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Market Participation, Self-respect, and Risk Tolerance

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  • Carlo Ludovico Cordasco

    (Oxford Brookes University)

  • Nick Cowen

    (University of Lincoln)

Abstract

How important is the experience of risk in business endeavors for self-respect and moral development? Tomasi prompts this question with his attempt to reconcile Rawls’s theory of justice as fairness with free-market capitalism, by claiming that economic activity is a way for people to exercise their autonomy, responsibility, and self-authorship, including through voluntary risk-taking. Critics argue that the social environment generated through market institutions is ill-suited for developing a sense of responsibility and autonomy among citizens. We refine the case for economic liberty by looking at the link between risk-taking and attitudes toward democratic citizenship. We highlight the critical role of ethical business practice as a contributor to the stability of liberal-democratic societies.

Suggested Citation

  • Carlo Ludovico Cordasco & Nick Cowen, 2024. "Market Participation, Self-respect, and Risk Tolerance," Journal of Business Ethics, Springer, vol. 189(3), pages 591-602, January.
    • Handle: RePEc:kap:jbuset:v:189:y:2024:i:3:d:10.1007_s10551-023-05396-y
    DOI: 10.1007/s10551-023-05396-y
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    References listed on IDEAS

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