Corporate Responsibility and the Morality of the Market

This chapter deals with the question to what extent market participants can have moral responsibilities. It starts with a discussion on the nature of responsibility, and then raises the question whether organizations, such as companies can bear responsibility (at all). While some philosophers have been skeptical, we list some reasons to think that companies can be moral agents. Subsequently, we discuss whether companies actually should assume moral responsibilities. There are a number of commonly heard arguments about why companies should or may not be bothered with moral responsibilities: i. the market is an amoral sphere, and ii. the only responsibility that companies have is to increase their profits. We describe the problems with these arguments, and discuss the concept of minimal market morality. This concept describes the minimally required moral responsibilities that companies need to abide by.