Ethicmentality - Ethics in Capitalist Economy, Business, and Society (Issues in Business Ethics Book 45)

**__E__**__thicmentality__ is an innovative book. It blends ethics with mentality to capture the interdependence of ethical life and social life creatively. The book is also innovative because of the way this interdependence is explored. By focusing on practical ethical behavior in today’s economy, business, and society, Michela Betta has advanced an understanding of ethics freed from the burden of moral theory. By introducing a new type of analysis this book also contributes to methodological innovation. Familiar issues are revisited through the notion of ethicmentality. Capitalist economy is presented in terms of a mentality embedded in society, culture, and politics. Government is revealed as mentality about how to govern economically through market freedom rather than human rights. The rise of the financial economy is described as challenging the traditional capitalist mentality of equal opportunities. A money mentality around debts and owing is perceived as having replaced credit and owning, and the rise of corporation managers as having destroyed the old mentality of ownership. __Ethicmentality__ shows the potential of constructive critique from economic, business, and society perspectives. It also breaches traditional limits by developing the idea of ethical capital and entrepreneurial ethics. Ethical thinking is infused with the Aristotelian notion of virtues and moderation to reflect about modern work. __Ethicmentality__ helps us see the complexity of social and personal life. Given the pervasive nature of mentality and ethics’ focus on individual deliberation, ethicmentality represents their productive combination, a new blend for ethical and social analysis. Acknowledgments 6 Contents 8 About the Author 12 Introduction 14 Book Parts and Chapters 15 Capitalist Economy 15 Business and Society 17 Ethical Practices 18 References 22 Part I: Capitalism and Capital 23 Chapter 1: The Contradictions of Capitalism: A Schumpeterian Analysis 26 Introduction 26 The Social Nature of the Economy and the Economic Nature of Society 28 Capitalism as Fundamentally Unstable 31 The Various Forms of Capitalism 32 A System That Undermines Itself 34 A Class Spirit Under Threat 36 Capitalism as a Process 37 Capitalist Society 39 A Difficult Relationship 40 The Ethical Challenge for Capitalism 41 References 43 Chapter 2: Governmentality and the Economy: A Foucauldian Perspective 45 Introduction 45 Government for Public Utility 47 The Interest of the Governed 51 Organized Freedom 52 From Liberal Governance to Neoliberal Radical Self-Governance 53 Foucault’s Archaeological Method 54 Governmentality and Ethics 56 Conclusions 58 References 59 Chapter 3: The Inequality of Capital: An Economic Critique 62 The Return of Capitalism 62 Economists, Capital, and Inequality 64 Practical and Organizational Challenges 72 The Ethical Challenge 74 Conclusions 76 References 77 Part II: Society and Business 79 Chapter 4: The Importance of Money 82 Introduction 82 The Importance of Money 84 The Importance of Debt 86 The Importance of What Is Important 89 Implications for Money and Credit 91 Conclusions 92 References 93 Chapter 5: Three Case Studies: Australian HIH, American Enron, and Global Lehman Brothers 95 Introduction 95 HIH: From Small Birds to Big Salaries 97 Enron: The Fall of the Wall Street Darling 101 Lehman Brothers: Easy Credit and Risky Debts 104 References 111 Chapter 6: The Rise of the Managers 114 Introduction 114 HIH and Enron 117 Lehman Brothers 126 References 130 Part III: Ethical Practices 133 Chapter 7: Ethical Capital 136 Introduction 136 Building Ethical Wealth 138 A New Understanding of Ethics 142 Ethical Practices 147 Conclusions 148 References 149 Chapter 8: Entrepreneurial Ethics 151 Introduction 151 The Value and Values of Entrepreneurship 152 Entrepreneurial Mentality 155 Entrepreneurship and Personal Innovation 157 Wants and Action 160 Conclusions 161 References 162 Chapter 9: Aristotle and Business Ethics 165 Introduction 165 Aristotle’s High Expectations 166 Aristotle in Today’s Workplace 169 Strengths and Weaknesses of the Nichomachen Ethics 172 Aristotle’s Influence on Today’s Theory 175 The Possibilities of Ethics 177 Conclusions 178 References 179 Chapter 10: Ethicmentality 182 The Partiality of Ethics 182 Ethical Life 184 Ethical Thinking 185 Ethicmentality 186 What We Can Hope For 191 References 192 E thicmentality is an innovative book. It blends ethics with mentality to capture the interdependence of ethical life and social life creatively. The book is also innovative because of the way this interdependence is explored. By focusing on practical ethical behavior in today’s economy, business, and society, Michela Betta has advanced an understanding of ethics freed from the burden of moral theory. By introducing a new type of analysis this book also contributes to methodological innovation. Familiar issues are revisited through the notion of ethicmentality. Capitalist economy is presented in terms of a mentality embedded in society, culture, and politics. Government is revealed as mentality about how to govern economically through market freedom rather than human rights. The rise of the financial economy is described as challenging the traditional capitalist mentality of equal opportunities. A money mentality around debts and owing is perceived as having replaced credit and owning, and the rise of corporation managers as having destroyed the old mentality of ownership. Ethicmentality shows the potential of constructive critique from economic, business, and society perspectives. It also breaches traditional limits by developing the idea of ethical capital and entrepreneurial ethics. Ethical thinking is infused with the Aristotelian notion of virtues and moderation to reflect about modern work. Ethicmentality helps us see the complexity of social and personal life. Given the pervasive nature of mentality and ethics’ focus on individual deliberation, ethicmentality represents their productive combination, a new blend for ethical and social analysis. Front Matter....Pages i-xxi Front Matter....Pages 1-3 The Contradictions of Capitalism: A Schumpeterian Analysis....Pages 5-23 Governmentality and the Economy: A Foucauldian Perspective....Pages 25-41 The Inequality of Capital: An Economic Critique....Pages 43-59 Front Matter....Pages 61-63 The Importance of Money....Pages 65-77 Three Case Studies: Australian HIH, American Enron, and Global Lehman Brothers....Pages 79-97 The Rise of the Managers....Pages 99-117 Front Matter....Pages 119-121 Ethical Capital....Pages 123-137 Entrepreneurial Ethics....Pages 139-152 Aristotle and Business Ethics....Pages 153-169 Ethicmentality....Pages 171-181