IDEAS home Printed from https://ideas.repec.org/a/kap/jbuset/v188y2023i2d10.1007_s10551-022-05317-5.html
   My bibliography  Save this article

How to Object to the Profit System (and How Not To)

Author

Listed:
  • Gregory J. Robson

    (Iowa State University
    University of Notre Dame (Mendoza College of Business))

Abstract

This article introduces the Normative Representativeness Requirement (NRR) on any moral objection to a decentralized, profit-oriented system of political economy. I develop and defend the NRR and then show why the most important recent critique of the profit system—which I call The Moderate Critique (developed by, for instance, Elizabeth Anderson)—fails to meet the NRR. This article also defends the radical claim that no objection to the profit system itself, rather than just key aspects or salient instances of it, succeeds in meeting the NRR. Critics of the profit system should not seek an alternative to the profit system, but, at most, an alternative within it.

Suggested Citation

  • Gregory J. Robson, 2023. "How to Object to the Profit System (and How Not To)," Journal of Business Ethics, Springer, vol. 188(2), pages 205-219, November.
    • Handle: RePEc:kap:jbuset:v:188:y:2023:i:2:d:10.1007_s10551-022-05317-5
    DOI: 10.1007/s10551-022-05317-5
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10551-022-05317-5
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10551-022-05317-5?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Christof Koch, 2018. "What Is Consciousness?," Nature, Nature, vol. 557(7704), pages 8-12, May.
    2. Hausman, Daniel M., 2000. "Revealed preference, belief, and game theory," Economics and Philosophy, Cambridge University Press, vol. 16(1), pages 99-115, April.
    3. Brookes Brown, 2019. "Beyond Profit and Politics: Reciprocity and the Role of For-Profit Business," Journal of Business Ethics, Springer, vol. 159(1), pages 239-251, September.
    4. Martijn Cremers, 2017. "What Corporate Governance Can Learn from Catholic Social Teaching," Journal of Business Ethics, Springer, vol. 145(4), pages 711-724, November.
    5. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    6. Vincent J. Giolito & Robert C. Liden & Dirk Dierendonck & Gordon W. Cheung, 2021. "Servant Leadership Influencing Store-Level Profit: The Mediating Effect of Employee Flourishing," Journal of Business Ethics, Springer, vol. 172(3), pages 503-524, September.
    7. Jason Brennan, 2013. "Is Market Society Intrinsically Repugnant?," Journal of Business Ethics, Springer, vol. 112(2), pages 271-281, January.
    8. Ciepley, David, 2013. "Beyond Public and Private: Toward a Political Theory of the Corporation," American Political Science Review, Cambridge University Press, vol. 107(1), pages 139-158, February.
    9. Gregory Clark, 2007. "Introduction to A Farewell to Alms: A Brief Economic History of the World," Introductory Chapters, in: A Farewell to Alms: A Brief Economic History of the World, Princeton University Press.
    10. Joanne B. Ciulla, 2019. "Review of Private Government: How Employers Rule Our Lives (and Why We Don’t Talk About It) by Elizabeth Anderson," Journal of Business Ethics, Springer, vol. 156(1), pages 289-292, April.
    11. Satz, Debra, 2010. "Why Some Things Should Not Be for Sale: The Moral Limits of Markets," OUP Catalogue, Oxford University Press, number 9780195311594.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gregory Robson, 2024. "The profit system: how (and why) to deflect the radical critique," Constitutional Political Economy, Springer, vol. 35(1), pages 109-122, March.
    2. Sikka, Prem & Stittle, John, 2019. "Debunking the myth of shareholder ownership of companies: Some implications for corporate governance and financial reporting," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 63(C).
    3. Levillain, Kevin & Segrestin, Blanche, 2019. "From primacy to purpose commitment: How emerging profit-with-purpose corporations open new corporate governance avenues," European Management Journal, Elsevier, vol. 37(5), pages 637-647.
    4. Veldman, Jeroen, 2018. "Inequality, Inc," MPRA Paper 86644, University Library of Munich, Germany.
    5. David Ciepley, 2019. "Can Corporations Be Held to the Public Interest, or Even to the Law?," Journal of Business Ethics, Springer, vol. 154(4), pages 1003-1018, February.
    6. Sophie Bacq & Ruth V. Aguilera, 2022. "Stakeholder Governance for Responsible Innovation: A Theory of Value Creation, Appropriation, and Distribution," Journal of Management Studies, Wiley Blackwell, vol. 59(1), pages 29-60, January.
    7. Johannes Lundberg, 2022. "Agency Theory’s “Truth Regime”: Reading Danish Pension Funds’ Decisions Regarding Shell from the Perspective of Agency Theory," Sustainability, MDPI, vol. 14(22), pages 1-15, November.
    8. Kevin Levillain & Blanche Segrestin, 2019. "From primacy to purpose commitment: How emerging profit-with-purpose corporations open new corporate governance avenues," Post-Print hal-02290622, HAL.
    9. Miguel Alzola, 2018. "Decent Work: The Moral Status of Labor in Human Resource Management," Journal of Business Ethics, Springer, vol. 147(4), pages 835-853, February.
    10. Ciepley David, 2020. "How America’s Corporations Lost their Public Purpose, and How it Might be (Partially) Restored," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 10(3), pages 1-25, December.
    11. Veldman, Jeroen, 2019. "Inequality, Inc," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 63(C).
    12. Mohammed T. Abusharbeh, 2024. "Technology-Profitability Paradox in Banking Sector: Evidence from Palestine," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 14855-14873, September.
    13. Yeon‐Koo Che & Kathryn E. Spier, 2008. "Strategic judgment proofing," RAND Journal of Economics, RAND Corporation, vol. 39(4), pages 926-948, December.
    14. Hasan, Iftekhar & Lozano-Vivas, Ana, 2002. "Organizational Form and Expense Preference: Spanish Experience," Bulletin of Economic Research, Wiley Blackwell, vol. 54(2), pages 135-150, April.
    15. Fabbri, Daniela & Menichini, Anna Maria C., 2016. "The commitment problem of secured lending," Journal of Financial Economics, Elsevier, vol. 120(3), pages 561-584.
    16. Xueyan Dong & Jingyu Gao & Sunny Li Sun & Kangtao Ye, 2021. "Doing extreme by doing good," Asia Pacific Journal of Management, Springer, vol. 38(1), pages 291-315, March.
    17. Kawalec Paweł, 2020. "The dynamics of theories of economic growth: An impact of Unified Growth Theory," Economics and Business Review, Sciendo, vol. 6(2), pages 19-44, June.
    18. Khémiri, Wafa & Noubbigh, Hédi, 2020. "Size-threshold effect in debt-firm performance nexus in the sub-Saharan region: A Panel Smooth Transition Regression approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 76(C), pages 335-344.
    19. Shaikh, Ibrahim A. & O'Brien, Jonathan Paul & Peters, Lois, 2018. "Inside directors and the underinvestment of financial slack towards R&D-intensity in high-technology firms," Journal of Business Research, Elsevier, vol. 82(C), pages 192-201.
    20. Calcagno, R. & Renneboog, L.D.R., 2004. "Capital Structure and Managerial Compensation : The Effects of Renumeration Seniority," Discussion Paper 2004-120, Tilburg University, Center for Economic Research.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:jbuset:v:188:y:2023:i:2:d:10.1007_s10551-022-05317-5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.