Chapter

The Moral Imperatives of Global Capitalism: An Overview

John H. Dunning

in Making Globalization Good

Published in print April 2003 | ISBN: 9780199257010
Published online November 2003 | e-ISBN: 9780191596223 | DOI: http://dx.doi.org/10.1093/0199257019.003.0002
 The Moral Imperatives of Global Capitalism: An Overview

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This introductory chapter sets the background to the book and guides the reader through its main themes. The comments made are based on an exploration of three propositions. These are as follows: first, responsible global capitalism (RGC) should be considered not as an end in itself, but as a means of providing a richer, healthier, and more meaningful lifestyle for individuals and their families, and of advancing the economic objectives and social transformation of societies; second, in order to move towards a more acceptable global capitalism, the organizational structures and managerial strategies of each of its four participating institutions, viz. markets, governments, civil society, and supra‐national entities, need to be reconfigured and strengthened; and third, RGC can be achieved and sustained only if there is a strong and generally acceptable moral ecology, underpinning the attitudes, motives and behaviour of its constituent individuals and institutions (and in a transforming global society, this basis needs continual reappraisal and careful nurturing by the appropriate suasion, incentives, and regulatory mechanisms). Before going on to discuss the main issues raised by these three propositions, Dunning briefly defines the main global concepts dealt within the chapter: globalization itself, the global market place, global capitalism, and responsible global capitalism. Some of the issues raised and addressed in the chapter are the unique characteristics of GC, and how it relates to the sister concepts of the global market place and globalization; the reasons why the inter‐related functions of the four constituents of GC are presently suboptimal, and the challenges and opportunities offered by the globalizing economy; technical and institutional failures; and what needs to be done to upgrade moral standards.

Keywords: capitalism; civil society; global capitalism; global market place; global society; government; institutional failure; institutions; markets; moral ecology; moral standards; morality; responsible global capitalism; technical failure

Chapter.  15656 words. 

Subjects: International Economics

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