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Establishing the Moral Basis of Global Capitalism: Implications for MNEs in Emerging Markets

In: Thought Leadership in Advancing International Business Research

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  • Eden Yin

Abstract

Morality is concerned with rules determining right action, identifying actions that are wrong, morally unjust, unfair, or improper (Hosmer, 1994) and is considered an important part of the institutional infrastructure of a society (Lal, 2003). It is essential to control man’s self-aggrandizing instincts to garner the gains from cooperation, because “a sympathy with public interest is the source of moral approbation, which attends that virtue ‘justice’” (Hume, 1740/1985: 551). Adam Smith’s “Laws of Justice” further proclaims that a market economy has to depend upon the scarce virtues, like benevolence, for its efficient functioning (Smith, 1776/1991).

Suggested Citation

  • Eden Yin, 2008. "Establishing the Moral Basis of Global Capitalism: Implications for MNEs in Emerging Markets," Palgrave Macmillan Books, in: Arie Y. Lewin & S. Tamer Cavusgil & G. Tomas M. Hult & David A. Griffith (ed.), Thought Leadership in Advancing International Business Research, chapter 9, pages 205-229, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59423-4_10
    DOI: 10.1057/9780230594234_10
    as

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