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The Ethical Dimension of Economic Choices

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  • Vranceanu, Radu

    ()
    (ESSEC Business School)

Abstract

In general, capitalist countries display sustained growth, dynamism and innovation, and a high adaptability in response to external shocks. Yet in the last twenty years discontent over the notorious drawbacks of capitalism – corporate frauds, corruption, abuses of market power – has grown continually. In this paper, we argue that no remedy to these difficulties can be found if ethical dilemmas are not anticipated and addressed at the individual, firm and economy-wide level. While pro-ethical changes in business regulation would help, government action alone may not be effective enough. Given that the social sciences provide the general framework of reference for human action, better integration of the ethical dimension by these disciplines would bring about additional benefits. In particular, economic theory would gain from developing more in-depth reflection on human end-goals and values.

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Bibliographic Info

Paper provided by ESSEC Research Center, ESSEC Business School in its series ESSEC Working Papers with number DR 05001.

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Length: 28 pages
Date of creation: Jan 2005
Date of revision:
Handle: RePEc:ebg:essewp:dr-05001

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Postal: ESSEC Research Center, BP 105, 95021 Cergy, France
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Web page: http://www.essec.edu/
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Keywords: Calculativeness; Capitalism; Corporate social responsibility; Economics; Virtue Ethics;

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  1. Sobel, Joel, 1985. "A Theory of Credibility," Review of Economic Studies, Wiley Blackwell, vol. 52(4), pages 557-73, October.
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Citations

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Cited by:
  1. Radu Vranceanu, 2013. "Corporate Profit, Entrepreneurship Theory and Business Ethics," Post-Print hal-00823521, HAL.
  2. Benedetta Giovanola, 2009. "Re-Thinking the Anthropological and Ethical Foundation of Economics and Business: Human Richness and Capabilities Enhancement," Journal of Business Ethics, Springer, vol. 88(3), pages 431-444, September.
  3. vranceanu, radu, 2007. "The moral layer of contemporary economics: A virtue-ethics perspective," ESSEC Working Papers DR 07006, ESSEC Research Center, ESSEC Business School.

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