Convergence of ethics?

Abstract

Two pillars of Western culture are the free market doctrine and democracy. The ability of these pillars to generate behavior that converges to a global ethical system is investigated. The market mechanism is no longer as described by Adam Smith, it is oligopolistic. Strategic architecture is outside the resources of many firms, a value free morality prevails, and government intervenes in the market. People believe that they are better off than in the past. However, the gap between the “haves” and “have‐nots” is widening. Market doctrine does not conform to ethical principles. Market freedom requires choice; it benefits corporations giving rise to three diverging classes in society. This type of imperialism potentially contains the seeds of its own destruction.

Citation

Richter, E.M. and Buttery, E.A. (2002), "Convergence of ethics?", Management Decision, Vol. 40 No. 2, pp. 142-151. https://doi.org/10.1108/00251740210422811