Capitalism & ethics

Capitalism is “often thought of as an economic system in which private actors own and control property accord with their interests, demand supply freely set prices markets a way that can serve the best interests society” (Sarwat & Ahmed, 2015, p. 2). As financial system, capitalism continues to wield titanic social, cultural, political influence globally. Since nineteenth century, it has been dominant world. “It could be said that, during took over Developments trade, finance, manufacturing, farming, energy sources population growth Western Europe converged create new kind economy whose rhythms were no longer primarily dictated by pestilence, seasons, climatic cycles or wars religion succession” (Tribe, 2019, 123; see also Akrivou Sison, 2016; Collier, 2018). Almost two centuries later, world dominated dual powers information communications technologies, on one hand, and, other clash between various socialist-inspired systems, increasingly sophisticated normally stealthy battle for global dominance. In addition, weather, medical pandemics, antibiotic-resistant diseases, interruption production chains energy, food, goods, medicine, devices, well threats peace democracy, mention some most important, continue wreak havoc grand scale power justice trammelled corralled (Weiner et al., 2017). To these grave concerns must added long-term consequences crashes recent decades engender ever-expansive insecurity corresponding deep suspicion directed towards those at top. During 1970s, Keynesian principles associated theories John Maynard Keynes lost ground yielded neoclassical doctrines orientation policy. Later “Reaganomics” “Thatcherism” rationale liberalisation root economies became mantra success development. this vein, supply-side economics, theory, urged governments foster free allow tax reduction industries, deregulate markets. The dismantling trade barriers advanced globalisation triggered unexpected shift low-cost countries less regulated labour fewer environmental requirements. Although developments concomitant evils such sweatshop labour, degradation, unfair distribution wealth have criticised from different angles (e.g. Piketty, 2014; Savage, 2021), lauded neo-classical economists due reduced costs, cheap supply, overall increased prosperity (Pinker, millennium, innovative technologies started change business leading challenges capitalist societies. Thus, example, classical relations, hitherto based idea life-long employment are endangered forms gig platform which, turn, lead phase process. Whilst meant competition within producing countries, form globalisation, thanks possibilities internet, “will involve foreign people who bringing direct international pay perks into offices workplaces” (Baldwin, 200). This critical development will, long term, face capitalism. Despite ongoing successes development, we lot discontent continental Europe, United Kingdom, States. Underlying sense unfairness. several dimensions. One dimension people's personal experiences losses—of jobs, incomes, opportunities—caused adverse outside control. Another observation people, past few provided extraordinary opportunities enrichment. A third perception processes distorted so ordinary shoved aside. Human rights, rights assembly, movement, religion, privacy, negatively impacted COVID-19 public health policies, particularly regard already marginalized vulnerable people. […] Blanket policies run risk violating basic human without necessity proportionality laid out Siracusa International Covenant Economic, Social Cultural Rights (ICESCR). Consideration may increase effectiveness policies. Curbing pandemic requires strong response—but do equitably effectively framework. Special Issue, therefore, presents series papers scholars categories, macro- micro-perspective. Richard De George, wide-ranging paper serves type introduction, engages both defenders opponents socialism. ideologies is, his view, clearly demonstrated dangerous confrontation USA Soviet Union Cold War continuing “Cool War” China. George points further complications efforts arrive definitive evaluation capitalism, socialism, systems rapidly evolving nature things, world, conflicts, inequality all levels. compelling heterodox ends conclusions analysis offered article. Valeria Andreoni, Sophia Kuehnlenz, Imko Meyenburg present macro-perspective article entitled “Capitalism Crises: Comparative Analysis Mainstream Heterodox Perceptions Related Ethical Considerations.” Its main aim consider perceptions related crises mainstream perspective. Broadly defined structure, approaches support stability describe exogenous events. perceptions, contrary, perceive internal feature propose reframe limits socio-environmental systems. By discussing considering ethical implications, contributes current debate provides starting point feasibility alternative structures. Paul Oslington, paper, “Alasdair MacIntyre Adam Smith Markets, Virtues Ends Capitalist Economy” offers perceptive, reflective markets, virtues economy. Essentially, asserts MacIntyre's framework rendered more powerful useful ethicists incorporating insights particular, “account market teleological account extended co-operation common good creation.” Leaving aside question interpretation MacIntyre, Oslington holds opens pathways dialogue economists. Germán Scalzo, Javier Pinto-Garay, Martin Schlag, “Whose work? Which markets?: Rethinking work light virtue ethics” attempt find ways neo-Aristotelian ethics applied today's Drawing Alasdair philosophy, aims address ever-widening gap summary, attempts close drawing view work. claims terms excellence virtues. search macro application theory principles, authors insistence practices being excellence. Philip Stiles, Eleanor Toye-Scott, Pradeep Debata pertinent “Technology, Capitalism, Contract” tease implications rise digital technology changes worker across levels society. Unsurprisingly, rapid advances resulted calls social contract. Stiles co-authors put forward three possible We only hope leaders industry, owners capital, elected govern will least make decisions favour just progress democracy benefit workers wider Patrick Honohan, micro-perspective “Rules versus Principles Market Behaviour,” draws practical experience years following Global Financial Crisis, decade ago, witnessed failure principles-based regulation growing trend mechanical rules. Honohan argues needed whilst acknowledging regulatory discretion inherent risks, nonetheless, complexity products suggests what called tilt greater regulator rather than over-complicated Madeleine Fuerst Christoph Lütge “The Concept Organisational Integrity: Derivation Individual Level using Virtue-based Approach” argue builds indispensable understanding origin concept integrity. transfer findings organisational level. define then operationalise foundation future scientific research basis developing guidance organisations managers. Anna John, Johan Coetsee, Flood, “Unilever: New Form Capitalism?”, explore case Unilever exponents sustainability care environment. Their article, effort lack mechanisms assist companies achieve leadership perhaps maintain time, seeks deficiency. Specifically, unpack mechanism enables embrace ethos. closing special issue, Philipp Bagus, Antonio Sánchez Bayón, José Peña Ramos, “Capitalism, Lockdowns”, seek show capable dealing pandemics comes important advantages prevention overreactions. apply utilitarian rights-based epidemics general particular. First, libertarian natural law used assess government interventions Corona pandemic. Secondly, cannot justified despite objections discussed “potential threat argument.” Moreover, argument lockdowns evaluated. negative effects lockdown mental health, addictions, domestic violence, etc. considered conclude stating far convincing, calculation not possible.