) .http://foba.lakeheadu.ca/serenko/papers/IJBGE040405_PUBLISHED.pdf. Retrieved 2009-10-21.

218. ^ http://www.ibdinstitute.org219. ^ http://www.ibdinstitute.asia220. ^ Jonathan Chan Confucian Business Ethics and the Nature of Business Decisions

(http://web.archive.org/web/20060427023145/http://www.stthom.edu/academics/centers/cbes/jonachan.html)221. ^ Matthew 7: 12 (http://blb.org/cgi-bin/index.pl?

type=pf&translation=NIV&handref=Matthew+7%3A+12)222. ^ Mcdaniel, Charles (2011). ""Theology of the "Real Economy""

(http://via.library.depaul.edu/jrbe/vol2/iss2/1) . journal of religion and business ethics 2.http://via.library.depaul.edu/jrbe/vol2/iss2/1.

Further reading



Andersen, B. (2006). Intellectual property rights: innovation, governance andthe institutional environment (http://books.google.com/books?id=ydV68o_oMHEC&printsec=frontcover) . Edward Elgar Publishing.ISBN 1845422694. http://books.google.com/books?id=ydV68o_oMHEC&printsec=frontcover.Boldrin, M.; Levine, D. K. (2008). Against Intellectual Monopoly. Cambridge:Cambridge University Press.Cory, Jacques (2004-09-29). Activist Business Ethics(http://books.google.com/books?id=V-HO7Bn2T14C&pg=PA1#v=onepage&q&f=false) . Boston: Springer.ISBN 0387228489. http://books.google.com/books?id=V-HO7Bn2T14C&pg=PA1#v=onepage&q&f=false.Cullather, N.; Gleijeses, P. (2006). Secret History: The CIA's Classified Accountof Its Operations in Guatemala, 1952–1954 (http://books.google.com/books?id=sp3IGB4csCQC&printsec=frontcover) ]. California: Stanford UniversityPress. ISBN 0804754683. http://books.google.com/books?id=sp3IGB4csCQC&printsec=frontcover.Davies, M. (2007). Property: Meanings, histories, theories(http://books.google.com/books?id=t42kFTbNzHIC&printsec=frontcover) .Oxon: Routledge-Cavendish. ISBN 0415429331. http://books.google.com/books?id=t42kFTbNzHIC&printsec=frontcover.Dobson, J. (1997). Finance Ethics: The Rationality of Virtue(http://books.google.com/books?id=PgpxdI6mpXMC&printsec=frontcover) .New York: Rowman & Littlefield Publishers, Inc.. ISBN 0847684024.http://books.google.com/books?id=PgpxdI6mpXMC&printsec=frontcover.Drahos, P.; Braithwaite, J. (2002). Information Feudalism: who owns theknowledge economy (http://books.google.com/books?id=Pkl7HNzhXgoC&printsec=frontcover) . London: Earthscan.ISBN 1853839175. http://books.google.com/books?id=Pkl7HNzhXgoC&printsec=frontcover.Duska, R. (2007). Contemporary Reflections on Business Ethics(http://books.google.com/books?id=dANmdJHsqu0C&pg=PA1) . Boston:Springer. ISBN 1402049838. http://books.google.com/books?id=dANmdJHsqu0C&pg=PA1.Elliott, C.; Turnbull, S. (2005). Critical Thinking in Human ResourceDevelopment (http://books.google.com/books?id=pA0PKmbhKaUC&printsec=frontcover) . London: Routledge. pp. 141–154.ISBN 0415329175. http://books.google.com/books?id=pA0PKmbhKaUC&printsec=frontcover.Frederic, R. E. (2002). A Companion to Business Ethics.. Massachusetts:Blackwell. ISBN 1405101024.



Hamowy, R.; Kuznicki, J; Steelman, A. (2008). The Encyclopedia ofLibertarianism. Los Angeles: Sage Reference.Hasnas, J. (2005). Trapped: When acting ethically is against the law(http://books.google.com/booaks?id=Kd2aXxhHq0sC&printsec=frontcover) .Washington DC: Cato Institute. ISBN 1930865880.http://books.google.com/booaks?id=Kd2aXxhHq0sC&printsec=frontcover.Jones, C.; Parker, M.; et al. (2005). For Business Ethics: A Critical Text(http://books.google.com/books?id=7CSKX2HdnikC&printsec=frontcover) .London: Routledge. ISBN 0415311357. http://books.google.com/books?id=7CSKX2HdnikC&printsec=frontcover.Machan, T. R. (2007). The Morality of Business: A Profession for HumanWealthcare (http://books.google.com/books?id=FCyJo5t_CQEC&printsec=frontcover) . Boston: Springer. ISBN 0387489061.http://books.google.com/books?id=FCyJo5t_CQEC&printsec=frontcover.Murphy, P. E. (2002). Marketing Ethics at the Millennium: Review, Reflectionsand Recommendations. Blackwell Guide to Business Ethics. N. E. Bowie.Oxford: Blackwell.O'Neill, J. (1998). The Market: Ethics, Knowledge and Politics(http://books.google.com/books?id=EdvQ9YD8dxUC&printsec=frontcover) .London: Routledge. ISBN 0415098270. http://books.google.com/books?id=EdvQ9YD8dxUC&printsec=frontcover.Pinnington, A. H.; Macklin, R.; Campbell, T. (2007). Human ResourceManagement: Ethics and Employment (http://books.google.com/books?id=eIrnyGAKp6UC) . Oxford: Oxford University Press. ISBN 0199203792.http://books.google.com/books?id=eIrnyGAKp6UC.Robertson, L. G. (2005). Conquest by Law: How the Discovery of AmericaDispossessed Indigenous Peoples of Their Lands(http://books.google.com/books?id=f-P7bE4YY1AC&printsec=frontcover) .Oxford: Oxford University Press. ISBN 019514869X.http://books.google.com/books?id=f-P7bE4YY1AC&printsec=frontcover.Rose, C. M. (1994). Property and Persuasion: Essays on the History, Theory,and Rhetoric of Ownership. Colorado: Westview Press. ISBN 0813385547.Singer, J. W. (2000). Entitlement: The Paradoxes of Property. New Haven: YaleUniversity Press. ISBN 0300080190.Smith, Adam (1759). The Theory of Moral Sentiments(http://books.google.com/books?id=dngkiW5yGBAC&pg=PA369) . Indianapolis:Liberty Press. http://books.google.com/books?id=dngkiW5yGBAC&pg=PA369.Weiss, J. W. (2009). Business Ethics: A Stakeholder and Issues ManagementApproach With Cases (5 ed.). Mason, OH:: South-Western Cengage Learning.

External links



Business Ethics in Knowledge@Wharton(http://knowledge.wharton.upenn.edu/index.cfm?fa=viewCat&CID=11) , theWharton School's online business journal.Business ethics section (http://www.scu.edu/ethics/practicing/focusareas/business)from the website of the Markkula Center for Applied EthicsBusiness Ethics Gone Wrong (http://www.cato.org/pubs/policy_report/v22n3/cpr-22n3.html)Economics and Economic Justice (http://plato.stanford.edu/entries/economic-justice) in the Stanford Encyclopedia of Philosophy

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