Establishing the Moral Basis of Global Capitalism: Implications for MNEs in Emerging Markets

Eden Yin

Chapter 9 in Thought Leadership in Advancing International Business Research, 2008, pp 205-229 from Palgrave Macmillan

Abstract: Abstract Morality is concerned with rules determining right action, identifying actions that are wrong, morally unjust, unfair, or improper (Hosmer, 1994) and is considered an important part of the institutional infrastructure of a society (Lal, 2003). It is essential to control man’s self-aggrandizing instincts to garner the gains from cooperation, because “a sympathy with public interest is the source of moral approbation, which attends that virtue ‘justice’” (Hume, 1740/1985: 551). Adam Smith’s “Laws of Justice” further proclaims that a market economy has to depend upon the scarce virtues, like benevolence, for its efficient functioning (Smith, 1776/1991).

Keywords: Corporate Social Responsibility; Social Capital; Business Ethic; Management Journal; Moral Virtue (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59423-4_10

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DOI: 10.1057/9780230594234_10

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