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Can a capitalist be moral
It is really an adapted excerpt from the new book "A Capitalism for that People".
At the University of Chicago's Booth School of economic, where I teach, students don't just register for classes - they bid on their behalf. True to market principles, Chicago Booth organized this system to increase student satisfaction. By creating a market in which students compete for that opportunity to take classes with the professors that like best, Chicago Booth ensures the category assignments that maximize students' desires.
To function properly,[url=http://cheapnikesoccercleatsmercurial.webmium.com/][b]nike soccer cleats mercurial Discount Soccer Cleats[/b][/url], this market, like several markets, requires not just official rules but social norms as well. For evidence of the importance of social norms, consider a problem we encountered with the bidding system. The system gives each student a fixed number of bidding points at the beginning of his two-year program. Students can then use thesepoints to bid for the courses that like. The "cost" of a given course is placed through the quantity of students bidding for it and just how many points they bid: less popular courses go for zero points, while popular ones require students to dip to their precious points. When the interest in a course exceeds the provision,[url=http://duveticaouterwear.blogspot.com/][b]http://duveticaouterwear.blogspot.com/[b][/url], just the students who made the greatest bids reach take the class. Each quarter features three rounds of bidding; after each round, students who win spots in a class can, when they like, give those spots to other students in exchange for points.
Years ago, students discovered a loophole in the system. The first round of bidding for that fall quarter happened prior to the first-year students showed up on campus - we desired to give second-year students time to plan. As long as first-year students were bidding for first-year courses and second-year students for second-year courses, no problem arose. But second-year students soon remarked that they might bid for popular first-year courses prior to the first-year students arrived after which "sell" it well at higher prices. This increased their quantity of points,[url=http://cheapnikesoccercleatsmercurial.webmium.com/][b]cheap nike soccer cleats mercurial[/b][/url], which they can use to bid for other courses.
If this tactic - arbitrage, an economist would refer to it as - became known, the faculty was divided on how to treat the students who had cheated it. Some were furious and desired to punish the students who gamed the machine. Others thought that the scholars ought to be not punished but congratulated for his or her cleverness. I was not too sanguine. I believed it was unfair to punish the scholars, given that they hadn't broken any rule. However their opportunistic behavior had undermined the system, creating no benefits throughout the business school community and in fact producing a net loss.
This apparently simple question - Should we, as teachers, condemn, condone, or praise their behavior? - raises a broader one. Should economists be ivory-tower scientists who teach facts and never morals? Or should we take a moral stand - and if so, which one?
Most successful firms often develop a corporate culture that centers on key values that are shared through the employees and enforced through the organization. Integrity, for example, is really a value identified by 70 percent of the companies of the Standard and Poor's 500 Index.
Simply, these values should make companies look good,[url=http://cheapsoccercleatswithfreeshipping.webmium.com/][b]http://cheapsoccercleatswithfreeshipping.webmium.com/[/b][/url], but there's more for them than that. Employees often face trade-offs between your company's interests and their own. Should I push for higher sales at the conclusion from the quarter to create my yearly bonus, of course this cuts down on the excellence of the product? Should I disregard the declining worth of the business's assets, so the reported profits are not affected, leading to a higher bonus? Should I discount my product so that I'm able to temporarily boost sales and sustain the perception of high growth that supports my stock price (and thus my stock options)? While incentives can be made to minimize these problems, they can hardly eliminate them; the problems are inevitable, lacking an entire identification between the individual goals and the corporate goals. So companies create values that draw the line beyond which trade-offs aren't acceptable. When a company touts excellence like a value,[url=http://parajumperssale.webmium.com/][b]http://parajumperssale.webmium.com/[/b][/url], for instance, it communicates to its employees that no compromises will be allowed within the pursuit of excellence. Exactly the same could apply for integrity and other values.
The role of these values is twofold. First, they establish a rule of behavior for employees who might not know how to operate in certain situations. Second, they make it simpler to screen out employees whose own values are most at odds using the company's. It's much easier for any firm to enforce a zero-tolerance policy than a more nuanced one. Thus the corporate world does recognize the benefits of internal norms.
When it comes to market-wide norms, however,[url=http://duveticaoutletcanada.halod.com/][b]duvetica down jackets men[/b][/url], no company is big enough to make use of creating a better market system. Why must any organization care about making norms that boost the functioning of the whole market? Companies, once we saw earlier, prefer to consolidate their market power. So who does have an interest in creating market-wide norms?
Business schools. They have the greatest curiosity about the long-term survival of capitalism,[url=http://duveticaoutletcanada.halod.com/][b]duvetica jackets canada online[/b][/url], especially the superior American version of capitalism. They are - or should be - the churches of the meritocratic creed. So they should lead your time and effort to impose some minimal norms for business - norms that discourage behavior that's purely opportunistic even if highly profitable. Because of this, we should have frowned on the Booth students who exploited the loophole within the bidding system. We ought to likewise do not allow behavior that we recognize as detrimental to the long-term survival from the free-market system.
Asking business schools to stigmatize all behavior that does not maximize welfare could be absurd. They really should not be expected to shame or criticize a business for using the marketplace energy that it's legitimately acquired through innovative patents. Additionally they shouldn't be expected to denounce a business to take benefit of the tax loopholes present in the system. I regularly teach my students how to exploit the tax benefits related to corporate borrowing, and that i don't consider it unethical. The preferential tax management of debt is - a minimum of in principle - designed to stimulate companies to gain access to more, just like the deductibility of mortgage interest rates are made to subsidize people who borrow to purchase a house. While I don't consider it a great law, I do not feel bad about advocating its use as long as it is on the books.
There is a difference, however, between benefiting from existing tax loopholes and lobbying aggressively to have those tax loopholes created or expanded. How about marketing policies geared to prey on addiction or to induce young customers to smoke? Is earning money the only real metric we ought to reward and admire running a business leaders?
Business schools possess a powerful enforcement mechanism: how they treat their alumni. The schools celebrate their most prestigious alumni, for instance, and they reward the others by providing access to a valuable network of connections. In awarding prizes to outstanding alumni who stick to economically useful norms, by expelling in the network people who don't, they could send a powerful message. But they generally choose not to achieve this. In fact, they frequently appear to tolerate, otherwise foster, business behavior that's immoral or even illegal.
Think about the insider trading case relating to the Galleon hedge fund. Raj Rajaratnam was convicted and sentenced to eleven years in prison; McKinsey director Anil Kumar pleaded guilty, and Rajiv Goel, a managing director of Intel, pleaded guilty too. They'd all been classmates within the same business school earlier within their lives. Was this just a coincidence?
Unfortunately,[url=http://duveticaoutletcanada.halod.com/][b]duvetica jackets canada[/b][/url], academic research seems to claim that university friends, for example Kumar, Goel,[url=http://duveticadownjacketssale.webmium.com/][b]http://duveticadownjacketssale.webmium.com/[/b][/url], and Rajaratnam,[url=http://duveticaitaly.albirank.net/][b]http://duveticaitaly.albirank.net/[/b][/url], may well share confidential information. The study shows that portfolio managers place larger bets on firms with directors who're their college friends and acquaintances, earning an 8 percent higher annual return on these investments. A benign interpretation of these results is the fact that college friends know each other well; thus a portfolio manager might have a benefit in judging the quality of a CEO he went to school with. But this benign interpretation is tough to reconcile using the discovering that the positive returns are concentrated around corporate news announcements. Why would your intimate understanding of the CEO's personal qualities assist you to earn a better return right at about the time of a corporate news announcement? Is it not much more likely that some good info has leaked the right path? Business schools must do more to eradicate such behavior.
While insider trading is against the law and really should be punished through the law, behaviors that are legal but not socially desirable could be effectively stamped out with a shaming in the business community, such as the business school alumni network. Money should not be the only real criterion of success through which alumni are recognized. A business school would never honor a businessman who made his fortune selling pornographic movies. Why should it honor anyone who has become wealthy preying on people's addictions or marketing an economic instrument designed to dupe unsophisticated investors? In fact, business schools should actively shame this kind of behavior by criticizing it publicly.
Most business schools do offer ethics classes. Yet these classes are generally split into two categories. Some classes simply illustrate ethical dilemmas if you don't take a situation on what individuals are expected or not likely to do. It is as though students were given the pros and cons of racial segregation, leaving these phones choose which side they desired to take. Other classes hide behind corporate social responsibility, stating that social obligations rest on firms, not individuals. I say "hide" just because a firm is certainly not but an organized number of individuals. Because the 2010 Supreme Court decision Citizens United v. Federal Election Commission affirms, we should not impose burdens on corporations that people do not want to impose on individuals. So before we talk about corporate social responsibility, we have to talk about individual social responsibility. If we don't recognize the second, we cannot talk about the former. Business schools should operate for what they believe is the individual responsibility of the good capitalist.
Adapted with permission from
Luigi Zingales,[url=http://cheapnikesoccercleatsmercurial.webmium.com/][b]Discount Soccer Cleats Clearance Cleats[/b][/url], the Robert C. McCormack Professor of Entrepreneurship and Finance and the David G. Booth Faculty Fellow at University of Chicago's Booth School of economic,[url=http://duveticaoutletcanada.halod.com/][b]duvetica jackets canada online outlet duvetica down jackets men sale[/b][/url], continues to be involved in developing the best interventions to handle the aftermath from the financial crisis. His research has earned him the 2003 Bernácer Prize for the best young European financial economist,[url=http://woolrichelitewaterproof.blogspot.com/][b]http://woolrichelitewaterproof.blogspot.com/[/b][/url], the 2002 Nasdaq award for the best paper in capital formation, and a National Science Foundation Grant in economics. His work has been published within the Journal of economic Economics,[url=http://cheapnikesoccercleatsmercurial.webmium.com/][b]http://cheapnikesoccercleatsmercurial.webmium.com/[/b][/url], the Journal of Finance and also the American Economic Review. He lives in Chicago.
More Luigi Zingales,[url=http://merrellshoesonsaleformen.blogspot.com/][b]http://merrellshoesonsaleformen.blogspot.com/[/b][/url].
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