Ethics in a Capitalist Economy: Why the Market Needs Virtues

(Hardback)

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In a novel application of the work of neo-Aristotelian virtue ethics to the philosophy of business, Robert CB Miller argues that free-market capitalism requires virtues to mitigate its flaws and to enhance its strengths.


Virtue Economics begins with an outline of modern virtue ethics, deriving from Aristotle and Aquinas and reinvigorated in the 20th century by writers including Elizabeth Anscombe and Philippa Foot. Taking up the idea that human nature determines the virtues, Miller sets out three types of virtue specific to economic activity: contractual, behavioural and entrepreneurial. With reference to major historical and contemporary thinkers including including Adam Smith, John Locke, David Hume, Alasdair MacIntyre, Mary Midgeley and Steven Pinker, the book shows the flaws in the market economy and the ways in which these flaws can be mitigated by the application of particular virtues in order to encourage human flourishing. The book includes three case studies investigating the practise (or absence) of virtues in real world situations: on the career of Warren Buffett, on insights from behavioural economics, and on the philanthropic efforts of business leaders.


Drawing on the authors experience in finance and financial journalism, this book combines practical considerations with a detailed and accessible reading of the theory of virtue ethics and its relation to discussions of human nature in political economy. It will be key reading for those researching ethics in the fields of business, finance, and virtue ethics more generally.

Author Bio

Robert CB Miller is a retired financial journalist and company director (in the City of London). He was a Senior Research Fellow at the Institute of Economic Affairs, UK.