Smith versus Friedman: Markets and ethics |
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| Institution: | 1. College of Science, Northwest A&F University, Yangling, Shaanxi 712100, China;2. Department of Mathematics, University of Houston, Houston, TX 77204, USA;1. Department of Biomedical Engineering, Engineering Faculty, Bülent Ecevit University, 67100 Zonguldak, Turkey;2. Department of Electrical and Electronics Engineering, Engineering Faculty, Bülent Ecevit University, 67100 Zonguldak, Turkey;3. Department of Physics, Faculty of Natural Sciences and Mathematics, University of Maribor, Koro?ka cesta 160, SI-2000 Maribor, Slovenia;1. University of Ottawa, Telfer School of Management, 55 Laurier Avenue East Ottawa, ON K1N 6N5, Canada;2. Université Laval Faculté des Sciences de l’Administration, École de Comptabilité, Pavillon Palasis-Prince 2325, Rue de la Terrasse, QC G1V 0A6, Canada;1. The Academy of Pharmaceutical Sciences, Q House, Troon Way Business Centre, Humberstone Lane, Thurmaston, Leicester LE4 9HA, UK;2. PD UK, RD Platform Technology & Science, GSK, Ware, Hertfordshire SG12 0DP, UK;3. University of Hertfordshire, Department of Pharmacy, Pharmacology and Postgraduate Medicine, Hatfield, Hertfordshire AL10 9AB, UK;4. Queen''s University Belfast, School of Pharmacy, Belfast, Northern Ireland BT7 1NN, UK;5. University College London, School of Pharmacy, 29-39 Brunswick Square, London WC1N 1AX, UK |
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| Abstract: | This paper addresses the issue of ethics in modern business thought from the perspective of the father of modern economics Adam Smith using both An Inquiry Into the Nature and Causes of the Wealth of Nations and The Theory of Moral Sentiments. The foundation of modern business thought is represented by the Chicago/Austrian School of economic thought using Milton Friedman as a basis and examples from the popular business press and from the work of accounting scholars to illustrate the pervasiveness of this idea of market solutions to ethical problems.It is contended that modern business theory, as represented by this neoclassical economic paradigm, has established a moral code for business based on efficiency of outcome and the assumed link of efficiency to self-interested behavior. The result is markets as the arbitrators of ethical outcomes, and profit maximization as the ultimate moral code. |
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