Caleb Bernacchio and Robert Couch present an integrative account of business ethics from a neo-Aristotelian perspective. Engaging the Markets Failures Approach in Part I, they introduce the concept of 'eudaimonic efficiency' as a more realistic alternative to Pareto efficiency, before identifying several market virtues that promote human flourishing through mutually beneficial transactions. Turning to the firm in Part II, they identify a number of virtues that foster collaboration, support the development of a novel theory of value creation and associated strategic capabilities, and sustain effective corporate governance, contributing to the flourishing of customers, employees, and other stakeholders. In dialogue with Habermasian approaches to political CSR, Part III develops an account of stakeholder deliberation as an activity that contributes to eudaimonic efficiency by mitigating unjust harms stemming from negative externalities and other market failures. In doing this, they introduce an account of the virtues needed for effective deliberation between stakeholders.
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'Bernacchio and Couch offer a compelling neo-Aristotelian framework for business, challenging conventional views of the firm and market efficiency. They argue that human flourishing, not mere profit or Pareto efficiency, should be the ultimate aim. This requires embedding the virtues and practical wisdom in organizational strategy and fostering stakeholder deliberation. This work 'cracks the code' on how to connect virtue ethics to strategy and corporate governance.' Alejo José Sison Galsim, University Professor, Universidad de Navarra 'This excellent book offers a distinctive account of business ethics based on the novel concept of 'eudaimonic efficiency'. In so doing, it demonstrates the value of an Aristotelian perspective for understanding the ethics of the marketplace.' Matthew Sinnicks, University of Southampton 'This is a book I have long been waiting for: to make a robust argument in defense of neo-Aristotelian virtue ethics not only in the context of the firm but, more broadly, in the context of the market economy, by placing virtue at the heart of human agency. Bernacchio and Couch do not narrowly address business ethics per se, but they richly suggest ways in which ne-Aristotelian approaches helps us reconceive the firm, strategy and the market economy at large, in ways that place human flourishing at the center. This is no small accomplishment, and it is exactly what we need: to make ethical thinking integral to business and, critically, to theoretical reflection about business. The book is an intellectual feast for the philosophically inclined management and organizational scholars. Invariably illuminating, it engages with several rival perspectives, offering conceptually integrative, robust and original arguments. This is a major contribution.' Haridimos Tsoukas, University of Cyprus & University of Warwick
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Draws upon neo-Aristotelian virtue ethics to articulate the implicit morality of the market, the firm, and stakeholder relations.
Acknowledgements; Introduction; Part I:
1. Justice, practical wisdom,
and the MFA;
2. Agency, flourishing, and the virtues: neo-Aristotelianism and
business ethics;
3. Market virtues; Part II:
4. Ethical formation in the
firm: microfoundations for collaboration;
5. Innovation and virtue in the
firm;
6. Financial markets, corporate governance, and human flourishing; Part
III:
7. The virtues of political corporate social responsibility;
8. The role
of virtue in multistakeholder initiatives;
9. Toward a constructive critique
of managerial agency; Conclusion; References; Index.
Caleb Bernacchio holds the Legendre-Soulé Chair in Business Ethics at Loyola University New Orleans and is an associate professor of management. He received his PhD in Business Ethics from IESE Business School, an MBA from Louisiana State University, and a BPhil in Philosophy from the Pontifical University of St Thomas Aquinas in Rome. He has published widely in academic journals, is on the editorial board of Business Ethics Quarterly and Philosophy of Management, and, in 2024, was given the Outstanding Reviewer Award by Business Ethics Quarterly. His research focuses on neo-Aristotelian virtue ethics and organizational theory. Robert Couch is Associate Professor of Business (Finance) at Earlham College. He received his Ph.D. in Financial Economics from Carnegie Mellon University, and has published numerous research articles on topics spanning corporate finance, financial reporting, and business ethics.
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