Alasdair MacIntyre and Adam Smith on markets, virtues and ends in a capitalist economy

Abstract

In recent decades, Alasdair MacIntyre has developed a style of moral philosophy and an argument for Neo‐Aristotelian virtue ethics that has deeply influenced business ethics. Most of the work inspired by MacIntyre has dealt with individual and organisational dimensions of business ethics rather than the market economic environment in which individuals and organisations operate. MacIntyre has been a fierce critic of capitalism and economics. He has read Adam Smith an advocate of selfish individualism, rule‐based ethics and the banishment of teleology. This reading is seriously defective, and Smith in fact offers much of what MacIntyre calls for in economics. MacIntyre's ethical framework can be made more powerful and useful to business ethicists by incorporating Smithian insights, especially Smith's account of market virtues and teleological account of markets as extended cooperation directed towards the common good of wealth creation. Aside from issues of the interpretation of MacIntyre and Smith, this analysis opens new pathways for dialogue between business ethicists and economists.

Sustainable Consumption Behaviour and Common Goods: Education, Culture, Rule of Law, Work, and Solidarity

“…Both, though distinct, aim for human excellence through the involvement of human conceptions of ends and goods. One such human activity subject to this distinction is work; indeed, humans seek human excellence through certain activities, and working in a company is also working in a moral community-a community seeking a specific common good, such as economic well-being (Oslington, 2023).…”