EThIcs & BusinessA n n u a l r e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r — 2 0 1 6

I n s t i t u t e o f F i n a n c e , A c c o u n t i n g a n d B u s i n e s s L a w • c o r v i n u s U n i v e r s i t y o f B u d a p e s t

E t h i c a l L e a d e r s h i p Indian and European Sp iritual Approaches

25 scholars and practitioners from Europe and India have contributed to the

book Ethical Leadership: Indian and European Spiritual Approaches, edited

by Madhumita Chatterji (IFIM Business School, Bangalore) and Laszlo Zsolnai

(Corvinus University of Budapest). The book was published by Palgrave–

Macmillan in October 2016.

The book addresses issues of human values, ethics, spirituality and leader-

ship in business; in doing so, the authors of this volume create dialogue and

interchange between Indian and European cultural traditions. Topics include

spiritual orientations towards business in Hindu, Buddhist and Christian

traditions; the effect of spirituality upon contemporary leadership theories; sustainable business models in India

and Europe, and a comparison between Indian and European philosophies of leadership. In exploring what India

and Europe can offer one another in the development of ethical business leadership, the book aims to demonstrate

ways of achieving sustainability, peace and well-being.

T h e c o n t e n t s o f t h e b o o k a r e a s f o l l o w s :

Part 1: Introduction

• Madhumita Chatterji (IFIM Business School Bangalore) and Laszlo

Zsolnai (Corvinus University of Budapest): Questions and Themes in

Ethics and Leadership

Part 2: Spirituality as an Inspiration for Leadership

• Luk Bouckaert (Catholic University of Leuven, Belgium) Why Do We

Need a Spiritual-Based Theory of Leadership?

• Laszlo Zsolnai (Corvinus University of Budapest, Hungary): Responsible

Leadership and Reasonable Action

• Sharda Nandram (Nyenrode Business University, The Netherlands) and

Ankur Joshi (Management Development Institute, New Delhi, India):

An Ethics of Care Induced from Kautilya’s Wisdom

• V. Adinarayanan, V. Smrithi Rekha and D.G. Sooryanarayan (Amrita

University, Coimbatore, India): A Multidimensional View of Leadership

from an Indian Perspective

• Gerrit De Vylder (Catholic University of Leuven, Belgium) and

Hendrik Opdebeeck (University of Antwerp, Belgium): Indian Spiritual

Traditions as Inspiration for Ethical Leadership and Management in Europe

“This unique collection looks

at leadership through the lens

of spirituality. Both academics

and practitioners will find

insights into how awareness of

our connection to each other on

a shared planet can change the

ways that we lead, do business,

and regard economics and the

environment.”—Professor Joanne B. Ciulla,

Coston Family Chair in Leadership

and Ethics, Jepson School of

Leadership Studies, University of

Richmond, USA

Website of the book: http://www.palgrave.com/gp/book/9781137601933

2 E T h I c s & b u s i n e s s / 2 0 1 6

• Asi Vasudeva Reddy and A.V.S. Kamesh (KL University, Guntur, India):

Integrating Servant Leadership and Ethical Leadership

• C. Suriyaprakash (Jansons School of Business, Coimbatore, India):

Spiritual-Based Leadership from the Perspective of the Bhagavad Gita

• Rita Ghesquière (Catholic University of Leuven, Belgium): Literature as

a Mirror for Leadership

Part 3: Ethical Leadership in Practice

• Gabor Kovacs and András Ócsai (Corvinus University of Budapest,

Hungary): Mindfulness and Non-Violence in Business

• Katalin Illes (University of Westminster, London, UK): Spiritual-based

Entrepreneurship: Hindu and Christian Examples

• Madhumita Chatterji (IFIM Business School, Bangalore, India) and

Nitha Palakshappa (Massey University, New Zeeland): Going Beyond

Profit—A Case Study of the CSR Initiative of Titan, Tata Group

• A. Lakshminarasimha (IBS Bangalore, India): Spirituality and

Effectiveness in Today’s Workplace

• Arun Raste (IDFC Limited, Mumbai): Spirituality at the Bottom of the

Pyramid

• Nel Hofstra (Erasmus University Rotterdam, The Netherlands):

Eco-Spirituality and Regenerative Entrepreneurship

• Manesh L. Shrikant and Jagdish R. Rattanani (S.P. Jain Institute of

Management & Research, Mumbai, India): Time for Business Schools to

Teach Spirituality

• Sanjoy Mukherjee (Indian Institute of Management Shillong, India):

Alternative Learning: A Voyage for Future Leadership

Part 4: Conclusions

• Laszlo Zsolnai (Corvinus University of Budapest) and Madhumita

Chatterji (IFIM Business School, Bangalore): Lessons for the Future for

India and Europe

“Madhumita Chatterji and

Laszlo Zsolnai have edited

a much-needed volume. It

provides rich insights into the

differences and similarities

between European and Indian

approaches to the ethical

and spiritual dimensions of

leadership. These insights

are provided by scholars

who are well-grounded in

the cultures of both of these

‘continents’.”—Professor Emeritus Peter

Pruzan, Copenhagen Business

School, Denmark and Visiting

Professor, Sri Sathya Sai Institute

of Higher Learning, India

“A startling breakthrough

in scholarship and case

study on the India-Europe

cross-fertilization of ethics

and spirituality. The authors

enliven and apply traditional

Indian wisdom literature to

enable spiritual leaders to

develop mindful leadership,

democracy, co-creativity and

co-responsibility in creating

alternative management

models aimed at empowering

people to flourish in their

organization.”—Dr. Mike Thompson, Chairman of

GoodBrand London, UK and Visiting

Professor of Management Practice,

China-Europe International

Business School Shanghai, China

3A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r

Pro jj ect sFUTURE EARTH F INANCE & ECONOMICS

For the Future Earth Finance and Economics Knowledge-

Action Network the main departure point is the new

reality of the Anthropocene, in which humanity

is altering the biogeochemistry of the planet itself,

destabilizing the climate and influencing co-evolution

at a planetary level. Human perturbation has already

overcome four of the nine planetary boundaries (climate

change, biosphere integrity, biogeochemical flows, and

land system change).

Business (including finance) is the definitive player

in the Anthropocene and is mainly responsible for

the declining state of the biosphere. The key problem

is the nature, form and scale of business operations.

The models by which today’s mainstream business and

financial institutions operate do not fit the reality of

the biosphere. Business models vary, but almost none of

them are consistent with the principle of maintaining

flourishing life on Earth (including human, non-human

and future life).

The Future Earth Finance and Economics

Knowledge-Action Network addresses these problems

in a holistic, transdisciplinary, action-oriented way. Key

topics include: Climate Finance, Sustainable Investing,

Ecological Economics, Business Sustainability and Ethics,

Social and Environmental Accounting, Organization

and Environment, Integrated Risk Governance, and

Sustainable Financial Markets. The overall goal is to

reinvent business and economic models for the Anthropocene.

How can business and economic organizations become

ecologically conscious agents which operate within

planetary boundaries; that is, use only a “fair earth

share” and contribute to the richness of life on Earth?

Economics a s a Moral Sc i ence

Peter Rona (Blackfriars Hall, University of Oxford) and

Laszlo Zsolnai are editing a book for Springer under

the title Economics as a Moral Science, to be published

in 2017.

The book is an attempt to reclaim economics

as a moral science. It argues that ethics is a relevant

component of all levels of economic activity, from

individual and organizational to societal and global.

Taking ethical considerations into account is required

for explaining and predicting the behavior of economic

agents, as well as for evaluating and designing economic

policies and mechanisms.

The book employs the personalist approach that

endows human persons with free will and conscience

and views them as the basic agents of economic life.

Human flourishing is defined as the ultimate goal of

economic activity. The book is intended to demonstrate

that economics can gain a lot in terms of meaning, and

also analytical power, by reuniting itself with ethics.

The unique feature of this book is that it not only

analyses ethics and economics at an abstract level,

but it tackles behavioral, institutional and systemic

issues together to create a robust and human view of

economic functioning. Economic “facts” are interwoven

with ethical content. Utility calculations and moral

considerations co-determine economic behavior and

outcomes.

Since September 2016 Laszlo Zsolnai has served as Co-Chair of the Future

Earth Finance and Economics Knowledge-Action Network.

Future Earth is a major international research platform that provides

the knowledge and support to accelerate transformations to a sustainable

world. Launched in 2015, Future Earth is a 10-year initiative to advance

global sustainability, build capacity in this rapidly expanding area of

research and provide an international agenda to guide natural and social

scientists working around the world. (http://www.futureearth.org/)

4

Progres s iv e Bus ine s s Model s

Eleanor O’Higgins (University College Dublin) and

Laszlo Zsolnai are directing a research project which

collects and analyzes exemplary cases of progressive

business. Progressive business is understood to mean

ecologically sustainable, future-respecting and pro-

social enterprises. The collected cases showcase the best

that can be expected from business in the 21st century.

The purpose of presenting each case is to delineate

the business model of the selected case and identify how

it is creating an enterprise that is ecologically sustainable,

future-respecting and pro-social. Since business models

are basically stories about how enterprises work, case

studies lend themselves very well to the telling of stories.

A case study is essentially a structured, descriptive

narrative that depicts the past, present and potential

future of an enterprise, describing how it came to

International Handbook of Spirituality and Society

E T h I c s & b u s i n e s s / 2 0 1 6

develop and implement its business model, and how

the model works. Issues and challenges faced by the

enterprise and its business model are presented in the

case studies, which conclude with generalizable insights.

These insights will provide the basis for pedagogical

analyses which can be applied to the material and used

by instructors and students, as appropriate.

Companies ranging from small single-unit enter-

prises to large global multinationals will be represented

in the book. The companies engaging in progressive

business practices also represent a variety of industries

and countries, as follows: Triodos Bank (ethical and

sustainable banking, The Netherlands/transnational),

Béres Co. (preventive and natural medicine and tradi-

tional wine making, Hungary), Illy Café (artisan coffee

production and distribution, Italy/international), DKV

Integralia (inclusion of disabled people into society

and the workplace, Spain), Sonnentor (organic food,

Austria), Novo Nordisk (pharmaceutical products,

Denmark/multinational), Armor (printer accessories

and cartridge recycling, France), Lumituuli (clean

technology, Finland), John Lewis Partnership (co-

operative model governance in retailing, UK), Carlson

Rezidor Hotel Group (responsible hospitality, Norway/

international), and Unilever (consumer goods, UK/

Netherlands/global).

Laszlo Zsolnai and Bernadette Flanagan (Waterford

Institute of Technology, Dublin) are developing the

International Handbook of Spirituality and Society for

Routledge. The Handbook is designed to summarize the

most important issues and challenges with spiritually-

related activities in different fields of social life. Also,

it presents approaches and models for the professions

working in these domains.

Spirituality is apparently present in almost every

sphere and element of social life, especially in the context

of crises and vulnerabilities. Spirituality appears in our

dealings with nature, home and community, in healing,

economics and business, knowledge, and education. The

professions related to these fields are trying to integrate

spiritual content into their underlying theories, working

models and practices. The “spiritualization” of the

professions includes the fields of ecology, agriculture,

landscape and urban planning, gardening, tourism,

psychological counseling, pastoral care, social work,

medicine, nursing, economics, business, law, politics,

science, art, technology, architecture, design, fashion,

media, and education.

Essays in the Routledge International Handbook of

Spirituality and Society include:

• Spirituality and Religion (Ralph W. Hood, Jr.,

University of Tennessee at Chattanooga, USA)

• Spirituality and Transpersonalism (Les Lancaster,

The Alef Trust, UK)

• Spirituality and Emergent Research Methods

(Rosemarie Anderson, Sofia University, California, USA)

• Spirituality and Ecology (Elizabeth Allison, California

Institute of Integral Studies, San Francisco, USA)

• Spirituality and Agriculture (John E. Ikerd, University of

Missouri, Columbia, USA)

• Spirituality and Water (Gary Chamberlain, Seattle

University, USA)

5A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r

• Spirituality and Landscape Planning (C.C. Konijnendijk,

University of Copenhagen, Denmark)

• Spirituality and Cities (Brian R. Sinclair, University of

Calgary, Canada)

• Spirituality and Tourism (Greg Willson, Edith Cowan

University, Australia)

• Spirituality and Birth (Susan Crowther, University of

Aberdeen, UK)

• Spirituality and Childhood (Adrian-Mario G ellel,

University of Malta, Malta)

• Spirituality, Marriage and Family (Peter Jankowski,

Bethel University, USA)

• Spirituality and Gender (Anna Fedele, Lisbon University

Institute, Portugal)

• Spirituality and Sexuality (Tommy E. Turner,

Jacksonville State University, USA)

• Spirituality and Aging (Susan H. McFadden, University

of Wisconsin, Oshkosh, USA)

• Spirituality and Sport (Simon Robinson, Leeds

University, UK)

• Spirituality and Disability (György Könczei, Loránd

Eötvös University, Budapest, Hungary)

• Spirituality and Homelessness (Jill Snodgrass, Loyola

University, Maryland, USA)

• Spirituality and Social Work (Beth R. Crisp, Deakin

University, Australia)

• Spirituality and Pastoral Care (Jill L. Snodgrass, Loyola

University Maryland, USA)

• Spirituality and Interculturality (Steven J. Sandage,

Boston University, USA)

• Spirituality and Medicine (Athar Yawar, John Radcliffe

Hospital, Oxford, UK)

• Spirituality and Illness (Arndt Büssing, University

Witten/Herdecke, Germany)

• Spirituality and Nursing (Sandhya Chandramohan,

KwaZulu-Natal College of Nursing, South Africa)

• Spirituality and Counseling (Peter Tyler, St Mary’s

University, Twickenham, London, UK)

• Spirituality and Mental Health (Chris Cook, Durham

University, UK)

• Spirituality and Dementia (Peter Kevern, Staffordshire

University, UK)

• Spirituality and Addiction (Paramabandhu Groves,

Camden and Islington NHS Trust, UK)

• Spirituality and Trauma (Julio F.P. Peres, University of

São Paulo, Brazil)

• Spiritual/Religious Abuse (Teresa B Pasquale, Asheville,

North Carolina, USA)

• Spirituality and Business (Luk Bouckaert, Catholic

University of Leuven, Belgium and Laszlo Zsolnai,

Corvinus University of Budapest, Hungary)

• Spirituality in Management Development (Katalin Illes,

University of Westminster, London, UK)

• Spirituality and the Workplace (Robert Giacalone,

University of Denver, Colorado, USA and Carole

Jurkiewicz, Hofstra University, New York, USA)

• Spirituality and International Development (Carlos

Hoevel, Catholic University of Argentina, Buenos Aires,

Argentina)

• Spirituality and Law (Cat J. Zavis, Bellingham, Washing-

ton, USA)

• Spirituality and Social Activism (Alastair McIntosh,

author and activist, Glasgow, UK)

• Spirituality and Leadership (Margaret Benefiel, Shalem

Institute, Washington, D.C., USA)

• Spirituality and Policing (Jonathan Smith, Devon &

Cornwall Police, UK)

• Spirituality and Prison (Tom O’Connor, Transforming

Corrections & Western Oregon University, USA)

• Spirituality and Culture (Imre Lazar, Gaspar Karoli

University of Budapest, Hungary)

• Spirituality and Science (Peter Pruzan, Copenhagen

Business School, Denmark and Sri Sathya Sai Institute

of Higher Learning, India)

• Spirituality and Philosophy (David Rousseau, Centre for

Systems Philosophy, Surrey, UK)

• Spirituality and Architecture (Julio Bermudez, The

Catholic University of America, Washington, D.C., USA)

• Spirituality and Graphic Design (Cyndi Wiley, Grand

View University, Iowa, USA)

• Spirituality and Fashion (Doirean Wilson, Middlesex

University, London, UK)

• Spirituality and Design (Stuart Walker, Lancaster

University, UK)

• Spirituality and Literature (Rita Ghesquière, Catholic

University of Leuven, Belgium)

• Spirituality and Visual Arts (James McCullough,

Lindenwood University, UK)

• Spirituality and Music (Marcel Cobussen, Leiden

University, The Netherlands)

• Spirituality and Theatre (Edmund B Lingan, The

University of Toledo, Toledo, USA)

• Spirituality and Film (Kenneth R. Morefield,

Champbell University, Buies Creek, USA)

• Spirituality and Dancing (Celeste Snowber, Simon

Fraser University, Vancouver, Canada)

• Spirituality and Martial Arts (Henk Oosterling,

Erasmus University Rotterdam, The Netherlands)

• Spirituality and Media/Journalism (Mark Pearson,

Griffith University, Australia)

• Spirituality in Cyberspace (Paola Di Maio, Palpung

Sherabling Institute of Higher Buddhist Studies, India)

• Spirituality and Teaching (Bernadette Flanagan and

Michael O’Sullivan, All Hallows College, Dublin, Ireland)

E T h I c s & b u s i n e s s / 2 0 1 66

Su sta inable Bus ine s s Model s

This EU-founded ERASMUS+ project is a cooperative

venture between the Norwegian School of Economics–

Bergen, the Copenhagen Business School, the ESADE

Business School–Barcelona, and the Business Ethics

Center of the Corvinus University of Budapest for the

period 2017–2018.

The aim of the project is to develop a comprehensive

educational program about “Sustainable Business

Models” that covers a wide set of themes related to the

design and innovation of sustainable business models

and business practices. The overarching topic addressed

by the project is the need for more sustainable business

models and business practices which can translate into a

set of concrete solutions for companies which are facing

the challenge of adequately responding to the need

to be sustainable, while at the same time remaining

competitive in the marketplace.

The educational program builds on an internet-

enabled platform of video-based and digital teaching

content which enables the participant institutions to

make use of each other’s contributions in the teaching

that takes place through each of the institutions’

educational programs. In addition, the partners will

collaborate in teaching through the Community of

European Management Schools (CEMS), of which all

four institutions are part. This strengthens the impact

of the project, since the instruction will not only benefit

the four partners, but will also be made available to all

partner schools within the CEMS community. Also, the

materials which are developed will be used to serve as

the basis for a Massive Open Online Course (MOOC)

with unlimited participation and open access via the

web in the future.

Thus, the project will (1) strengthen the teaching

capabilities at the partner institutions, (2) contribute

to the teaching of sustainability within the CEMS

community, and thus (3) benefit European business

school students by expanding the supply and increasing

the quality of sustainability teaching in European higher

education, and beyond.

The project needs to be carried out transnationally

due to the comprehensiveness of the themes and topics

of the program. This necessitates combing competencies

and perspectives about the many features of sustainable

business in a way that no single European business

school can do on its own. The partnership between the

four institutions in the project is highly fruitful due to

the complementarity of the strengths and key research

and teaching areas of the institutions.

The project is innovative in two ways. First, the

content of the project is innovative due to its emphasis

on how sustainability must be integrated into the design

of business models in order to align sustainability

and profitability concerns in business organizations,

and to address the proper response to sustainability

concerns therein. In recent years, sustainability has

increasingly been seen as a key challenge for companies,

but educational programs in business schools are still

lagging behind with regard to integrating core business-

analytical perspectives such as business model design,

on the one hand, with the design of strategies and

operations for sustainability on the other. This project

aims to contribute to closing this gap.

Second, the form of the project is innovative due

to its development of teaching methods that build on

digital, video-based and online learning. Pedagogically,

the project relies on teaching videos and case studies

developed by both faculty and student groups, as well

as the development of on an online-platform through

which target groups can access relevant materials. These

resources will enable new forms of learning, while at the

same time removing some of the geographical constraints

and leading to the broader dissemination of the teaching

material—for instance, through online courses.

The project thus complements and expands on the

existing teaching of sustainability and related topics

at the different institutions, as well within the CEMS

community, where there already exist faculty groups

for Business Ethics, Business and the Environment

and Innovation, Entrepreneurship and Creativity. The

present project bridges these three fields and thus both

innovates and complements existing teaching in the

CEMS community.

Expected results include the following concrete

outputs:

1. Teaching videos developed by faculty from partner

institutions which will cover the following topics:

business model design and innovation, corporate

responsibility, ecological sustainability, sustainability

A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r 7

strategy, organizing for sustainability, management

control and reporting of sustainability performance,

communication of sustainability performance, inno-

vating for sustainability, social entrepreneurship,

societal sustainability and indicators of social per-

formance. In total, the project will generate appr.

oximately 60 videos, each lasting 10–15 minutes.

2. Four case study videos developed by student

organizations in collaboration with faculty from the

partner institutions.

3. An online portal on a dedicated project web site

where teaching content can be made accessible and

the project can be presented.

conference sINTEGRAL ECOLOGY, EARTH SPIRITUALITY AND ECONOMICS

The Center for Ecological Economics and Ethics of

the Bodø Graduate School of Business, University of

Nordland organized an international conference on

Integral Ecology, Earth Spirituality and Economics from

May 27–29, 2016, in Bodo, Norway. The collaborative

partners are the European SPES Institute and the Busi-

ness Ethics Center of the Corvinus University of Budapest.

Pope Francis’ encyclical letter Laudato si’ (Praised Be:

On the Care of Our Common Home) represents an

excellent opportunity for building a conversation

between science and spirituality about ecology and

sustainable development. Integral Ecology as proposed

by the encyclical integrates concerns for people and

the planet. An integral transdisciplinary understanding

of the world ties science to human values. It sees the

world as a systemically linked system of ecology, eco-

nomy, equity and justice, accessible through the natural

and social sciences, arts and humanities. Integral ecology

and transdisciplinarity reveal a path to sustainable deve-

lopment through the practices of frugal consumption,

acknowledging the intrinsic value of nature, and seeking

out holistic and actionable knowledge.

The program of the conference included the

following topics and presentations:

Sustainability and the Meaning of Life

• Luk Bouckaert (KU Leuven & European SPES

Institute): Authenticity and Sustainability

—The search for a reliable earth spirituality

• Knut Ims (Norwegian School of Economics,

Bergen) and Ove Jakobsen (Center for Ecological

Economics and Ethics, University of Nordland):

Happiness and the Meaning of Life

Society in Nature

• Peter Timmerman (York University, Toronto,

Canada): Learning to Live in a Finite World

• Daniel Deak (Corvinus University of Budapest,

Hungary): Social Intervention in Nature

Integral Ecology

• Hendrik Opdebeeck (University of Antwerp,

Belgium): Integral Ecology: An Elegy?

• Laszlo Zsolnai (Corvinus University of Budapest

& European SPES Institute): Integral Ecology,

Frugality and the Intrinsic Value of Nature

Faith, Ecology and Culture

• Thomas Dienhard, OFMCap (Munster),

Bernd Beermann, OFMCap (Munster) and Markus

Warode (Munster): Franciscan approach towards

ecology

• Rita Ghesquière (KU Leuven & European

SPES Institute): Rereading Robinson Crusoe

(Defoe) and Friday (Tournier) with the Help of

Ecocriticism

Business School

E T h I c s & b u s i n e s s / 2 0 1 68

Practicing Sustainability

• Jean-Paul Close (STIR, Eindhoven,

The Netherlands): Peer 4 regional development

• Thea Bombeek (Winner Resources Consulting,

Dendermonde, Belgium): Good Practice of

Developing Ecological Consciousness in an

Organization: The Inspiring Case of Decathlon

Ethics and Leadership

• José Luis Fernández Fernández (Comillas Pontifical

University, Madrid, Spain), Anna Bajo Sanjuán

(Comillas Pontifical University, Madrid, Spain)

and José Luis Retolaza Avalos (Deusto Business

School, Bilbao, Spain): Epistemological Approach

to Sustainability: Enrichment from

a Transcendent Jesuit Perspective

• Manas Chatterji (Binghamton University, NY):

Corporate Social Responsibility and Ethics

Consumerism and Ecologically Conscious Business

• Doirean Wilson (Middlesex University London):

For richer or poorer in sickness or for wealth:

What price consumerism?

• Nel Hofstra (Erasmus University Rotterdam):

Regenerative Firms: Firms Acknowledging the

Intrinsic Value of Nature

Leadership and Responsible Business

• V. Adinarayanan (Anaadi Foundation) and Smrithi

Rekha (Amrita University): Shakti Leadership:

An Embracing and Inclusive Leadership Model

• Manuel Fernandez-Lopez (Nord University, Bodø)

and Octavi Piulats Riu (University of Barcelona):

Developing ecological awareness and responsible

business. Spirituality, self and an alternative

vision of a long-term future

Keynote lectures were presented by Tor Berger

Jørgensen (The Bishop of Sør-Hålogaland) and

Svein Berglund (Cultura Bank)

The conference ended with a book presentation

Ecological Economics—Ideology or Utopia?

by Ove Jacobsen (University of Nordland)

Gross National Happiness and Buddhist Economics

As part of the Budapest Degrowth Week, the Hungary–Bhutan Friendship

Society and members of the Business Ethics Center organized a workshop

on Gross National Happiness and Buddhist Economics in Bhutan and Elsewhere

on September 1, 2016 at the Aurora community center in Budapest.

Gross National Happiness (GNH), developed in Bhutan, was presented

as a major socio-economic tool for fostering non-Western types of economic development. It is related to Buddhism,

but is more universally applicable. Principles of Buddhist economics, including “small is beautiful,” and “less is

more,” were discussed. Buddhist entrepreneurial activities were presented using cases from Bhutan and Hungary.

Pre sentat ions inc luded the fo l lowing :

• Gross National Happiness—The Bhutan Experience by Zoltan Valcsicsak, President, Hungary–Bhutan

Friendship Society (www.bhutan.info.hu)

• Buddhist Economics by Laszlo Zsolnai, Professor and Director, Business Ethics Center, Corvinus University of

Budapest and President, European SPES Institute, Leuven, Belgium

• Made in Bhutan—The Bodhisattva Entrepreneurs (video)

• Buddhist Entrepreneurship in Hungary by Gabor Kovacs, PhD Scholar, Business Ethics Center, Corvinus

University of Budapest, Hungary

The workshop ended with a lively debate between the more-than-60 participants.

A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r 9

T each ingBUS INE S S ETH IC S BA

In 2016/2017 Laszlo Fekete is

teaching a BA Course on Business

Ethics. The course introduces the

main concepts, theories, analytical

tools and decision-making algo-

rithms of business ethics. The aim

of the course is two-fold. First, it

gives an overview of today’s most

important business ethics issues

and broadens students’ knowledge

and awareness of the ethical aspects

of business life. Second, it develops

their capacity for understanding

and analyzing ethical dilemmas.

It explores conceptual and mana-

gerial tools which can be used to

deal with ethical challenges, help

to build an ethical company, and

make responsible business decisions.

The course discusses the role of

business concerning basic social,

economic and environmental issues

such as distributive justice, social

welfare, equity, fairness, transpar-

ency, value-based leadership, cor-

porate citizenship, corporate social

responsibility, and environmental

sustainability. At the end of the

course, students should be familiar

with the topical issues of business

ethics, including basic ethical con-

cepts (deontology, utilitarianism,

virtue ethics, discourse ethics, and

feminist ethics), distributive justice

(the maximin principle), corporate

social responsibility, corporate citi-

zenship, value-based leadership, the

stakeholder theory of the firm and

the issues concerning stakeholder

management, the ethical institu-

tions of the corporation, ethical

decision making, the challenges of

globalization, international envi-

ronmental law and global ethics,

and future generations and the

problems of intergenerational equity.

Corporate Eth ical Confl ict s

In 2016/2017 Laszlo Fekete is teaching an MA course

on Corporate Ethical Conflicts. The course gives an

introduction to the main concepts and theories of

corporate governance systems, as well as analytical tools

and decision-making algorithms for business ethics,

behavioral economics and experimental economics.

The course gives an overview of today’s most important

business ethics issues relating to corporate practices.

It develops students’ capacity for understanding and

analyzing corporate ethical conflicts and explores the

conceptual and managerial tools which have been created

to deal with the ethical challenges of corporations.

The topics of the course include ethical perspec-

tives toward business, an overview of the current ethical

issues and corporate misconduct in the global economy,

the motivations of economic decision makers (game-

theory approaches and theory and experiments in the

analysis of behavioral economics and experimental

economics), corporate governance systems, organiza-

tional responses to corporate misconduct, performance,

executive compensation and the fraudulent behavior

of corporate managers, the crowding-out effect, gender

inequality and discrimination in the workplace, hostile

takeovers and their consequences (poison pill, dead-

hand pill, greenmail, goodbye kiss, golden parachute

etc.), economic (and political) rent-seeking in corpora-

tions, innovation and patent troll corporations, value-

based leadership and organizational frameworks for

responsible business functioning.

Sc i ence and Eth ic s

Laszlo Zsolnai is developing a

course about Science and Ethics for

the Business Administration PhD

Program of the Corvinus University

of Budapest. The course covers the

following topics and issues:

1. Ethical Paradigms

Deontology, consequentialism, virtue ethics, Western vs. Eastern ethical

thinking, case study about Socrates and Gandhi

2. Is value-free science possible? The Reflective Practitioner

Max Weber’s ideal of science, Donald Schön on learning, reflectivity and

change, case study about the “Homo eoconomicus” model in economics

and management

E T h I c s & b u s i n e s s / 2 0 1 610

3. Responsibility in Sciences

Hans Jonas’ imperative of responsibility, case study

about Robert Oppenheimer and the Atomic Bomb

and Thomas Shelling and the Vietnam War

4. Defining and Formulating the Research Problem

The importance and depth of the problem, “error

of the third kind,” reexamining assumptions, case

study about agency theory and shareholder value

maximization

5. Holistic Problem Solving

Mitroff’s framework of problem formulation,

technical/social/ecological/existential dimensions of

the problems, case study about executive compensation

6. Ethics of Problem Solutions

Risk, long-term effects, considering stakeholders,

case study about GMO and moral disengagement

strategies

7. The Integrity of Scientific Research

Conflicts of interest, caring for the subject of

research, action research, case study about corruption

in climate science and the Milgram experiment

8. Ethical Issues in Publishing

Plagiarism, protection of data, case study about the

fall of Bruno Frey

9. Scientific Product as Business

Impact-factors, race to the bottom, copyright-

transfer, pricing of scientific articles, case study

about the revolt against Elsevier

10. Gender Issues in Science

Is there a female science? Case study about Rachel

Carson and Lynn Margulis

11. Objectivity and Culture-Dependence of Science

George Lakoff’s cognitive linguistics, the past and

present of Chinese science, case study about the

experimental practices of big pharmaceuticals

12. Post-Academic Systems of Science

The ethos of academic research (Merton), new

forms of knowledge generation: protection of intel-

lectual property, application-orientation, interdisci-

plinarity, the role of the financing of research, case

study about universities captured by private money

and the military

13. Science, Spirituality and Art

Different forms of knowledge, case study about art

for sustainability

14. Ethical Science, Design and Technology

Case study about Scientists without Borders and

Scientists for Global Responsibility

The PhD course will be first offered in the

Spring of 2018.

Pre s entat ionsSOCIO - ECONOMIC & B IOPHYS ICAL DYNAMICS OF THE HUMANITY–NATURE NEXUS : THE ROLE OF BUS INE S S

Future Earth Germany organized a Foresight

Workshop entitled Science needs in the context

of tough choices in implementing the new SDG

framework at Lake Como, Italy from April 18–21,

2016. Laszlo Zsolnai gave a talk on Socio-Economic

& Biophysical Dynamics of the Humanity–Nature

Nexus: The Role of Business in which he emphasized

that to transform business into a progressive social

institution we should address both the mindset,

the behavior and the organizational structure of

today’s mainstream business.

11

Integral Ecology , Frugal ity and the Intr ins ic Value of Nature

A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r

Laszlo Zsolnai lectured on Integral Ecology, Frugality and the Intrinsic Value

of Nature at the Annual European SPES Conference Integral Ecology, Earth

Spirituality and Economics from May 27–29, 2016 at the University of Nordland

in Bodo, Norway. He presented the main economic messages of Pope Francis’

encyclical letter “Laudato si” and argued that decisions and policies should serve

the Commonwealth of Life which requires applying a qualitative and multi-

perspective approach and the proper use of wisdom.

F inance Norway and Future Earth Norway

Laszlo Zsolnai gave a presentation about the Future

Earth Finance and Economics Knowledge-Action Network

at a roundtable meeting organized by Finance Norway

together with Future Earth Norway on May 30, 2016

in Oslo, Norway. He presented the main propositions

and value-basis of the Future Earth Finance and

Economics program and emphasized the importance of

reinventing business models that will serve to promote

the commonwealth of life on Earth.

On June 23–24, 2016 András Ócsai participated in the

seventh edition of the Global Ethics Forum, a global,

solution-focused and multi-stakeholder annual event,

organized by Globethics.net in Geneva (http://www.

globethics.net/). The aim in 2016 was to promote

values-driven leadership in the higher education sector

through inspiration, discussion and action during the

Forum.

Global Eth ic s Forum

As the Globethics.net National Contact in Hungary,

András Ócsai presented details about the best practices

of the CEMS Business Ethics Faculty Group, its main

underlying values, structure and ways of working, drivers

and challenges. The key findings of his presentation

were that the long-term success of an educational,

research organization and community is based on a

pure mission, the noble and selfless aspiration to do

good, a strong ethical background, shared values, and a

friendly and fraternal working atmosphere. By means of

these characteristics such organizations can cope with

the challenges that stem from the members’ diverse

cultural and organizational research environments, and

their often-limited financial means.

In st i tut ions and Cooperat ion

Zsolt Boda gave a presentation at the 5th International

Degrowth Conference organized by the Corvinus Uni-

versity of Budapest from August 30–September 3,

2016. His presentation was entitled How to overcome

the loneliness of the long-run runner? Participatory schemes

to enhance cooperation and the enforcement of pro-social

norms. He argued that a sustainable economy cannot be

created by individuals alone, driven by ethical consid-

erations, such as ethical consumers or ethical investors.

Sustainability is a challenge for society as a whole, and

as such Boda assumes that a sustainable economy can

only function in a sustainable society. Promoting sus-

tainable practices means making a number of institu-

tional changes. Boda argued that institutional changes

that enhance participation and accountability in busi-

ness might be especially useful from this perspective.

With Knut Ims (Norwegian School of Economics,

Bergen) and Antonio Tencati (University of Brescia

and Bocconi University Milan) Laszlo Zsolnai gave

a presentation on Business Ethics for the Anthropocene

at the 9th TransAtlantic Business Ethics Conference

from September 28–October 1 at the University of

St. Gallen in Switzerland. The paper argues that the

currently unsustainable state of the Earth (rightly

called the “Athropocene”) is largely due to business, so

reconsidering the role of business in society and nature

is unavoidable. Without transforming business into a progressive social institution which respects nature, future

generations and the common good of society there will be no chance of creating a Sustainable Earth.

Business ethics has a major role to play in the development of sustainable business organizations. The main areas

of analysis and action include (i) promoting frugal production and consumption models, (ii) accepting the intrinsic

value of nature, and (iii) catalyzing the emergence of ecological consciousness in organizations. Integrating different

kinds of knowledge and creating a new epistemology is required in order to identify the proper role for business in

the Anthropocene. Business ethics should use the latest findings from the natural, social, and behavioral sciences, in

parallel with the wisdom traditions of humankind and contemporary arts, to capture the interconnectedness of life

and human economic activities on Earth.

E T h I c s & b u s i n e s s / 2 0 1 612

Bus ine s s Eth ic s for the Anthropocene

Nat ional Sc i ence Day

The Business Ethics Center gave two presentations at the

National Science Day Conference organized by the Institute

of Finance, Accounting and Business Law of the Cor-

vinus University of Budapest on November 24, 2016.

In his presentation on Progressive Business Models

Laszlo Zsolnai offered an overview of the need for new

more progressive business models than the mainstream

ones which exist at present. He identified the current

challenges facing business in Europe and beyond in

their international ramifications, and defined the

basic criteria for progressive business functioning with

respect to ecological sustainability, respecting future

generations, and pro-socialness. He argued that we have

to change the current mainstream paradigm of business

to create a sustainable Earth.

András Ócsai and Zsolt Boda presented a paper

entitled Béres Pharmaceuticals—The Power of Tradition.

The paper analyses this company from the perspective

of a progressive business framework and argues that

Béres Pharmaceuticals indeed features the most

important traits of a progressive business, including

having ethics-centered core activities and procedures.

Béres Co. is a traditional family-owned company and

may be considered a progressive business concerning its

value choices and ethical commitments.

Gabor Kovacs participated in a conference celebrating

the publication of the special issue of Köz-Gazdaság

(2016, No. 4.) about the economic teachings of world

religions. The conference was organized by the Jesuit

College “Saint Ignatius” and the Corvinus University

Buddhism and Spiritual Value-Orientation in Business

of Budapest on November 22, 2016. Gabor Kovacs

presented a paper on Buddhist Economics, and emphasized

the importance of having a spiritual value-orientation

in business.

f b i

13A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r

publ icat ionsTHE FA I LURE OF BUS INE S S ETH IC S

The Centre for Ethics of University of Antwerp and the

European SPES Institute organized a European SPES workshop

at the Antwerp Management School on December 17, 2016

in Antwerp, Belgium.

At the workshop Laszlo Zsolnai presented the book

Ethical Leadership: Indian and European Spiritual Approaches

(Palgrave–Macmillan, 2016) that he edited with Madhumita

Chatterji. Several contributors to the book were present,

including Luk Bouckaert (Catholic University of Leuven), Hendrik Opdebeeck (University of Antwerp), Gerrit

De Vylder (Catholic University of Leuven), Rita Ghesquière (Catholic University of Leuven), Neil Hofstra

(Erasmus University Rotterdam), and Sharda Nandram (Nyenrode Business University).

Antwerp Management School

Zsolt Boda and Laszlo Zsolnai’s paper entitled The Failure of Business Ethics was

published in Society and Business Review, 2016, Vol.11, No. 1, pp. 93–104.

The paper investigates the systemic causes of the failure of business ethics and

suggests some possible remedies. The discipline and the movement of business

ethics has at least three decades’ history. Business ethics has developed concepts and

theories, and provided empirical evidence. However, business ethics as a movement

and as a practice has failed to deliver the expected results. The paper uses findings

from management ethics, moral psychology and corporate governance to analyze the

underlying causes of unethical corporate behavior. Boda and Zsolnai argue that the

failure of business ethics is deeply rooted in today’s corporation-ruled business world.

Business ethics has failed to understand the systemic features of modern business and

therefore missed its target. The social, ethical and environmental problems caused by corporations may require a

different kind of approach based on law, politics and social institutions. The paper uses models from outside ethics

to suggest how business organizations can become more ethical in their functioning.

Ecologically Induced Frugal ity

Laszlo Zsolnai’s essay about ecologically induced

frugality was published in the Hungarian journal

Egyházfórum (Az öko-mértékletesség paradigmája, 2015.

No. 3. pp. 15–19.)

The essay focuses on Pope Francis’ new encyclical,

Laudato si’ (Care for Our Common Home) which

represents an excellent opportunity to build a new

conversation about ecology and sustainability. Pope

Francis urges us to accept the intrinsic value of nature

and express appreciation for it. The major implication

of the encyclical is the need for frugality in consumption

and production which implies a drastic reduction in the

material and energy throughput of the economy.

Art -bas ed Bus ine s s

Laszlo Zsolnai and Doirean Wilson’s paper on Art-based Busi-

ness was published in the Journal of Cleaner Production, 2016,

Vol. 135, pp. 1534–1538.

The paper argues that with its exclusive focus on profit-

making, modern-day businesses tend to violate the integrity

and diversity of natural ecosystems, the autonomy and culture

of local communities and the chance that future generations

will lead a decent life. The core of the metaphysics of modern-

day business is what Martin Heidegger calls “calculative

thinking”. This is contrasted with poetic thinking represented

by genuine art. To preserve nature and to satisfy human needs,

gentle, careful ways

of undertaking eco-

nomic activities are

needed. The paper

analyses the cases of

Illy Café and Brunello

Cucinelli as art-based companies to show that art can inspire business to

become more aesthetically focused and engaged in socio-ecological value

creation and the enrichment of quality of life.

Bandura Book Rev i ew

Laszlo Zsolnai published a review of world-renowned psychologist Albert Bandura’s

book Moral Disengagement: How People Do Harm and Live with Themselves (New York,

Macmillan, 2016) in Business Ethics Quarterly (2016, DOI: http://dx.doi.org/10.1002/

ejsp.2222). Bandura has discovered a number of psycho-social mechanisms by

which moral control can be selectively disengaged from detrimental conduct. These

mechanisms of moral disengagement enable otherwise considerate people to commit

transgressive acts without experiencing personal distress and guilt. People “fool

themselves” in order to “fool others”. In his book Bandura extensively documents how

moral disengagement mechanisms are at work in major spheres of life in the USA

and beyond: gun manufacturers, the entertainment industry, tobacco companies,

finance and banking, terrorism, climate science, and more. The large body of evidence

presented by Bandura has important implications for the naive belief that the market

will provide sufficient incentives to encourage morally responsible conduct.

Peter Kardos, Bernhard Leidner, Laszlo Zsolnai and

Emanuele Castano published a paper entitled The Effect

of the Belief in Free Market Ideology on Redressing Corporate

Injustice in the European Journal of Social Psychology

(2016, http://dx.doi.org/10.1002/ejsp.2222).

The paper starts with the observation that many

people in Western countries subscribe to the free market

Free Market Ideology and Corporate In ju st ice

ideology (FMI) which claims that institutional oversight

of the market is unnecessary because public reactions

can force corporations to regulate their own behavior.

The question then becomes how people’s belief in FMI

affects their reactions to corporate transgressions. Given

its ingroup-centered values, the authors hypothesized

that FMI beliefs would bias reactions to corporate

E T h I c s & b u s i n e s s / 2 0 1 614

transgressions. They report on the results of a pilot study

showing that FMI beliefs are predicted by selfishness,

tradition, conformity, and a lack of universalism. Then

they report on three experiments which show that

stronger pro-FMI beliefs predict weaker demand for the

redress of corporate injustices committed by ingroup

(but not outgroup) corporations, especially when

the victims of corporate wrongdoings belong to an

outgroup rather than an ingroup. The findings inform

our conceptual understanding of FMI and provide new

insights about its implications for market justice.

Buddhi sm and Economic Development

Laszlo Zsolnai’s paper on Buddhism and Economic Development was published in

the book Teaching Buddhism edited by Todd Lewis and Gary DeAngelis (Oxford

University Press, Oxford, 2016. pp. 344–360.)

Buddhist Economics is not the same as the Economics of Buddhism. The former

is a modern discourse that utilizes elements of Buddhist thought to construct an

alternative model of the economy, and the latter is a study of how Buddhists organize

their economic life in real-world social settings, past or present. Buddhist Economics

is essentially a normative enterprise, while the Economics of Buddhism is a descriptive

endeavor. Also, Buddhist Economics is not synonymous with traditional Buddhist

thought, interpretation, or practice. It is a construct developed by Western economists

and Buddhist thinkers inspired by Buddhist ethics and the Buddhist monastic ideal. It

represents an alternative approach to economic life, which is radically different from

that which mainstream Western economics offers. Buddhist Economics promotes want negation and selfless service

for achieving happiness, peace and permanence. These ideas might seem irrational or

at least naïve to the Western economic mind which is preoccupied by the cultivation

of desire and the maximization of profit and/or utility. However, the deep ecological

and financial crisis of our era renders alternative solutions worthy of consideration.

15A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r

R e s pons i b l e L eadersh i p and Reasonable Act ion

Laszlo Zsolnai’s paper Responsible Leadership and

Reasonable Action was published in the book Ethical

Leadership: Indian and European Spiritual Approaches

(Eds. Madhumita Chatterji, Laszlo Zsolnai, Palgrave–

Macmillan, 2016, pp. 35–51.) Zsolnai states that

mainstream leadership practices often create negative

impacts on nature, future generations and society as

a whole. The principle of responsibility requires that

leaders achieve their objectives in ecological, future-

respecting and pro-social ways.

Zsolnai emphasizes that responsible leadership is

consistent with the conception of reason advocated

by Indian-American economist Amartya Sen. Reason

is the discipline of subjecting one’s (choice of ) action

to reasoned scrutiny. Zsolnai identifies three classes of

reason which may be applied to scrutinizing leadership

choices. He argues that leadership choices should satisfy

the criteria of “ecological reason,” “reason for future

generations,” and “social reason.” The paper presents

illustrative cases of responsible leadership from India

and Europe and discusses how spirituality can assist

organizations in their transformation into ecologically-

sustainable, future-respecting and pro-social entities.

Zsolnai concludes that spirituality plays a major role

in developing responsible leadership. The spiritually

enlightened leader goes beyond self-interested calcula-

tions and exercises genuine empathy with others while

benefiting from an all-encompassing perspective.

E T h I c s & b u s i n e s s / 2 0 1 616

Mindfulness and Non-Violence in Doing Bus iness

Tax Morale

Buddhi st Economics

Gabor Kovacs and András Ócsai published the paper Mindfulness and Non-Violence

in Doing Business in the book Ethical Leadership: Indian and European Spiritual

Approaches (Eds. Madhumita Chatterji, Laszlo Zsolnai, Palgrave–Macmillan, 2016,

pp. 171–189.) They start with the observation that in modern times more emphasis

has been placed on mindfulness than non-harming. Mindfulness has become an

important practice of many successful entrepreneurs, CEOs and other leaders.

Kovacs and Ócsai recall that the most influential leader to integrate the principle of

non-harming into daily practice was Mahatma Gandhi, who practiced non-harming

as a fundamental governing principle for action. Kovacs and Ócsai believe that non-

harming is more important than even before, especially now that humanity has the

power and technology to influence and change the vital functioning of the planet. The

authors describe business models whose goal is to practically implement the principle of non-harming: Community

Supported Agriculture, Ethical Banking and The Slow Food Movement. They also present cases of entrepreneurial

initiatives that are based on the goals of non-harming: Windhorse Evolution, the Apopo Foundation, Interface and

the Social Venture Network. The authors argue that non-harming is indispensable in the creation of a sustainable

world. The balance between mindfulness and non-harming should be re-established.

In collaboration wi th Attila Bartha, Zsolt Boda published

a paper entitled Tax Morale, Trust and Constraints: Tax-

Compliance Motivations in Hungary During Corruption

Scandals in Hungarian in the Közgazdasági Szemle, the

leading economics journal in Hungary (2016, Vol. 63,

No. 10, pp. 1021–1045.). The paper analyses the change

in trusting attitudes and tax compliance between 2013

and 2015, a period marked by a serious corruption

scandal at the National Tax Authority. Data reveal that

voluntary tax compliance is related to trusting attitudes

and the perception of corruption. Since both of them

deteriorated during the period in question, the paper’s

conclusion is that the corruption scandal undermined

voluntary tax compliance and tax morale in Hungary.

Gabor Kovacs published a paper on Budd-

hist Economics in the special issue of Köz-

Gazdaság (2016, No. 4.) devoted to the

economic teachings of world religions.

The paper examines the most important

Buddhist teachings that are relevant to

economics, summarizes the conceptions

of Buddhist economics, and shows their

relevance to business practices. Finally,

it presents the framework of Gross

National Happiness. Kovacs stresses that

the teachings and core values of Budd-

hism can supply answers to the emerging

moral dilemmas of business, as well as

contribute to solving personal, social and

environmental problems, and to imple-

menting sustainable business strategies.

17A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r

N ewsGEORGES ENDERLE ’ S V I S I T

On January 27, 2016 Georges Enderle (John T. Ryan Jr. Professor of

International Business Ethics at the Mendoza College of Business, University

of Notre Dame Indiana, USA) visited the Business Ethics Center. He

discussed Chinese business ethics practices and issues related to the future of

business ethics with the members of the Center.

Univers i ty of Hong Kong

On March 17, 2016 Laszlo Zsolnai

served as external examiner for

the PhD thesis of NG Chi Hin,

entitled Buddhist Perspectives on

Economic Growth: A Buddhist-based

Sustainable Investment Model within

Market Economy at the University of Hong Kong. The

defense was held within the Buddhist Studies Program

of the university.

Univers i ty of North Carol ina

Zsolt Boda received a Fulbright Research Grant and

spent three months at the University of North Carolina

in Chapel Hill from March–May 2016. He worked

on a project concerning trust and policy change, the

underlying assumption being that higher levels of

public trust make difficult public decisions more easily

acceptable to the affected parties.

Zsolt Boda was hosted by Frank R. Baumgartner,

Professor of Political Science at the University of North

Carolina, and founder of the Comparative Agendas

Project, an international network on policy change.

Besides conducting research, Boda participated to faculty

seminars and attended the classes of Baumgartner.

E T h I c s & b u s i n e s s / 2 0 1 618

The CEMS Business Ethics Faculty

Group held its annual meeting

from April 29–May 1, 2016 in

Assisi, Italy. Participants included

Laszlo Zsolnai (Corvinus University

of Budapest), Aloy Soppe (Erasmus

University Rotterdam), Nel Hofstra (Erasmus Univer-

sity Rotterdam), Luit Kloosterman (Erasmus University

Rotterdam), Knut Ims (Norwegian School of Economics

–Bergen), Antonio Tencati (Bocconi University Milan),

Eleanor O’Higgins (University College Dublin), and

Michael Müller-Camen (Vienna University of Eco-

nomics and Business Administration). The group

discussed research collaboration and future activities,

especially those related to the Progressive Business

Models project.

CEMS Meet ing in A s s i s i

Transatlant ic Doctoral Academy

András Ócsai has been accepted as a member of the

Transatlantic Doctoral Academy (TADA) on Business,

Economics and Ethics (http://www.iwe.unisg.ch/en/

tada). TADA brings together PhD students from

universities in Europe and the Americas. The 24-month

program is interdisciplinary and fosters transatlantic

dialogue. The program is hosted at the Institute for

Business Ethics, University of St. Gallen and directed

by Thomas Beschorner.

On May 17–21, 2016 at the first meeting in St.

Gallen, András Ócsai presented his PhD research

entitled Value Orientation of Hungarian Ecologically-

Oriented Businesses. From September 28–October 1,

2016 András Ócsai also participated in the Ninth

TransAtlantic Business Ethics Conference (TABEC),

and presented his thesis in the poster session. The third

TADA meeting was held on October 24–29, 2016 in

Boston, MA.

P et er Kardos ’ PhD def ens e

On June 27, 2016 Peter

Kardos successfully de-

fended his PhD thesis

on The Impact of Free

Market Ideology and the

National Identity of Cor-

porations on Claims for

Justice and Civil Actions.

Laszlo Zsolnai served as

supervisor for this work. Peter Kardos is Assitant Pro-

fessor in Bloomfield College, USA.

On October 10, 2016

Julie Nelson (University of

Massachusetts–Boston)

visited the Business Ethics

Center. Professor Nelson

is a leading scholar

in feminist economics,

Buddhist economics, and

environmental econo-

mics. She is section editor of Journal of Business

Ethics in the field of economics and business ethics.

J u l i e Nel son ’ s v i s i t

19A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r

The series is dedicated to virtue ethics and economics.

Its purpose is to relocate economic theory to a domain

where the connection between the virtues and economic

decisions, as that connection is actually experienced in

everyday life, is an organic component of theory rather

than some sort of an optionally added ingredient.

The goal is to help develop a virtue-based economic

theory which connects virtues with the contents of

economic activities of individuals, unincorporated and

incorporated economic agents. The primary context

is Catholic Social Teaching but other faith traditions

(especially Judaism, Islam, Hinduism, Buddhism, and

Confucianism) will also be explored for their construc-

tion of virtues in economic action. Special attention

will be made to regulatory and policy issues in promot-

ing economic justice.

The series connects virtue ethics with the core of

economic theory and practice. It examines the basic and

irreducible intentionality of human activities concerned

with the production, distribution and consumption of

goods and services. It considers the incommensurability

of values as the central problem of economic decision

making and examines whether that problem can be

overcome by any means other than practical reason.

Keywords

Virtue Ethics, Practical Reason, Incommensurability of

Values, Ontology of Economics, Teleology and Deon-

tology, Value Theories, Principal Virtues in Economic

Life (Justice, Prudence, Temperance, Fortitude, and

Charity), Catholic Social Teaching, Economic Models

of World Religions

V irtue s and Economics

Springer launches a new book series entitled

“Virtues and Economics”. Series editors are

Peter Rona (Blackfriars Hall, University of

Oxford) and Laszlo Zsolnai (Business Ethics

Center, Corvinus University of Budapest and

European SPES Institute, Leuven)

Advisory Board

• Helen Alford (Pontifical University of St. Thomas

Aquinas (“Angelicum”), Rome)

• Luk Bouckaert (Center for Economics and Ethics,

Catholic University of Leuven)

• Luigino Bruni (LUMSA University, Rome and

Sophia University Institute, Loppiano)

• Georges Enderle (Mendoza College of Business,

University of Notre Dame)

• Carlos Hoevel (Catholic University of Argentina,

Buenos Aires)

• John Loughlin (Blackfriars Hall, University of

Oxford and Von Hügel Institute, St. Edmund’s

College, University of Cambridge)

• David W. Miller (Faith and Work Initiative,

Princeton University)

• Sanjoy Mukherjee (Rajiv Gandhi Indian Institute of

Management, Shillong)

• Mike Thompson (GoodBrand, London, and China–

Europe International Busness School–Shanghai,

and University of Victoria, Vancouver)

• Johan Verstraeten (Faculty of Theology and

Religious Studies, Catholic University of Leuven)

• Stefano Zamagni (University of Bologna, and Johns

Hopkins University–SAIS Europe and Pontifical

Academy of Social Sciences)

G_kar_PHD_kek.indd 1 5/5/08 3:11:24 PMPublisher: BUSINESS ETHICS CENTER, CORVINUS UNIVERSITY OF BUDAPEST

Fővám tér 8, H–1093 Budapest, Hungary

Tel/Fax: (+36-1) 482-5562

December 2016

B u s i n e s s E t h i c s C e n t e rC O R V I N U S U N I V E R S I T Y O F B U D A P E S T

S ponsorsIn 2016 the projects and the members of the Business Ethics Center received financial support from the following institutions: School

of Business Administration, Corvinus University of Budapest, CEMS–Global Alliance for Management Education, Fulbright Commission,

TransAtlantic Doctoral Academy (TADA), Globethics (Geneva), University of Nord–Bodø, European SPES Institute–Leuven and University

of Antwerp.

The publication of this annual report was financially supported by the MagNet Hungarian Community Bank.