ABSTRACT
The chapter reflects on the various ethical aspects inherent to the economy and business. It critically discusses the ethical underpinnings of modern capitalism and the new ethical challenges of the economy of the 21st century. The chapter identifies and reflects on the various norms and values attached to the capitalist market economy and presents various types of criticism of capitalism from an ethical viewpoint. A particular focus is on the question of how one can define and realize business and the economy as positive forces in the 21st century. The chapter illustrates that the characteristics and new (ethical) challenges of the 21st-century economy require a reconsideration of the ethical foundations of modern business. Against the backdrop of the ethical underpinnings of the capitalist market economy and its shortcomings, the relevance of contemporary business ethics becomes evident.
