ABSTRACT
This chapter explains the virtue of practical wisdom in contrast to the vice of cunning, its counterfeit. It shows how corporate governance consists essentially in the sustenance of institutions and contributes to their flourishing. The chapter illustrates how practical wisdom acts as an attitude, outlook or subjective frame that allows us to correctly evaluate the merits of each particular case and act on them. It deals with practical wisdom in corporate governance making use of insights from Aristotle, Catholic Social Teaching (CST) and MacIntyre. The chapter also explains Aristotelian practical wisdom in contrast to the vice of craftiness. It describes the link between practical wisdom and the common good of the firm in CST. The chapter shows the account of corporate governance according to the MacIntyrean categories of "practices" and "institutions". It presents a case that illustrates how practical wisdom in corporate governance can be embedded in individual biographies and the traditions of communities of enquiry.
