ABSTRACT
This chapter reviews the theoretical basis and principles of business ethics that are behind the search for cosmopolitan business ethics. It highlights the understanding of relationship between business, market, and society that lies behind business ethics, as it can be seen in the light of institutional theories of economics, politics, and society. The chapter discusses important theoretical approaches to business ethics, to ethical principles, and to ethical judgment. It examines the company values not only as a strict economic unit, but largely as a social phenomenon. In addition to original description of company values that combine economizing with increasing its power and ecologizing, chapter highlights that the post-modern understanding of business entails a broader understanding of business. The institutionalization of new values and standards for businesses can be explained by the institutional theory in sociology, political science, and economics. The economic sociology emphasizes the importance of social institutions for individual actions and examines the effects of institutions for individual actions.
