The dichotomous nature of capitalism: can the profit motive be reconciled to ethical business practice?

Abstract

Abstract This paper presents the thesis that, in certain circumstances and despite the dichotomous nature of capitalism, economic self-interest, or profit, may be reconciled to ethical business practice. These circumstances require that: i) a business enterprise be conducted outside of a traditional business model, in what will be referred to as a stakeholder model of business; ii) this stakeholder model must be grounded in a Rawlsian conception of contractualism, where all players are ‘free, equal, rational and reasonable’, with the emphasis on reasonableness; and where, iii) matters of Aristotelean character are the currency for determining reasonableness and the degree to which players are able to agree, or at least not reject, a particular course of action.