Lisa Maria Herzog

This article presents the most important strands of the philosophical debate about markets. It offers some distinctions between the concept of markets and related concepts, as well as a brief outline of historical positions vis-à-vis markets. The main focus is on presenting the most common arguments for and against markets, and on analyzing the ways in which markets are related to other social institutions. In the concluding section questions about markets are connected to two related themes, methodological questions in economics and the topics of business ethics and corporate social responsibility.

Debates about justice in political philosophy often ask which distributive end state is normatively desirable. The economic mechanisms that generate the ‘pie’ that is to be distributed are usually left unexplored. Mark R. Reiff’s new book, in contrast, asks what justice means within economic processes, and how changes in the framework of the economy could lead to more justice, including justice in the distributive sense. As such, Reiff’s account is in a line with other recent accounts such as Dietsch’s discussion of competition and its effects on distribution, or the debates about property-owning democracy ; these are all attempts to open up the ‘black box’ of markets, as Dietsch puts it, and to think about justice before or while the pie is being baked.Reiff returns to an age-old idea: the idea of a just price, which he revives by developing a highly original account of exploitation as the use of intolerably unfair prices. Al ..

The relevance of leader ethicality has moti- vated ethical leadership theory. In this paper, we emphasize the importance of moral identity for the concept of ethical leadership. We relate ethical leadership incorporating an internalized moral identity to productive deviant workplace behavior. Using qualitative empirical data we illustrate the relevance of critical situations, i.e., situations in which hypernorms and organizational norms diverge, for the distinction of ethical leaders with or without internalized moral identities. Our paper takes a multidisciplinary approach integrating insight from management as well as humanities and social sciences toward a comprehensive sense of ethical leadership.

This essay analyses the role of different forms of trust in the context of financial markets. It argues that rather than being caused by a lack of trust, the financial crisis of 2007 can be characterized by a shift from personal trust, with its normative and epistemic implications, towards too much “systemic trust”. Through a process of legalization and formalization, loans became standardized, and lenders relied not on the trustworthiness of borrowers, but on their legal claims and the ability of markets to evaluate these correctly. As recent research in social philosophy and legal studies shows, however, markets built on “systemic trust” run into paradoxes, both with regard to their epistemic features and with regard to their ability to deal with the fundamental uncertainty of the future. This fact raises serious questions about the epistemic control of complex market systems, and about the justice of institutional structures in which only some people’s or organization’s trust pays off, while other people’s trust is betrayed

The evaluation of labour markets and of particular jobs ought to be sensitive to a plurality of benefits and burdens of work. We use the term 'the goods of work' to refer to those benefits of work that cannot be obtained in exchange for money and that can be enjoyed mostly or exclusively in the context of work. Drawing on empirical research and various philosophical traditions of thinking about work we identify four goods of work: 1) attaining various types of excellence; 2) making a social contribution; 3) experiencing community; and 4) gaining social recognition. Our account of the goods of work can be read as unpacking the ways in which work can be meaningful. The distribution of the goods of work is a concern of justice for two conjoint reasons: First, they are part of the conception of the good of a large number of individuals. Second, in societies without an unconditional income and in which most people are not independently wealthy, paid work is non-optional and workers have few, if any, occasions to realize these goods outside their job. Taking into account the plurality of the goods of work and their importance for justice challenges the theoretical and political status quo, which focuses mostly on justice with regard to the distribution of income. We defend this account against the libertarian challenge that a free labour market gives individuals sufficient options to realise the goods of work important to them, and discuss the challenge from state neutrality. In the conclusion, we hint towards possible implications for today’s labour markets.

A case of Moral Luck occurs whenever we normatively assess agents for things that depend on factors beyond their control. The paper takes a comparative approach and examines how morality and law deal with such cases. The comparative perspective allows us to explain the problem of Moral Luck as a tension inherent in normative orders: While normative orders are based on a strong connection between responsibility and voluntariness, this idealist assumption is at least partly at odds with their functional requirements as social orders. The paper examines how law and morality converge and differ in resolving this tension in cases of Moral Luck. Finally, the paper concludes with a brief discussion of some more general features of the normative orders of morality and the law that follow from this "bottom-up" analysis of Moral Luck

Many political theorists think about how to make societies more just. In recent years, with interests shifting from principles to their institutional realization, there has been much debate about feasibility and the role it should play in theorizing. What has been underexplored, however, is how feasibility depends on the attitudes and perceptions of individuals, not only with regard to their own behaviour, but also with regard to the behaviour of others. This can create coordination problems, which can be described as “feasibility gridlocks”. These problems are interesting from a normative perspective, not only because they arguably play an important role for the feasibility of institutions, but also because they contain a normative element themselves: individual might be willing to cooperate in order change the “feasibility frontier” Political ideals and the feasibility frontier. Econ Philos), but only if others are also willing to do their bit, which contains a judgment about the fair distribution of burdens. Beliefs about the selfish nature of human beings, however, can make feasibility gridlocks more likely. This is why what I call, for the sake of brevity, “economic ideology”, i.e. an account of human nature as fundamentally self-interested, can be harmful. Finding a way out of such equilibriums therefore is an important task for political theorists and social reformers.

This note offers reflections on qualified market access —the practice of linking trade agreements to values such as human rights, labour standards, or environmental protection. This idea has been suggested by political theorists as a way of fulfilling our duties to the global poor and of making the global economic system more just, and it has influenced a number of concrete policies, such as European Union trade policies. Yet, in order to assess its merits tout court, different perspectives and disciplines need to be brought together, such as international law, economics, political science, and philosophy. It is also worth reflecting on existing practices, such as those of the EU. This note summarises some insights about QMA by drawing such research together and considers the areas in which further research is needed, whilst reflecting also on the merits of interdisciplinary exchanges on such topics

It is not clear what the intellectual history of the last 200 years would have looked like without the philosophy of G.W.F. Hegel, but it is clear that it would have looked different. His vast intellectual system was taken up by thinkers from left to right, and from very different philosophical schools. This volume brings together accessible, concise essays from leading scholars that present important currents of Hegelian thought in different European countries, including pre-revolutionary Russia, from the 19th to the 21st century. It unites a range of very different forms of (Non-Marxian) Hegelianisms and Anti-Hegelianisms, showing similarities as well as differences. Embedding them in their cultural and intellectual contexts, it demonstrates the various encounters between philosophy, politics and personal lives that Hegel's philosophy inspired.

adam smith1 is often taken to be an heir to the natural jurisprudence tradition, to which he explicitly refers in several places in his oeuvre.2 He combines it with an account of the moral sentiments, in which he sees the origin of morality and justice.3 The moral sentiments, as explored in The Theory of Moral Sentiments, are the basis for justice, which, embodied in positive law, is the framework for commercial society, the economy of which Smith explores in the Wealth of Nations. in this sense, Smith is seen by many scholars as a being a moral philosopher in the first place, and an economist in the second place.4 The challenge that remains, and which Smith addresses by a number of rhetorical strategies,5 is to ..

Der Aufsatz untersucht, was mit der Metapher von der moralischen "Einbettung" von Märkten gemeint ist. Zunächst werden verschiedene Formen der deskriptiven Einbettung - soziologisch, rechtlich, und institutionell - unerschieden, was zu der These führt, dass kein Markt in einem deskriptiven Sinn „uneingebettet“ ist, und dass die Frage nach Einbettung nicht alleine durch die Betrachtung von Märkten beantwortet werden kann, sondern eine breitere institutionelle Analyse erfordert. Anschließend wird vorgeschlagen, Einbettung im moralischen Sinn als die Forderung nach der Vermeidung verschiedener Formen von Schädigungen zu verstehen, und diese nach dem systematischen Ort der Schädigung und anhand der Kategorien materiell versus immateriell zu kategorisieren. Anschließend werden Hindernisse für die vorgeschlagene Konzeptualisierung und deren praktische Umsetzung diskutiert, nämlich die Frage nach den relevanten Vergleichsmaßstäben und das Problem der Dynamik unbeabsichtigter Folgen, das eine entsprechende Dynamik auch in den Reaktionen auf diese Folgen nötig macht. Der Aufsatz schließt mit Überlegungen zu den Bedingungen der Möglichkeit der normativen Einbettung von Märkten auf nationaler und internationaler Ebene.

A case of Moral Luck occurs whenever we normatively assess agents for things that depend on factors beyond their control. The paper takes a comparative approach and examines how morality and law deal with such cases. The comparative perspective allows us to explain the problem of Moral Luck as a tension inherent in normative orders: While normative orders are based on a strong connection between responsibility and voluntariness, this idealist assumption is at least partly at odds with their functional requirements as social orders. The paper examines how law and morality converge and differ in resolving this tension in cases of Moral Luck. Finally, the paper concludes with a brief discussion of some more general features of the normative orders of morality and the law that follow from this “bottom-up” analysis of Moral Luck.