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The Place of Ethics in Business: Shifting Paradigms?

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  • Shepard, Jon M.
  • Shepard, Jon
  • Wimbush, James C.
  • Stephens, Carroll U.

Abstract

This article uses concepts from sociology, history, and philosophy to explore the shifting relationship between moral values and business in the Western world. We examine the historical roots and intellectual underpinnings of two major business-society paradigms in ideal-type terms. In pre-industrial Western society, we argue that business activity was linked to society’s values of morality (the moral unity paradigm)—for good or for ill. With the rise of industrialism, we contend that business was freed from moral constraints by the alleged “invisible hand” of efficient markets (the amoral theory of business). Armed with this understanding of the intellectual history of the moral unity and amoral business-society paradigms, we suggest that some variant of the moral unity paradigm may be recurring in post-industrial society.

Suggested Citation

  • Shepard, Jon M. & Shepard, Jon & Wimbush, James C. & Stephens, Carroll U., 1995. "The Place of Ethics in Business: Shifting Paradigms?," Business Ethics Quarterly, Cambridge University Press, vol. 5(3), pages 577-601, July.
    • Handle: RePEc:cup:buetqu:v:5:y:1995:i:03:p:577-601_01
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    Cited by:

    1. Eva E. Tsahuridu, 2006. "Anomie and Ethics at Work," Journal of Business Ethics, Springer, vol. 69(2), pages 163-174, December.
    2. Craig VanSandt & Jon Shepard & Stephen Zappe, 2006. "An Examination of the Relationship Between Ethical Work Climate and Moral Awareness," Journal of Business Ethics, Springer, vol. 68(4), pages 409-432, November.
    3. Mukesh Sud & Craig VanSandt, 2011. "Of Fair Markets and Distributive Justice," Journal of Business Ethics, Springer, vol. 99(1), pages 131-142, February.
    4. Beninger, Stefanie & Francis, June N.P., 2022. "Resources for business resilience in a COVID-19 world: A community-centric approach," Business Horizons, Elsevier, vol. 65(2), pages 227-238.
    5. Mukesh Sud & Craig VanSandt & Amanda Baugous, 2009. "Social Entrepreneurship: The Role of Institutions," Journal of Business Ethics, Springer, vol. 85(1), pages 201-216, February.
    6. Craig VanSandt & Mukesh Sud, 2012. "Poverty Alleviation through Partnerships: A Road Less Travelled for Business, Governments, and Entrepreneurs," Journal of Business Ethics, Springer, vol. 110(3), pages 321-332, October.

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