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Capitalism, Morality & Markets (Readings, 54) by Brian Griffiths, Visit Amazon's Robert A. Sirico Page,

By Brian Griffiths, Visit Amazon's Robert A. Sirico Page, search results, Learn about Author Central, Robert A. Sirico, , Norman Barry, Frank Field

In 2000, the Institute all started a sequence of lectures, endowed via Michael Novak and the toilet Templeton starting place, entitled the Templeton discussion board on Markets and Morality. The 4 papers given within the first sequence, and revised by means of the authors, are integrated during this quantity. Brian Griffiths considers the enterprise company as an ethical group, concluding that 'an self sustaining ethical general isn't just anything that is sturdy in itself yet is usually within the pursuits of shareholders and employees'. Robert A. Sirico argues that the accomplishments of industrial without delay aid to enhance social prosperity, well-being and human welfare. Norman Barry contends that the marketplace approach is 'morally self-sufficient...and develops its personal codes of conduct'. moral behavior calls for businesses just to persist with ideas and conventions which make for long-run good fortune. Frank box discusses the supply of a minimal source of revenue in retirement which, in his view, can't be completed by means of markets by myself.

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Extra resources for Capitalism, Morality & Markets (Readings, 54)

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The major feature of Anglo-American corporate capitalism is the commitment to shareholder value. The reason why people pool their resources and become owners is to make money and the purpose of a corporation is to increase long-term owner value. Charities are, properly speaking, not businesses although it would be quite legitimate for a private owner to forgo profit on behalf of a moral principle. 8 But publicly quoted companies are different for they involve complex fiduciary moral and legal relationships.

Such rules are properly universal, meaning they are requisites for civilised conduct – irrespective of religion or 2 D. Hume, A Treatise of Human Nature, H. ), Macmillan, New York, 1948, Book 111, pp. 61–2. 59 capi tali sm , mo ra l i ty and markets communal affiliations. Voltaire put the matter beautifully in his description of the nascent London stock market. He wrote: Go into the London Stock Exchange – a more respectable place than many a court – and you will see the representatives of all nations gathered there for the service of mankind.

It is inclusive, contemporary and carries no baggage from the past. It has been designed specifically for the modern global economy. The problem I have with it, however, has to do with motivation. To put it at its most simple, why should someone practise a global ethic? Although it is challenging, it is not in the end difficult to construct a comprehensive, humane and appropriate ethic for business which could be accepted by believers and non-believers alike. But the design of an ethic and the attempt to put it into practice are two entirely different things.

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