Adam Smith's bougeois virtues in competition

T. Wells, J.J. Graafland

Research output: Contribution to journalArticleScientificpeer-review

Abstract


Whether or not capitalism is compatible with ethics is a long standing dispute. We take up an approach to virtue ethics inspired by Adam Smith and consider how market competition influences the virtues most associated with modern commercial society. Up to a point, competition nurtures and supports such virtues as prudence, temperance, civility, industriousness and honesty. But there are also various mechanisms by which competition can have deleterious effects on the institutions and incentives necessary for sustaining even these most commercially friendly of virtues. It is often supposed that if competitive markets are good, more competition must always be better. However, in the long run competition enhancing policies that neglect the nurturing and support of the bourgeois virtues may undermine the continued flourishing of modern commercial society.
Original languageEnglish
Pages (from-to)319-350
JournalBusiness ethics quarterly
Volume22
Issue number2
Publication statusPublished - 2012

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Adam Smith
Commercial Society
Civility
Temperance
Prudence
Dispute
Virtue Ethics
Capitalism
Flourishing
Incentives
Honesty
Neglect
Competition policy
Virtue ethics
Competitive market
Market competition

Cite this

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Adam Smith's bougeois virtues in competition. / Wells, T.; Graafland, J.J.

In: Business ethics quarterly, Vol. 22, No. 2, 2012, p. 319-350.

Research output: Contribution to journalArticleScientificpeer-review

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