D. Davidson

In "Amazing Grace," the best-loved of all hymns, John Newton's allusions to the drama of his life tell the story of a youth who was a virtual slave in Sierra Leone before ironically becoming a slave trader himself. Liverpool, his home port, was the center of the most colossal, lucrative, and inhumane slave trade the world has ever known. A gradual spiritual awakening transformed Newton into an ardent evangelist and anti-slavery activist. Influenced by Methodists George Whitefield and John Wesley, Newton became prominent among those favoring a Methodist-style revival in the Church of England. This movement stressed personal conversion, simple worship, emotional enthusiasm, and social justice. While pastoring a poor flock in Olney, he and poet William Cowper produced a hymnal containing such perennial favorites as "Glorious Things of Thee Are Spoken" and "God Moves in a Mysterious Way." Later, while serving a church in London, Newton raised British consciousness on the immorality of the slave trade. The account he gave to Parliament on the atrocities he had witnessed helped William Wilberforce obtain legislation to abolish the slave trade in England. Newton's life story convinced many who are "found" after being "lost" to sing Gospel hymns as they lobbied for civil rights legislation. His close involvement with both capitalism and evangelicalism, the main economic and religious forces of his era, provide a fascinating case study of the relationship of Christians to their social environment. In an afterword on Newtonian Christianity, Phipps explains Newton's critique of Karl Marx's thesis that religious ideals are always the effect of what produces the most profit. Phipps relies on accounts Newton gives in his ship journal, diary, letters, and sermons for this most readable scholarly narrative.

This paper addresses the impact of the unethical business conduct of a few individuals that shook the financial market in 1986. Specifically, in the study undertaken for this paper, the wealth status of the shareholders of securities firms was examined in relation to the public disclosure of the insider-trading scandals involving Dennis Levine, Ivan Boesky, and their confederates. It was hypothesized that the expected market-adjusted stock returns for the securities firms would be negative as a result of the scandals. The findings of the study supported the hypothesis.

This paper examines the ethical implications of "poison put" provisions included in bond offerings. A number of firms are using event-risk protections in bond offerings in an effort to attract investors back into the bond market. One of the most common event-risk protections is a "poison put" provision, which allows the bondholder to "put" the bond back to the firm at par or at a premium under certain specified conditions, such as a takeover effort or a downgrading of the bond by rating agencies. While such a provision is obviously of value to the bondholders, there is a secondary effect that is not as obvious. Using such a provision helps to insure that boards of directors must put the interests of all of the stakeholders ahead of any personal interests of the board members, thus protecting the stakeholders. The use of event-risk protections helps to deter takeovers, induce bidders to negotiate with management in any takeover efforts, and avoid two-tier takeover offers. As a result, the "poison put" provisions have a positive impact on share values while simultaneously protecting the investments of bondholders. Such an impact makes the use of "poison put" provisions in bonds an ethical use of management power.

This paper deals with the conflict between the desire of an employer to test employees for honesty and chemical dependency, and the right of the employee to privacy. Not only is the physical privacy of the employee infringed upon, but the psychic privacy of the individual as well. It is the conclusion of the paper that such an invasion of privacy is not justified without serious and compelling reason, and not the mere chance that testing will reveal problems among some percentage of the tested persons.

Consumers have the power to influence the social performance of corporations, but in the United States this power has gone largely unused. And too little attention has been paid to consumer issues by IABS scholars. To better understand why and when consumer boycotts are either effective or successful, this paper studies the reaction to two oil industry incidents: the Exxon Valdez oil spill in Alaska and the Shell Oil Brent Spar controversy. Five ingredients are identified as important to the understanding of consumer activism: culture, context, cause, challenge, and charisma