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Caleb Bernacchio and Robert Couch present an integrative account of business ethics from a neo-Aristotelian perspective. Engaging the Markets Failures Approach in Part I, they introduce the concept of 'eudaimonic efficiency' as a more realistic alternative to Pareto efficiency, before identifying several market virtues that promote human flourishing through mutually beneficial transactions. Turning to the firm in Part II, they identify a number of virtues that foster collaboration, support the development of a novel theory of value creation and associated strategic capabilities, and sustain effective corporate governance, contributing to the flourishing of customers, employees, and other stakeholders. In dialogue with Habermasian approaches to political CSR, Part III develops an account of stakeholder deliberation as an activity that contributes to eudaimonic efficiency by mitigating unjust harms stemming from negative externalities and other market failures. In doing this, they introduce an account of the virtues needed for effective deliberation between stakeholders.
List of contents
Acknowledgements; Introduction; Part I: 1. Justice, practical wisdom, and the MFA; 2. Agency, flourishing, and the virtues: neo-Aristotelianism and business ethics; 3. Market virtues; Part II: 4. Ethical formation in the firm: microfoundations for collaboration; 5. Innovation and virtue in the firm; 6. Financial markets, corporate governance, and human flourishing; Part III: 7. The virtues of political corporate social responsibility; 8. The role of virtue in multistakeholder initiatives; 9. Toward a constructive critique of managerial agency; Conclusion; References; Index.
About the author
Caleb Bernacchio holds the Legendre-Soulé Chair in Business Ethics at Loyola University New Orleans and is an associate professor of management. He received his PhD in Business Ethics from IESE Business School, an MBA from Louisiana State University, and a BPhil in Philosophy from the Pontifical University of St Thomas Aquinas in Rome. He has published widely in academic journals, is on the editorial board of Business Ethics Quarterly and Philosophy of Management, and, in 2024, was given the Outstanding Reviewer Award by Business Ethics Quarterly. His research focuses on neo-Aristotelian virtue ethics and organizational theory.Robert Couch is Associate Professor of Business (Finance) at Earlham College. He received his Ph.D. in Financial Economics from Carnegie Mellon University, and has published numerous research articles on topics spanning corporate finance, financial reporting, and business ethics.
