Advertisement

Capitalism, Religion, Business Legitimacy, and the Ethical Economy

  • Jacob Dahl RendtorffEmail author
Living reference work entry
  • 8 Downloads

Abstract

This chapter addresses the difficult problem of the legitimacy of the corporations in modern society from the perspective of the relation between economics and religion. In the perspective of the religious foundations of economics, the chapter discusses different approaches to economics, based on different economic theories and concepts of the economy. The debate about legitimacy of the economics of the firm represents in modern economics the place of intersection between economic values and other values. With this approach, the chapter discusses modernist economics of neoliberalism and welfare economics from the point of view of social legitimacy of economics. Moreover, the chapter presents institutionalist alternatives to neoliberalism and welfare economics in the context of postmodernism and search for a more sustainable transformation of economics in society.

Keywords

Protestant ethics Catholic economic thought Chicago school of economics Institutional economics Welfare economics 

References

  1. Arnsperger C (2001) Entre impartialité, horizon de sens, et précarité existentielles. Les fondements de l´éthique économique et sociale. In: Arnsperger C, Larrière C (eds) Trois essais sur l´éthique économique et sociale. INRA Éditions, ParisGoogle Scholar
  2. Bidault J et al (eds) (1997) Trust, the firm and society. MacMillan, LondonGoogle Scholar
  3. Boatright JR (1996) Business ethics and the nature of the Firm. Am Bus Law J 34(2):317. WinterGoogle Scholar
  4. Bovbjerg KM (2001) Følsomhedens Etik: Tilpasning af personligheden i New Age og moderne management. Hovedland, HorsensGoogle Scholar
  5. Coase R (1937) The nature of the firm. In: Williamson OE, Winter SG (eds) The nature of the firm: origins, evolution and development. Oxford University Press, Oxford. 1991, pp 18–34Google Scholar
  6. Coase RH (1960) The Problem of Social Cost. J Law Econ 3:1–44Google Scholar
  7. DiMaggio PJ, Powell WW (1983) The iron cage revisited: functional isomorphism and collective rationality in organizational fields. Am J Sociol 48:147–160Google Scholar
  8. Fort TL (2001) Ethics and governance. Business as mediating institution, The Ruffin series in business ethics. Oxford University Press, OxfordGoogle Scholar
  9. Freeman E (1984) Strategic management. A takeholder approach. Pitman Publishing Inc, BostonGoogle Scholar
  10. Frey DE (1998) Individual economic values and self-interest: problem in Puritan ethics. J Bus Ethics 17:1573Google Scholar
  11. Friedman M (1955) The methodology of positive economics. In: Hahn F, Hollis M (eds) Philosophy and economic theory, Oxford readings in philosophy. Oxford University Press, Oxford. 1979Google Scholar
  12. Friedman M (1962) Capitalism and freedom. University of Chicago Press, ChicagoGoogle Scholar
  13. Friedman M (1970) The social responsibility of business is to increase its profits. New York Times Magazine, New YorkGoogle Scholar
  14. Fukuyama F (1995) Trust. The Free Press, New YorkGoogle Scholar
  15. Granovetter M (1991) Economic action and social structure. “The problem of embeddedness”. Am J Soc 91(3):481–510Google Scholar
  16. Habermas J (1962) Strukturwandel der Öffentlichkeit. Suhrkamp, Frankfurt am MainGoogle Scholar
  17. Habermas J (1981) Theorie des Kommunikativen Handelns I–II. Suhrkamp, Frankfurt am MainGoogle Scholar
  18. Habermas J (1984) Vorstudien und Ergänzungen zur Theorie des kommunikative Handelns. Suhrkamp, Frankfurt am MainGoogle Scholar
  19. Habermas J (1992) Faktizität und Geltung. Suhrkamp, Frankfurt am MainGoogle Scholar
  20. Heilbrunner R (1996) Teachings from the worldly philosophers. W.W Norton & Company, New York/LondonGoogle Scholar
  21. Hodgson GM (1994) The return to institutional economics. In: Smelser NJ, Swedberg R (eds) The handbook of economic sociology. Princeton University Press, PrincetonGoogle Scholar
  22. Jørgensen K, Rendtorff JD (2018) Patient participation in mental health care – perspectives of healthcare professionals: an integrative review. Scandinavian Journal of Caring Sciences 32(2):490–501 Google Scholar
  23. Jørgensen K, Rendtorff JD, Holen H (2018) How patient participation is constructed in mental health care: a grounded theory study. Scandinavian Journal of Caring Sciences 32(4):1359–1370Google Scholar
  24. Knudsen C (1991) Økonomisk Metodologi I–II. Jurist og Økonomforbundets Forlag, KøbenhavnGoogle Scholar
  25. Mattsson J, Rendtorff JD (2006) E-marketing ethics: a theory of value priorities. Int J Internet Mark Advert 3(1):35–47Google Scholar
  26. McCloskey DN (1986) The rhetoric of economics. Harwester University Press, BrightonGoogle Scholar
  27. Meyer JW, Rowan B (1977) Institutionalized organizations: formal structure as myth and ceremony. Am J Sociol 83(2):340–363. 19Google Scholar
  28. Nelson RH (2001) Economics as religion: from Samuelson to Chicago and beyond. Pennsylvania State University Press, PennsylvaniaGoogle Scholar
  29. Nelson RH (2017) Lutheranism and the Nordic spirit of social democracy. A different protestant ethic. Aarhus University Press, AarhusGoogle Scholar
  30. North D (1990) Institutions, institutional change and economic performance. Cambridge University Press, CambridgeGoogle Scholar
  31. North DC (2016) Institutions and Economic Theory. The American Economist 36(1):3–6Google Scholar
  32. Pedersen JS, Rendtorff JD (2004) Value-based management in local public organizations: a Danish experience. Int J Cross-Cult Manag 11(2):71–94Google Scholar
  33. Powell WW, DiMaggio PJ (1991) The new institutionalism in organizational analysis. Chicago University Press, Chicago/LondonGoogle Scholar
  34. Putnam RB (2000) Bowling alone. The collapse and revival of American community. Touchstone, New YorkGoogle Scholar
  35. Putnam RB, Leonardi R, Nanetti RY (1993) Making democracy work. Princeton University Press, PrincetonGoogle Scholar
  36. Rendtorff JD (1998) The second international conference about bioethics and biolaw: European principles in bioethics and biolaw. Med Health Care Philos 1–4 (3), Kluwer Academic Publishers, pp 271–274Google Scholar
  37. Rendtorff JD (2002) Basic ethical principles in European bioethics and biolaw: autonomy, dignity, integrity and vulnerability – towards a foundation of bioethics and biolaw. Med Health Care Philos 5:235–244. Kluwer Academic PublishersGoogle Scholar
  38. Rendtorff JD (2003) Bioethics in Denmark. In: Peppin JF, Cherry MJ (eds) The annals of bioethics. Regional perspectives in bioethics. Swets & Zeitlinger Publishers, Lisse, pp 209–224Google Scholar
  39. Rendtorff JD (2007) Religion and economics: legitimacy of corporations in modern society. Cybern Hum Knowing 14(1):65–86Google Scholar
  40. Rendtorff JD (2008) The limitations and accomplishments of autonomy as a basic principle in bioethics and biolaw. In: Weisstub DN, Pintos GD (red) Autonomy and human rights in health care. An international perspective. International library of ethics, law, and the new medicine, vol 36. Springer, Dordrecht, pp 75–87Google Scholar
  41. Rendtorff JD (2009a) Basic ethical principles applied to service industries. Serv Ind J 29(1):9–19Google Scholar
  42. Rendtorff JD (2009b) Responsibility, ethics and legitimacy of corporations. Copenhagen Business School Press, CopenhagenGoogle Scholar
  43. Rendtorff JD (2010a) Philosophy of management: concepts of management from the perspectives of systems theory, phenomenological hermeneutics, corporate religion and existentialism. In: Koslowski P (ed) Elements of a philosophy of management and organization, Studies in economic ethics and philosophy. Springer, Heidelberg, pp 19–47Google Scholar
  44. Rendtorff JD (ed) (2010b) Power and principle in the market place: on ethics and economics. Ashgate, LondonGoogle Scholar
  45. Rendtorff JD (2011a) Institutionalization of corporate ethics and social responsibility programs in firms. In: Buhmann K, Roseberry L, Morsing M (eds) Corporate social and human rights responsibilities: global, legal and management perspectives. Palgrave Macmillan, London, pp 244–266Google Scholar
  46. Rendtorff JD (2011b) Corporate citizenship as organizational integrity. In: Pies I, Koslowski P (red) Corporate citizenship and new governance: the political role of corporations. Ethical economy. Studies in economic ethics. Springer, Dordrecht/Heidelberg/London/New York, pp 59–91Google Scholar
  47. Rendtorff JD (2013a) The history of the philosophy of management and corporations. In: Luetge C (ed) Handbook of the philosophical foundations of business ethics. Springer Science+Business Media, Dordrecht/Heidelberg/New York/London, pp 1387–1408Google Scholar
  48. Rendtorff JD (2013b) Basic concepts of philosophy of management and corporations. In: Luetge C (ed) Handbook of the philosophical foundations of business ethics. Springer Science+Business Media, Dordrecht/Heidelberg/New York/London, pp 1361–1386Google Scholar
  49. Rendtorff JD (2013c) Philosophical theories of management and corporations. In: Luetge C (ed) Handbook of the philosophical foundations of business ethics. Springer Science+Business Media, Dordrecht/Heidelberg/New York/London, pp 1409–1432Google Scholar
  50. Rendtorff JD (2013d) Recent debates in philosophy of management. In: Luetge C (ed) Handbook of the philosophical foundations of business ethics. Springer Science+Business Media, Dordrecht/Heidelberg/New York/London, pp 1433–1457Google Scholar
  51. Rendtorff JD (2013e) A business ethics approach to balance. In: Jensen I, Scheuer JD, Rendtorff JD (eds) The Balanced Company: Organizing for the 21st Century (pp 33–59). Gower Publishing. Corporate social responsibilityGoogle Scholar
  52. Rendtorff JD (2014a) French philosophy and social theory. A perspective for ethics and philosophy of management. Springer International Publishers, ChamGoogle Scholar
  53. Rendtorff JD (2014b) Risk management, banality of evil and moral blindness in organizations and corporations. In: Luetge C, Jauernig J (eds) Business ethics and risk management, Ethical economy, vol 43. Springer Science+Business Media, Dordrecht, pp 45–71Google Scholar
  54. Rendtorff JD (2014c) European perspectives. In: Henk AMJ, ten Have H, Gordijn B (eds) Handbook of global bioethics. Springer Science+Business Media B.V., Dordrecht/Heidelberg/New York/LondonGoogle Scholar
  55. Rendtorff JD (2015a) Business ethics, strategy, and organizational integrity: the importance of integrity as a basic principle of business ethics that contributes to better economic performance. In: Palmer DE (ed) Handbook of research on business ethics and corporate responsibilities, Advances in business strategy and competitive advantage (ABSCA). IGI Global, Herschey, pp 91–105Google Scholar
  56. Rendtorff JD (2015b) Integrity, concept of. In: ten Have H (ed) Encyclopedia of global bioethics. Springer Science+Business Media B.V, Cham, pp 1–7Google Scholar
  57. Rendtorff JD (2015c) Case studies, ethics, philosophy and liberal learning for the management profession. J Manag Educ 39(1):36–55Google Scholar
  58. Rendtorff JD (2017a) Cosmopolitan business ethics: towards a global ethos of management, Finance, governance and sustainability: challenges to theory and practice series. Routledge, LondonGoogle Scholar
  59. Rendtorff JD (2017b) Creating shared value as institutionalization of ethical responsibilities of the business corporation as a good corporate citizen in society. In: Wieland J (ed) Creating shared value: concepts, experience, criticism, Ethical economy, vol 52. Springer, Cham, pp 119–139Google Scholar
  60. Rendtorff JD (2017c) Business ethics, philosophy of management, tnd Theory of leadership. In: Rendtorff JD (ed) Perspectives on philosophy of management and business ethics: including a special section on business and human rights, Ethical economy, vol 51. Springer, Cham, pp 3–17Google Scholar
  61. Rendtorff JD (2019a) The concept of business legitimacy: corporate social responsibility, corporate citizenship, corporate governance as essential elements of ethical business legitimacy. In: Crowther D, Seifi S, Wond T (eds) Responsibility and governance: the twin pillars of sustainability, Approaches to global sustainability, markets, and governance. Springer VS, Singapore, pp 45–60Google Scholar
  62. Rendtorff JD (2019b) Sustainable development goals and progressive business models for economic transformation. Local Econ 34(6):510–524Google Scholar
  63. Rendtorff JD (2019c) Philosophy of management and sustainability: rethinking business ethics and social responsibility in sustainable development. Emerald Group Publishing, BingleyGoogle Scholar
  64. Rendtorff JD, Bonnafous-Boucher M (2014) La théorie des parties prenantes, La Collection Repères, vol 627. Editions La Découverte, ParisGoogle Scholar
  65. Rendtorff JD, Kemp P (2000) Basic ethical principles in European bioethics and biolaw. Center for Ethics and Law & Institut Borja di Bioetica, Copenhagen/BarcelonaGoogle Scholar
  66. Rendtorff JD, Kemp P (2009) The Barcelona declaration. Towards an integrated approach to basic ethical principles. Synth Philos 23(2):239–251Google Scholar
  67. Rendtorff JD, Kemp P (2019d) Four Ethical Principles in European Bioethics and Biolaw: Autonomy, Dignity, Integrity and Vulnerability. In: Valdés IE, Lecaros JA (eds) Biolaw and Policy in the Twenty-First Century: Building Answers for New Questions (Vol 78, pp. 33–40). Springer. International Library of Ethics, Law, and the New MedicineGoogle Scholar
  68. Rendtorff JD, Jensen I, Scheuer JD (eds) (2013) The balanced company: organizing for the 21st century, Corporate social responsibility. Gower Publishing Ltd, FarnhamGoogle Scholar
  69. Samuelson PA (1948) Economics. McGraw Hill, New YorkGoogle Scholar
  70. Scott WR (1995) Institutions and organizations. Sage, LondonGoogle Scholar
  71. Sennett R (1998) The corrosion of character: the personal consequences of work in the new capitalism. W.W. Norton, New YorkGoogle Scholar
  72. Swedberg R (1998) Max Weber and the idea of economic sociology. Princeton University Press, PrincetonGoogle Scholar
  73. Ulrich P (1998) Integrative Wirtschaftsethik. Grundlagen einer lebensdienlichen Ökonomie, 2nd edn. Haupt, Stuttgart/WienGoogle Scholar
  74. Ulrich P, Maak T (1997) Integrative business ethics – a critical approach. CEMS Bus Rev 2:27–36, Kluwer Academic PublishersGoogle Scholar
  75. Weber M (1978) Wirtschaft und Gesellschaft, Grundriss einer verstehende Soziologie, Mohr 5 auflage, edition 1972, Tübingen 1976. English translation: Economy and society. University of California Press, BerkeleyGoogle Scholar
  76. Weber M (1987) The protestant ethics and the spirit of capitalism, first published by Allan & Unwin 1930, Translated by Talcott Parsons, Introduction by Anthony Giddens, Unwin Paperbacks, London. Translated from: Max Weber: Die Protestantische Ethik und der Geist des Kapitalismus. (1904–1905). Reprinted in Gesammelte Aufsätze zur Religionssoziologie I, 9 aufl. Tübingen 1988Google Scholar
  77. Williamson OE (1975) Markets and hierarchies: analysis and antitrust implications. The Free Press, New YorkGoogle Scholar
  78. Williamson OE (1989) The economic institutions of capitalism. The Free Press, New YorkGoogle Scholar

Copyright information

© Springer Nature Switzerland AG 2020

Authors and Affiliations

  1. 1.Department of Social Sciences and BusinessRoskilde UniversityRoskildeDenmark

Personalised recommendations