Market Participation, Self-respect, and Risk Tolerance

Carlo Ludovico Cordasco () and Nick Cowen ()
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Carlo Ludovico Cordasco: Oxford Brookes University
Nick Cowen: University of Lincoln

Journal of Business Ethics, 2024, vol. 189, issue 3, No 9, 602 pages

Abstract: Abstract How important is the experience of risk in business endeavors for self-respect and moral development? Tomasi prompts this question with his attempt to reconcile Rawls’s theory of justice as fairness with free-market capitalism, by claiming that economic activity is a way for people to exercise their autonomy, responsibility, and self-authorship, including through voluntary risk-taking. Critics argue that the social environment generated through market institutions is ill-suited for developing a sense of responsibility and autonomy among citizens. We refine the case for economic liberty by looking at the link between risk-taking and attitudes toward democratic citizenship. We highlight the critical role of ethical business practice as a contributor to the stability of liberal-democratic societies.

Keywords: Entrepreneurship; Risk; Cooperation (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s10551-023-05396-y

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