ABSTRACT
Chapter 11 starts by contextualizing the study of business values in the sharply contrasting views of big business: (i) all greed, selfishness, corruption, absence of social concern, undermining of other institutions, etc., versus (ii) its major contributions to the material wellbeing, as well as social and psychological fulfillment of many millions of people. It goes on to explore and critique the moral justifications for economic/business enterprises. The history of competing conceptualizations from classical liberal (i.e., libertarian) free-market capitalism (John Locke, Adam Smith), the revisionist mixed-market model (John Maynard Keynes), Corporate Social Responsibility and the Multiple Stakeholder model, and neoliberalism (Friedrich von Hayek, Milton Friedman). Some contentious issues are discussed from ethical perspectives: natural rights theory; the fundamental utilitarian justification; individual and organizational values; managerial power, greed and corruption; and the commercialization and privatization of nonbusiness organizations and societal institutions.
