Capitalism, Morality and Markets (Readings Series #54)

Overview

In 2000 the Institute began a series of lecture, endowed by Michael Novak and the John Templeton Foundation, entitled the Templeton Forum on Markets and Morality. The four papers given in the first series, and revised by the authors, are included in this volume.

Brian Griffiths considers the business corporation as a moral community, concluding that 'an independent moral standard is not only something which is good in itself but is also in the ...

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Overview

In 2000 the Institute began a series of lecture, endowed by Michael Novak and the John Templeton Foundation, entitled the Templeton Forum on Markets and Morality. The four papers given in the first series, and revised by the authors, are included in this volume.

Brian Griffiths considers the business corporation as a moral community, concluding that 'an independent moral standard is not only something which is good in itself but is also in the interests of shareholders and employees'.

Robert A. Sirico argues that the accomplishments of business directly help to advance social prosperity, health and human welfare. The market is a necessary ally for a 'social order which respects human dignity'.

Norman Barry contends that the market system is 'morally self-sufficient...and develops its own codes of conduct'. Ethical conduct requires companies simply to follow rules and conventions which make for long-run success.

Frank Field discusses the provision of a minimum income in retirement which, in his view, cannot be achieved by markets alone. Some compulsion is required, as in his 'Universal Protected Pension', which is the 'only workable scheme to break the link between retirement and poverty'.

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Product Details

  • ISBN-13: 9780255364966
  • Publisher: Institute of Economic Affairs
  • Publication date: 1/1/2001
  • Series: Readings Series , #54
  • Pages: 88

Table of Contents

The Authors 7
Foreword 11
The business corporation as a moral community 17
What is a moral standard in business? 18
Can a corporation function without a moral standard? 20
From where can the business corporation derive its moral standard? 25
How does a moral standard function and how can it be implemented in a pluralistic society? 35
How significant is the corporation in our society because of its adherence to a moral standard? 39
The culture of virtue, the culture of the market 41
Introduction 41
The culture of virtue 42
The culture of virtue and the social order 43
The market promotes peace among men 44
The culture of the market helps us fulfil God's command 48
Problems related to markets 50
Consumerism 52
Advertising 53
Ethics, conventions and capitalism 57
The elements of Anglo-American capitalism 61
The stakeholder temptation 69
Takeovers 72
Markets and the provision of a minimum income in retirement 79
The Victorian ideal 79
Damaging ideas 81
Non-market rule OK? 82
The pension proposals 83
About the IEA 90
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