Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Global economic competition, Adam Smith, and the no‐harm proviso

Global economic competition, Adam Smith, and the no‐harm proviso This paper asks the question, “What is the appropriate management value system for commerce in the increasingly complex global marketplace?” We argue that the current management orthodoxy is deficient in dealing with the challenges brought about by the growing number and increased cultural diversity of economic transactions in this new environment. As the justification for the current system is so frequently based on Adam Smith’s writing in An Inquiry into the Nature and Causes of the Wealth of Nations, we compare the current ideology of organizational life with that proposed in his The Theory of Moral Sentiments. In so doing, we argue that a form of international commerce based on Smith’s concept of “sympathy”, the innate need for each individual to care for others, is better suited to building the conditions necessary for human flourishing than is the existing value base. We propose an important initial step toward achieving a more sympathetic capitalism, the “No‐Harm Proviso”, and briefly speculate on its implementation. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Management History (Archive) Emerald Publishing

Global economic competition, Adam Smith, and the no‐harm proviso

Loading next page...
 
/lp/emerald-publishing/global-economic-competition-adam-smith-and-the-no-harm-proviso-eMg04DfrQ2
Publisher
Emerald Publishing
Copyright
Copyright © 1998 MCB UP Ltd. All rights reserved.
ISSN
1355-252X
DOI
10.1108/13552529810233687
Publisher site
See Article on Publisher Site

Abstract

This paper asks the question, “What is the appropriate management value system for commerce in the increasingly complex global marketplace?” We argue that the current management orthodoxy is deficient in dealing with the challenges brought about by the growing number and increased cultural diversity of economic transactions in this new environment. As the justification for the current system is so frequently based on Adam Smith’s writing in An Inquiry into the Nature and Causes of the Wealth of Nations, we compare the current ideology of organizational life with that proposed in his The Theory of Moral Sentiments. In so doing, we argue that a form of international commerce based on Smith’s concept of “sympathy”, the innate need for each individual to care for others, is better suited to building the conditions necessary for human flourishing than is the existing value base. We propose an important initial step toward achieving a more sympathetic capitalism, the “No‐Harm Proviso”, and briefly speculate on its implementation.

Journal

Journal of Management History (Archive)Emerald Publishing

Published: Dec 1, 1998

Keywords: Globalization; Management history; Moral responsibility; Philosophy

References