Market Participation, Self-respect, and Risk Tolerance

Cordasco, Carlo Ludovico and Cowen, Nick (2023) Market Participation, Self-respect, and Risk Tolerance. Journal of Business Ethics . ISSN 0167-4544

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Market Participation, Self-respect, and Risk Tolerance
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How important is the experience of risk in business endeavors for self-respect and moral development? Tomasi prompts this question with his attempt to reconcile Rawls’s theory of justice as fairness with free-market capitalism, by claiming that economic activity is a way for people to exercise their autonomy, responsibility, and self-authorship, including through voluntary risk-taking. Critics argue that the social environment generated through market institutions is ill-suited for developing a sense of responsibility and autonomy among citizens. We refine the case for economic liberty by looking at the link between risk-taking and attitudes toward democratic citizenship. We highlight the critical role of ethical business practice as a contributor to the stability of liberal-democratic societies.

Keywords:Entrepreneurship, Risk, Cooperation
Subjects:N Business and Administrative studies > N190 Business studies not elsewhere classified
L Social studies > L360 Socio-economics
L Social studies > L150 Political Economics
L Social studies > L171 Capitalism
L Social studies > L170 Economic Systems
L Social studies > L211 Liberalism
Divisions:College of Social Science > School of Social & Political Sciences
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ID Code:54019
Deposited On:29 Mar 2023 14:12

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