With the collapse of communism and the accelerated trend of
globalization, a new stage of capitalism has arrived. Protest
actions that occurred in Seattle and Washington as well as in
Prague and Genoa, clearly show that the legitimacy of capitalism is
being questioned in many respects. Surveys in Eastern and Central
Europe show that a considerable part of the population is not able
to accept capitalism as an economic system. This volume assesses
the ethical basis of capitalism in an effort to assess its future
in the twenty-first century. Contributors range from one of the
world's most successful capitalists and philanthropists to the
founder of INSEAD, Europe's leading business school, to noted
economists, philosophers, cultural historians, and business
ethicists. Chapter 1, "Against Market Fundamentalism: 'The
Capitalist Threat' Reconsidered," by George Soros, Olivier Giscard
d'Estaing and others, is the edited and extended version of the
public debate with Soros on his influential paper "The Capitalist
Threat." Chapter 2, "Ethics of Capitalism," by Peter Koslowski,
follows the thesis that capitalism constitutes a necessary
component of a free society. Chapter 3, "Misunderstood and Abused
Liberalism," by Lubomir Mlcoch, focuses on the problems of
Czech-style capitalism. Chapter 4, "Humanizing the Economy" by
Stefano Zamagni, investigates the role of civil society in relation
to the market and the state. Chapter 5, "The Possibility of
Stakeholder Capitalism," by Edward R. Freeman, argues that
stakeholder relationships are a key to understanding the
functioning of business in today's world. Chapter 6,
"Effectiveness, Efficiency, and Ethicality in Business and
Management," by Wojciech W. Gasparski, introduces the praxiology
tradition in the debate about ethical aspects of capitalism.
Chapter 7, "Responsibility and Profit Making," by Lszl3/4 Zsolnai,
explores the conditions for ethical and social acceptability of
profit making. Collectively, this volume addresses the ethical
problems of the capitalist economy with special reference to
globalization, and suggests that business ethics and the future of
capitalism are strongly connected. It will be of particular
interest to business people, economists, policy makers, social
scientists and students of philosophy and ethics. Lszl3/4 Zsolnai
is director of the Business Ethics Center at Budapest University of
Economic Sciences and is Szuchenyi Distinguished Professor in
Ethics and Economics, awarded by the Hungarian Ministry of
Education. Wojciech W. Gasparski is professor at the Insititute of
Philosophy and Sociology, the Polish Academy of Sciences, and
editor-in-chief of the Praxiology series.
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