Abstract
Businessmen have external relations with their customers, suppliers, competitors and neighbours, giving rise to obligations based primarily on a recognition of the difference between the values of the parties, and a respect for the other’s point of view, but modified by the fact that money is inherently general, and that each transaction needs to be considered not as a single one but in a context that is generalised with regard to person, circumstance and time. A responsible businessman, therefore, is guided by the principle caveat vendor rather than relying exclusively on caveat emptor, pays his suppliers promptly, gives more than contractual notice, competes only by fair means, not by foul; and on the basis of the common concerns he does have with those who do not share most of his values, he contributes towards the good of his trade, his locality, and the environment generally.
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Notes
J. Rockefeller, Random Reminiscences, London, 1909, pp.59, 62–63.
Thus Albert O. Hirschman, Exit, Voice, and Loyalty, Harvard University Press, 1970, p.37, “Competition in this situation is a considerable convenience to the manufacturers because it keeps consumers from complaining; it diverts their energy to hunting for the inexistent improved products that might possibly have been turned out by the competition.”
For a fuller discussion of the “good” competitor, see Tom Sorell and John Hendry, Business Ethics, Butterworth Heinmann, Oxford, 1994, ch.6, pp.153–154, and the examples of Pilkington Glass and small businesses in Scotland.
For example, Adam Smith, The Wealth of Nations, Bk I, ch.10, pt.2, Everyman ed., vol.1, pp.107ff.
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© 1996 M. R. Griffiths and J. R. Lucas
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Griffiths, M.R., Lucas, J.R. (1996). Customers, Suppliers and Neighbours. In: Ethical Economics. Palgrave Macmillan, London. https://doi.org/10.1057/9780230389953_7
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DOI: https://doi.org/10.1057/9780230389953_7
Publisher Name: Palgrave Macmillan, London
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