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| Author: | Graafland, J.J. |
| Title: | Do markets crowd out virtues? An Aristotelian framework |
| Journal: | Journal of Business Ethics
2010 : JAN, VOL. 91:1 p. 1-19 |
| Index terms: | capitalism competition ethics |
| Freeterms: | Aristotle free market market operation |
| Language: | eng |
| Abstract: | The discussion on the effects of markets on virtues has concentrated on two opposite hypotheses: the doux commerce thesis and the self-destruction thesis. The doux commerce hypothesis assumes that capitalism polishes human manners whereas according to the self-destruction hypothesis capitalism erodes the society's moral foundation. The article develops a more balanced position by using the virtue ethics of Aristotle, which distinguishes several virtues. A thorough literature research is conducted and the findings indicate that market competition tends to stimulate diligence, generosity, crowd out temperance, and sociability, and also stimulate envy. The influence on other virtues such as courage, justice, high-spiritedness, and prudence is ambiguous. |
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