ABSTRACT
This chapter provides the outline of a market liberal typology of corporate social responsibility theories to illustrate the variety of theories available. The distinctive feature of market liberal theory is its emphasis on the voluntary aspect in being responsible for reflecting the value of individual liberty. The chapter discusses the view of the market entertained by market liberals as they have wide-ranging confidence in the market’s ability to solve social and environmental problems. It examines the market failures approach, as developed by Joseph Heath. The neoclassical Chicago school, therefore, provides the theoretical backdrop for understanding Friedman’s libertarian view of the firm. The typology allows for a variety of market liberalisms/libertarianisms with regard to understanding corporate responsibility. The market failures approach to business ethics, if one accepts the claimed attractive and benevolent features of the market, does provide a productive theory for a market liberal (re)construction of business ethics and corporate responsibility.
