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Title page 1

Contents 4

About the author 8

Acknowledgements 9

Preface 10

1. Introduction 16

Dialogue I: Socrates and Milton 34

In which Socrates and Milton Friedman discuss the social responsibility of business and the concept of shareholder primacy 34

2. Shareholder primacy 42

Dialogue II: Socrates and Milton 55

In which Socrates and Milton Friedman discuss the purpose of the corporation and stakeholder theory 55

3. Stakeholder theory 64

Dialogue III: Socrates and Milton 73

In which Socrates and Milton Friedman meet in the Agora to discuss the concepts of 'mastery' and 'virtue' 73

4. On 'mastery' - reconciling shareholder primacy and stakeholder theory 84

Dialogue IV: Socrates and Milton 95

In which Socrates and Milton Friedman discuss the question of either/or at The Philosophers' Café 95

5. On 'virtue' - business ethics after 'mastery' 108

Dialogue V: Socrates and Milton 121

In which we say goodbye to Socrates and Milton Friedman 121

6. What's a company for? A call for responsible business 127

Afterword: A letter from Socrates 137

Appendix: 'A Friedman doctrine - the social responsibility of business is to increase its profits' 139

Notes 146

Further reading 163

Index 165

Figures 6

Figure 1.1. Gross domestic product (GDP) per capita, 1700-2000 17

Figure 1.2. Business ethics - a simplified map of the territory 20

Figure 1.3. A brief history of Western moral philosophy 21

Figure 1.4. The beginning of the preamble to American Declaration of Independence 23

Figure 1.5. Honoré's badges of ownership 24

Figure 1.6. The categorical imperative 25

Figure 1.7. Applying the categorical imperative 26

Figure 1.8. Section 172 duty to promote the success of the company 27

Figure 1.9. The trolley problem 29

Figure 1.10. The four cardinal virtues 31

Figure 1.11. The character traits of a good business leader 32

Figure 1.12. Four ethical systems - a summary 33

Figure 2.1. Milton Friedman 45

Figure 2.2. Extract from ExxonMobil's 2023 financial review 49

Figure 2.3. Extract from LGIM's climate change pledge 52

Figure 2.4. Business Roundtable redefines the purpose of the corporation 53

Figure 3.1. Three bearded men 64

Figure 3.2. Stakeholder model 67

Figure 3.3. The Janesville dilemma 71

Figure 3.4. Just Stop Oil 71

Figure 4.1. Joseph Heath 85

Figure 4.2. Lynn Stout and Margaret Blair 87

Figure 4.3. Interaction between social norms, normative ethics, and the law 88

Figure 4.4. Typologies of stakeholder theory 89

Figure 4.5. An economic theory of fairness 93

Figure 4.6. The limits of markets - what should not be for sale 94

Figure 5.1. Alasdair MacIntyre 109

Figure 5.2. The 'virtues- goods- practices- institutions' framework 111

Figure 5.3. Typologies of virtue 115

Figure 5.4. Aristotle's conception of the virtue of courage 116

Figure 6.1. A new framework for evaluating company performance 131

Figure 6.2. New stakeholder model 133

Figure 6.3. The role of law and regulation 134

Dialogue Figures 6

Figure I. Socrates 34

Figure II. When Socrates met Milton Friedman 55

Figure III. Socrates's picture about the meaning of corporate purpose 74

Figure IV. The Philosophers' Café 95

Figure V. Socrates and Milton 121

Figure VI. The Philosophers' Café (with names) 145

출판사 책소개

알라딘제공

Is the job of a company director simply to make as much money as possible as quickly as possible for shareholders? Do businesses have obligations to employees, other stakeholders, and society as a whole? And, most pressingly of all, do they have any responsibility for the environment, for social inequality, and to sustain fair competition in a world dominated by mega-corporations?

In this book, Professor Alexander ('Sandy') Pepper considers the controversial subject of corporate purpose. Drawing on ideas from philosophy, economics, law, and management studies, he critically examines competing answers to the question 'What's a Company For?'. To help answer this, Pepper imagines the conversations that might take place if 20th-century economist Milton Friedman, who famously argued for the primacy of shareholders' interests, engaged in dialogue with Socrates. The Athenian philosopher proves a playful and provocative interlocutor for questions of how a company operates ethically when faced with 21st-century questions of responsibility towards people, society, and the planet.

Ultimately, through academic argument and creative philosophical dialogues, Pepper makes the case for responsible business. Building on Alasdair MacIntyre's virtue ethics, he argues that a company's purpose encompasses not just profit, but prosperity for all those who contribute to its work, particularly employees. It also has moral obligations to society in general.

This book is a concise, witty, and engaging exploration of these knotty debates, and an essential read for students, researchers and even company directors looking to understand the bigger picture.

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