The invisible hand and the common good : [papers derived from the Ninth International Conference on Studies in Economic Ethics and Philosophy (SEEP), held at Trent University in Peterborough, Ontario, Canada, in June of 2002

The basic moral significance of neo-classical economics and the competitive market system it represents is founded on the classical liberal tradition in which the "simple system of natural liberty" is claimed to give expression to the harmony of each with all. Though such a common good would not be the outcome of the intentions of individual agents or state planning, nevertheless, the impersonal forces of a capitalist market would so allocate resources as to lead the self-interested participants in such an economy, as if by an "invisible hand", to a coherent social order of mutual advantage. The papers in this volume critically examine central aspects of the preceding social ethos underlying contemporary political economy and our increasingly globalized market culture. The inquiry is undertaken from a variety of disciplinary perspectives at the intersection of philosophy, economics, political science, sociology, psychology, and computer science. This volume consists of papers derived from the Ninth International Conference on Studies in Economic Ethics and Philosophy (SEEP), held at Trent University in Peterborough, Ontario, Canada, in June of 2002. Let me take this opportunity to express my appreciation to Professor Peter Koslowski for his original stimulus, encouragement, and continual assistance in making the Conference a success. I would also like to thank my Trent colleague, Professor David Holdsworth, for his steadfast help in the management of the Conference and the papers resulting from it. I am obliged to Mr. Louis Taylor of North George Studios in Peterborough for his expert professional service in preparing the manuscript for printing. Finally, let me gratefully acknowledge the generous financial sponsorship of the Conference by the Social Sciences and Humanities Research Council of Canada, and Trent University's Department of Philosophy and Graduate Centre for the Study of Theory, Culture, and Politics. Bernard Hodgson Department of Philosophy Trent University Peterborough, Ontario, Canada May 2004 Contents Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IX Introduction BERNARD HODGSON . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Part One Setting the Problem Chapter 1 Public Interest and Self-Interest in the Market and the Democratic Process PETER KOSLOWSKI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Chapter2 The Invisible Hand and Thinness of the Common Good RICHARD DE GEORGE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 CONTENTS Part Two Constraining the Invisible Hand Chapter 3 Hiring Invisible Hands for Public Works EDWARDJ. NELL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 Chapter4 A Market Failures Approach to Business Ethics JOSEPH HEATH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Chapter 5 Abstractions and Conceptual Automata in Economics and Non-Economics STEPHEN REGOCZEI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Front Matter....Pages I-XVI Introduction....Pages 1-9 Front Matter....Pages 11-11 Public Interest and Self-Interest in the Market and the Democratic Process....Pages 13-37 The Invisible Hand and Thinness of the Common Good....Pages 38-47 Front Matter....Pages 49-49 Hiring Invisible Hands for Public Works....Pages 51-68 A Market Failures Approach to Business Ethics....Pages 69-89 Abstractions and Conceptual Automata in Economics and Non-Economics....Pages 90-117 Front Matter....Pages 119-119 The Inherent Rights of For-Profit Corporations....Pages 121-133 Degrees of Property....Pages 134-148 Front Matter....Pages 149-149 Understanding Market Theology....Pages 151-182 General Equilibrium Theory as Normative Ideal Social Order....Pages 183-204 Front Matter....Pages 205-205 The Efficiency of the Non-profit Enterprise: Constitutional Ideology, Conformist Preferences and Reputation....Pages 207-256 Transformational Economics and the Public Good....Pages 257-278 On Economic Men Bearing Gifts and Playing Fair....Pages 279-298 Front Matter....Pages 299-299 The Person, the Market, and the Community....Pages 301-337 Social Trust and Modern Economies: The Example of Shopping....Pages 338-352 A Reconciliation of the Liberal and Communitarian Debate in the Light of the Methodenstreit....Pages 353-376 Voluntary Simplicity: Characterization, Select Psychological Implications, and Societal Consequences....Pages 377-405 Front Matter....Pages 407-407 Russia’s Experiment with the “Invisible Hand”....Pages 409-423 Fostering the Common Good in Developing Countries: The Respective Responsibilities of States and International Businesses — Preliminary Notes Towards a Political Ethic for International Businesses....Pages 424-438 Globalization and the Re-Definition of Democratic Governance: From Compensatory to Protective Democracy....Pages 439-455 Back Matter....Pages 457-465