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Business Ethics Concepts and Cases 7_E

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  T HE  B USINESS  S YSTEM : G OVERNMENT , M ARKETS , AND  I NTERNATIONAL  T RADE  56. These criticisms can be found in any standard economic textbook, but see especially Frank J. B. Stilwell,  Normative  Economics   (Elmsford, NY: Pergamon Press, 1975). 57. But see Werhane,  Adam Smith and His Legacy  , who argues that Smith did not hold that individuals are motivated only by self-interest. Instead, she argues, Smith’s views in The Wealth of Nations   must be supplemented with his views on “sympathy,” “approbation,” “propriety,” “virtue,” and “sentiment,” which are spelled out in his earlier treatise, Theory of the Moral Sentiments   . 58. See, for example, J. Philip Wogaman, The Great Economic Debate: An Ethical Analysis   (Philadelphia, PA: The West-minster Press, 1977), pp. 61 and 85. 59. See Vaclav Holesovsky,  Economic Systems, Analysis, and Comparison  (New York: McGraw-Hill Book Company, 1977), Chs. 9 and 10. 60. Oskar Lange, “On the Economic Theory of Socialism,” in Bornstein, ed., Comparative Economic Systems   , pp. 86–94. 61. The standard work on Keynes is Alvin H. Hansen,  A Guide to Keynes   (New York: McGraw-Hill Book Company, 1953). 62. John Maynard Keynes, The General Theory of Employ-ment, Interest, and Money  (London: Macmillan & Co., Ltd., 1936). For an accessible summary of Keynes’s views, see his article “The General Theory of Employment,” Quarterly Journal of Economics   , September 1937, v. 51, pp. 209–223. 63. For an overview of the so-called “Post Keynesian School,” see the collection of papers in J. Pheby, ed.,  New Directions in Post Keynesian Economics   (Aldershot, UK: Edward Elgar, 1989), and M. C. Sawyer,  Post Keynes-ian Economics, Schools of Thought in Economics Series 2  (Aldershot, UK: Edward Elgar, 1988). 64. See Sheila C. Dow, “The Post-Keynesian School,” in Douglas Mair and Anne G. Miller, eds.,  A Modern Guide to  Economic Thought   (Aldershot, UK: Edward Elgar, 1991). 65. John Hicks, The Crisis in Keynesian Economics   (Oxford: Basil Blackwell, 1974), p. 25. 66. Charles Darwin, The Origin of Species by Means of Natural Selection  (New York: D. Appleton and Company, 1883), p. 63. 67. Herbert Spencer, Social Statics, Abridged and Revised   (New York: D. Appleton and Company, 1893), pp. 204–205; for an account of Spencerism in America, see Richard Hofstadter, Social Darwinism in American Thought   (Boston,  MA: Beacon Press, 1955). 68. Adam Smith, The Wealth of Nations   , p. 424. 69. David Ricardo, On the Principles of Political Economy and Taxation  , (Georgetown, DC: Joseph Milligan, 1819), pp. 115–116. 70. J. Michael finger and Philip Schuler, eds.,  Poor People’s  Knowledge: Promoting Intellectual Property in Developing Countries   , (Washington, DC: The World Bank, 2004), p. 4. 71. For these and other illustrations cited by Marx, see his Capital   , vol. I, Samuel Moore and Edward Aveling, trans. (Chicago, IL: Charles H. Kerr & Company, 1906), pp. 268–282. 72. Karl Marx, “Estranged Labor,” in Dirk Struik, ed., The  Economic and Philosophic Manuscripts of 1844  , Martin Mil-ligan, trans. (New York: International Publishers, 1964), pp. 106–119. 37. William K. Frankena,  Ethics   , 2nd ed. (Englewood Cliffs, NJ: Prentice-Hall, 1973), pp. 102–105. 38. Robert Nozick,  Anarchy, State, and Utopia  (New York: Basic Books, Inc., 1974). 39. For versions of this argument, see Lindblom,  Politics and  Markets   , pp. 45–51. 40. Arthur M. Okun,  Equality and Efficiency  (Washington, DC:  The Brookings Institution, 1975), pp. 1–4. 41. U.S. Census Bureau, Current Population Reports, P60-236,  Income, Poverty, and Health Insurance Coverage in the United States: 2008  , (Washington, DC: U.S. Government Printing Office, 2009), Table 4, “People and Families in Poverty by Selected Characteristics: 2007 and 2008,” and  Table A-3, “Selected Measures of Household Income Dispersion: 1967–2008.” 42. U.S. Census Bureau, 2008 American Community Survey 1–Year Estimates, Table B19081, “Mean Household Income of Quintiles–Universe: Households,” September 2009. 43. Mark Nord, Margaret Andrews, and Steven Carlson, “Household Food Security in the United States, 2008,” United States Department of Agriculture, Food and Nutrition Service, 2009. Economic Research Report No. 83 (ERS-83), November 2009. 44. U.S. Census Bureau, Current Population Reports, P60-236,  Income, Poverty, and Health Insurance Cover-age in the United States: 2008  , Table 7, “People without Health Insurance Coverage by Selected Characteritistics: 2007–2008.” 45. National Coalition for the Homeless, “How Many People Experience Homelessness?” (Washington, DC: National Coalition for the Homeless, July 2009). 46. Edward N. Wolff, “Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze—An Update to 2007,” Working Paper, Levy Economics Institute of Bard College, Annandale-on-Hudson, NY, March 2010, Table 2 and Table 4; ac-cessed June 4, 2010 at http://www.levyinstitute.org/pubs/ wp_589.pdf.  47. See Patricia Werhane,  Adam Smith and His Legacy for Mod-ern Capitalism  (New York: Oxford University Press, 1991); S. Hollander, The Economics of Adam Smith  (Toronto: University of Toronto Press, 1973). 48. Adam Smith,  An Inquiry into the Nature and Causes of the Wealth of Nations   [1776] (New York: The Modern Library, n.d.), p. 423. 49. Ibid., p. 55. 50. Ibid., p. 14. 51. Ibid., pp. 55–58. 52. Ibid., p. 651. 53. Friedrich A. Hayek, “The Price System as a Mechanism for Using Knowledge,” and Ludwig von Mises, “Economic Calculation in Socialism,” both in Morris Bornstein, ed., Comparative Economic Systems: Models and Cases   (Home- wood, IL: Richard D. Irwin, Inc., 1965), pp. 39–50 and 79–85. 54. Thomas Aquinas, Summa Theologica  , II–II, q. 66, a. 2. 55. For example, David Hume, Essay XLI,  An Inquiry Con-cerning the Principles of Morals   , part II, pp. 423–429, in  Essays, Literary, Moral, and Political   , by David Hume, Esq. (New York: Ward, Lock, & Co., Warwick House, no date). 209  T HE  B USINESS  S YSTEM : G OVERNMENT , M ARKETS , AND  I NTERNATIONAL  T RADE   The Capitalist System  , 2nd ed. (Englewood Cliffs, NJ: Pren-tice-Hall, 1978), pp. 441–461. 98. Herbert Marcuse, One Dimensional Man  (Boston, MA: Beacon Press, 1964), pp. 225–246. 99. Frank Ackerman and Andrew Zimbalist, “Capitalism and Inequality in the United States,” in Edwards, Reich,  Weisskopf, eds., The Capitalist System  , pp. 297–307; and Michael Reich, “The Economics of Racism,” ibid., pp. 381–388. 100. See Robert Hunter Wade, “Winners and Losers: The Global Distribution of Income Is Becoming More Unequal; That Should Be a Matter of Greater Concern than It Is,” The Economist   , April 28, 2001, pp. 79–81; “The Rising Inequality of World Income Distribution,”  Finance and Development   , December 2001, v. 38, n. 4; and “Global-ization, Poverty and Income Distribution: Does the Lib-eral Argument Hold?” accessed June 20, 2004 at http:// www.brookings.edu/gs/research/projects/glig/ worldshort inequalityjune02.pdf.  101. See, for example, Richard Rorty, “For a More Banal Poli-tics,”  Harper’s   , May 1992, v. 284, pp. 16–21. 102. See Lodge, ibid. 103. See, for example, Paul Samuelson,  Economics   , 9th ed. (New  York: McGraw-Hill Book Company, 1973), p. 845. 104. See “List of Countries by Income Equality,” Wikipe-dia, accessed June 20, 2010 at http://en.wikipedia.org/wiki/List_of_countries_by_income_equality#cite_note-3  ; see also U.S. Central Intel-ligence Agency, “Guide to Country Comparisons,” The World Factbook  , 2010, accessed June 20, 2010 at https://www.cia.gov/library/publications/the-world-factbook/ rankorder/rankorderguide.html   . 105. Paul Steidlmeier, “The Moral Legitimacy of Intellectual Property Claims: American Business and Developing Country Perspectives,” The Journal of Business Ethics   , De-cember 1993, pp. 161–162. 106. More exactly, the U.S. Copyright Term Extension Act (CTEA) of 1998 says that a copyright held by the indi- vidual author lasts for the life of the author plus 70 years,  whereas if a business owns a copyright it lasts for 95 years from the year of first publication or 120 years from the  year of its creation, whichever is shorter. 107. More exactly, patents on manufactured articles and pro-cesses expire after 20 years, whereas design patents expire after 14 years. Patents are granted only when the invention is novel, useful, and nonobvious. 108. See Francis Fukuyama, The End of History and The Last  Man  (New York: The Free Press, 1992). 73. Ibid., pp. 110–111. 74. Ibid., pp. 108–109. 75. Ibid., p. 116. 76. Karl Marx and Friedrich Engels,  Manifesto of the Commu-nist Party  (New York: International Publishers, 1948), p. 9. 77. “Estranged Labor,” p. 150. 78. Ibid, p. 150. 79. Marx and Engels, pp. 37–38. 80. Marx and Engels, p. 48. 81. Marx and Engels, p. 49. 82. Ibid. 83. The classic expression of this distinction is Karl Marx,  A Contribution to the Critique of Political Economy  , N. I. Stone, ed. (New York: The International Library Publishing Co., 1904), pp. 11–13. 84. Marx and Engels,  Manifesto  ; see also Karl Marx, The German Ideology  , (Amherst, NY: Prometheus Books, 1998 [1845]), Part I: Feuerbach, section C. “The Real Basis of Ideology.” 85. Karl Marx, The German Ideology  , (Amherst, NY: Prometheus Books, 1998 [1845]). 86. See McMurtry, Structure of Marx’s World-View  , pp. 72–89. 87. Marx, Capital   , vol. I, pp. 681–89. 88. Marx, Capital   , vol. II, pp. 86–87. 89. Marx, Capital,  vol. I, pp. 689 ff. 90. Marx and Engels,  Manifesto  , p. 30. 91. Karl Marx, The German Ideology  . 92. Irving Kristol, “A Capitalist Conception of Justice,” in Richard T. DeGeorge and Joseph A. Pickler, eds.,  Ethics, Free Enterprise and Public Policy  (New York: Oxford University Press, 1978), p. 65; see also H. B.  Acton, The Morals of Markets   (London: Longman Group Limited, 1971), pp. 68–72. 93. John Bates Clark, The Distribution of Wealth  (New York:  The Macmillan Co., 1899), pp. 7–9, 106–107; for a critique of this argument, see Okun,  Equality and Efficiency  , pp. 40–47. 94. Milton Friedman, Capitalism and Freedom  , pp. 168–172. 95. See, for example, the arguments in John Rawls,  Political  Liberalism  (New York: Columbia University Press, 1993), pp. 37–43; and  A Theory of Justice  (Boston, MA: Harvard University Press, 1971). 96. See Work in America: Report of the Special Task Force to the Secretary of Health, Education and Welfare  (Cambridge, MA:  MIT Press, 1973). 97. See Thomas E. Weisskopf, “Sources of Cyclical Down-turns and Inflation” and Arthur MacEwan, “World Capitalism and the Crisis of the 1970s,” in Richard C. Edwards, Michael Reich, and Thomas E. Weisskopf, eds., 210  Ethics in the  Marketplace From Chapter 4 of Business Ethics: Concepts and Cases  , 7th Edition. Manuel G. Velasquez. Copyright © 2012 by Pearson Education, Inc. All rights reserved.  212
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