Markets, Ethics, and Business Ethics

This book introduces a study of ethics and values to develop a deeper understanding of markets, business, and economic life. Its distinctive feature is its thorough integration across personal and institutional perspectives; across applied ethics and political philosophy; and across philosophy, business, and economics.

Part 1 studies markets, property rights, and law, and introduces normative theories with many applications. Part 2 examines the purpose of corporations and their responsibilities. Parts 3 and 4 analyze business and economic life through the ethics and values of welfare and efficiency, liberty, rights, equality, desert, personal character, community, and the common good.

This second edition maintains the strengths of the first edition―short, digestible chapters and engaging writing that explains challenging ideas clearly. The material is user-friendly, with an emphasis on a strong theoretical core. Easily adaptable to the instructor’s teaching, the chapters are separable and can be shaped to the interests of the instructor with suggested course outlines and flexible application to case studies. This text is designed both for coursework in business ethics, as well as interdisciplinary programs in philosophy, politics, economics, and law.

This second edition:

• revises presentation of eight normative theories, with increased emphasis on linksto business and economic life;
• incorporates recent scholarship on shareholder/stakeholder debates about the purpose of corporations, bringing this important topic up to date;
• includes a new, streamlined preface that provides a quick overview of the book before smoothly guiding the reader to the first chapter;
• uses updated examples and applications;
• revamps a useful appendix, including enhancing the popular primer on ethics;
• includes Key Terms, Discussion Questions, Biographies, and Lists of Further Readings at the end of each chapter;
• includes a new ending chapter on the value of an ethical life.

Steven Scalet is Professor of Philosophy at the University of Baltimore (UB). Prior to UB, he was the Director of the Program in Philosophy, Politics, and Law at Binghamton University (SUNY), where he received the Chancellor’s Award for Excellence in Teaching. Scalet received his PhD in Philosophy and MA in Economics from the University of Arizona. Scalet is the editor of Morality and Moral Controversies: Readings in Moral, Social, and Political Philosophy, 10th Edition (Routledge, 2019).