Adam Smith's Bourgeois virtues in competition

Whether capitalism is compatible with morality is a long-standing controversy. We adopt Adam Smith's ethical approach to virtue and we will examine how market competition affects the most relevant virtues of modern business society. Until to a certain extent, competition nurtures and supports virtues such as prudence, moderateism, civilization, diligence, and honesty. There are mechanisms, however, that could have a detrimental effect on the institutions and incentives required for sustaining even those most commercially desirable virtues. Generally, competitive market will be intense if competitive market is good. However, in the long run, the policy of intensifying competition ignores the fostering and support of bourgeois-like virtues and may weaken the continued prosperity of modern business society.

Cautious, temperate, courteous, diligent and honest bourgeois virtues we are thinking here are "ethical business" literature (identified by Albert Hirschman and Adam Smith, David Hume and Montesquieu) is more than mere The needs of the business community chosen to acknowledge that it is compatible is encouraged. Of course, the whole system of Smith, when he understood, adapted to the needs of the business world. Therefore, lack and corruption should be concerned (as Smith lacks courage), but carefully conclude how the consequences of moral prosperity in the commercial society will affect one or all of them There is no doubt.

Whether capitalism is compatible with morality is a long-standing controversy. We adopt Adam Smith's ethical approach to virtue and we will examine how market competition affects the most relevant virtues of modern business society. Until to a certain extent, competition nurtures and supports virtues such as prudence, moderateism, civilization, diligence, and honesty. There are mechanisms, however, that could have a detrimental effect on the institutions and incentives required for sustaining even those most commercially desirable virtues. Generally, competitive market will be intense if competitive market is good. However, in the long run, the policy of intensifying competition ignores the fostering and support of bourgeois-like virtues and may weaken the continued prosperity of modern business society.

Our analysis sets the direction of future research. First of all, in our article, we develop a Smith framework to analyze the relationship between competition and virtue, and each virtue of bourgeois, highlighted in this article, and other virtues that Smith believes - justice and kindness - We need to analyze further in detail. An ethically successful business community is important. For a wide range of social scientific literature, this micro level analysis will be more systematic than this thesis. Such an analysis also allows us to further explain how specific institutional arrangements related to market competition affect different virtues.