ABSTRACT
This chapter draws from the Eastern and Western ethical philosophical tradition, initiates a discussion about how ethics can be an integral and inseparable part of business organizations. Special attention is given to the notion of phronesis, both from the ancient and the contemporary analyses, since it is a concept that best describes the equilibrium that leaders of modern organizations need to find in order to be profitable and socially considerate. The chapter focuses on the concept of phronesis, as proposed by Aristotle and the Chinese philosophers, but also takes the idea further by establishing the connection with the modern business environment. Aristotle was the first philosopher to introduce the concept of phronesis as a master virtue of human nature. In his time, phronesis was deemed an important personal virtue, for many theorists of management phronesis, it is considered to play an important role in effective leadership. The chapter discusses some propositions for incorporating phronesis in today's working environment.
