Mark T. Nelson

Elaine Sternberg's Just Business is one of the first book-length Aristotelian treatments of business ethics. It is Aristotelian in the sense that Sternberg begins by defining the nature of business in order to identify its end, and, thence, normative principles to regulate it. According to Sternberg, the nature of business is 'the selling of goods or services in order to maximise long-term owner value', therefore all business behaviour must be evaluated with reference to the maximisation of long-term owner value, constrained only by considerations of ordinary decency and distributive justice. This stands in sharp contrast to recently popular 'stakeholder' approaches to business decision making. I argue that Sternberg's definition of business, particularly in its maximising and long-term conditions, is flawed, that her teleological method raises more questions than it solves, and that her Aristotelianism cannot be wedded happily to her libertarianism.

Traditional utilitarianism, when applied, implies a surprising prediction about the future, viz., that all experience of pleasure and pain must end once and for all, or infinitely dwindle. Not only is this implication surprising, it should render utilitarianism unacceptable to persons who hold any of the following theses: that evaluative propositions may not imply descriptive, factual propositions; that evaluative propositions may not imply contingent factual propositions about the future; that there will always exist beings who experience pleasure or pain.