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Business Ethics and (or as) Political Philosophy
Get PDFThere is considerable overlap between the interests of business ethicists and those of political philosophers. Questions about the moral justifiability of the capitalist system, the basis of property rights, and the problem of inequality in the distribution of income have been of central importance in both fields. However, political philosophers have developed, especially over the past four decades, a set of tools and concepts for addressing these questions that are in many ways quite distinctive. Most business ethicists, on the other hand, consider their field to be primarily a domain of applied ethics, and so adopt methods and conceptual frameworks developed by moral philosophers. In this paper, we discuss some of the salient differences between these two approaches, and suggest some ways in which business ethicists could benefit from taking a more “political philosophy” approach to these questions. Throughout, we underline the importance of seeking greater compatibility among the principles used in normative theorizing about markets, regulations, corporate governance, and business practices
Deserving Jobs, Deserving Wages
Get PDFThis chapter applies recent work on desert to two sets of issues in business ethics. The first set of issues concerns who ought to be hired, fired, promoted, and demoted. Call these issues of “job justice.” The second set of issues concerns how much workers, including managers, ought to be paid. Call these issues of “wage justice.” I focus on job and wage justice because considerations of desert play an important, though sometimes tacit, role in discussions of these issues
How Much Compensation Can CEOs Permissibly Accept?
Get PDFDebates about the ethics of executive compensation are dominated by familiar themes. Many writers consider whether the amount of pay CEOs receive is too large – relative to firm performance, foreign CEO pay, or employee pay. Many others consider whether the process by which CEOs are paid is compromised by weak or self-serving boards of directors. This paper examines the issue from a new perspective. I focus on the duties executives themselves have with respect to their own compensation. I argue that CEOs’ fiduciary duties place a moral limit on how much compensation they can accept, and hence seek in negotiation, from their firms. Accepting excessive compensation leaves the beneficiaries of their duties (e.g., shareholders) worse off, and thus is inconsistent with observing those duties
Rawls, Self-Respect, and the Opportunity for Meaningful Work
Get PDFIn his late work The Law of Peoples, John Rawls identifies the opportunity for meaningful work as a social basis of self-respect. This constitutes a significant shift in his account of self-respect, one that has been so far overlooked. In this paper I examine this shift. I begin by clarifying Rawls’s account of self-respect in A Theory of Justice (hereafter, Theory), then consider some post-Theory developments in it. After exploring the nature of Rawls’s commitment to the opportunity for meaningful work, I ask why he thinks it is a social basis of self-respect. I extract a partial answer from his writings, then speculate about his full reasoning. Finally, I consider whether Rawls is right that the opportunity for meaningful work is a social basis of self-respect. I give some reason to believe that he is
Estimating the Impact of Migration and Remittances on Agricultural Technology
Get PDFThe rapid growth of international migration and remittances has led to a wealth of research examining these trends. One of these lines of research attempts to determine the relationship between migration, remittances and the adoption of “Green Revolution” high yield variety (HYV) seeds. This literature proposes that migration and remittances may increase HYV use by reducing household risk and credit constraints. Given the large scale of both migration and remittances, getting an accurate measurement of these impacts is crucial to designing and implementing policies in rural areas. This paper examines the relationship between migration, remittances and agricultural technology. The credit and risk hypotheses are tested using data from the Mexican Migration Project. The main focus of the paper is examining the issue of endogeneity with respect to migration and remittances. When the probit approach is tested, evidence of endogeneity bias with respect to migration and remittances is found. The risk and credit hypotheses are then tested with two-stage and three-stage analyses, in order to address the problem of endogeneity. The results are found to be significantly different when methodologies are employed to deal with endogeneity; suggesting this is an issue that needs to be addressed. Overall, the results find some evidence to support both the credit and risk hypotheses; although the results for the risk hypothesis are more mixed
Business Ethics: An Overview
Get PDFThis essay provides an overview of business ethics. I describe important issues, identify some of the normative considerations animating them, and offer a roadmap of references for those wishing to learn more. I focus on issues in normative business ethics, but discuss briefly the growing body of work in descriptive business ethics. I conclude with a comment on the changing nature of the field
McMahon on Workplace Democracy
Get PDFThis paper offers a sympathetic critique of Christopher McMahon’s Authority and Democracy: A General Theory of Government and Management. Although I find fault with some of his arguments, my goal is not to show that these arguments are irreparable, but to highlight issues that deserve further consideration. After defining some terms, first, I raise an objection to McMahon’s rejection of the moral unity of management (MUM) thesis. Second, I draw attention to his “moralization” of the workplace, and examine the role it plays in his arguments about the relative strengths of the different kinds of authority. Third, I raise questions about his reliance on an analogy between states and firms. I suggest that states and firms are in some ways more alike, but in other ways less alike, than he allows
Ross on Desert and Punishment
Get PDFW. D. Ross thinks it is good, other things equal, that people get what they deserve. But he denies that “the principle of punishing the vicious, for the sake of doing so, is that on which the state should proceed in its bestowal of punishments.” Ross offers two main arguments for this denial: what I call the “scope argument” and the “state\u27s purpose argument.” I argue that both fail. In doing so, I illuminate Ross\u27s distinctive views about desert and the state
Mexico\u27s Labor Market : The Importance of Education - Occupation Matching on Wages and Productivity in Developing Countries
Get PDFThe positive impact of education on earnings , wages, economic growth is well documented, however the issue of education - occupation matching in developing countries has been largely ignored. Since workers \u27level of schooling and their occupations \u27 required level of education both affect wages , policy makers may find it useful to note if such mismatch exist, if they impact wages, and if they can be avoided. Empirical results from Mexico suggest that in order to obtain the maximum economic benefits from increases in educational attainment levels, a developing country needs to take steps to assure increases in occupational level also occur. Additional evidence of the positive link between educational attainment and wage is also provided. Due to multi - period nature of the data , a new method of measuring required education is developed which opens up the education - occupation matching literature to data sets which are not cross sectional in natur
Remittances, Savings and Relative Rates of Return
Get PDFThis paper presents a model of migrant behavior in which remittances are treated as both a consumption transfer to households and as an alternative savings mechanism for migrants. This approach leads to the implication that migrants \u27 remittances/savings behavior should be affected by the relative rate of return on their savings and on the savings of their remittance receiving households. Statistical support for this hypothesis is found using data from Mexican workers in the United States. The paper finds this evidence using selectivity corrective remittance and savings equations. These results hold when the equations are estimated separately or jointly . These results imply that developing access to better savings and investment mechanisms for households in Mexico may increase remittance inflows from household members that are migrant