Abstract
In this article I argue the relevance of natural law for framingand addressing ethical issues raised by the practice of business in a globalcontext. There are historical, as well as systematic reasons for this. On thehistorical side, it can be argued that the origin of modern economics is linkedto a cultural context, still influenced by modern natural law theories. Thus,even if Hume’s moral theory is everything but a natural law theory, either inthe traditional or the modern sense, his “laws of nature” (fixation of property,rules for its transference, and promises) represent a systematization of therules of justice necessary to preserve the space of economic freedom requiredfor development of a commercial society. This systematization is in line withthe classical approach to natural law, which nevertheless presents furtheradvantages for developing an ethical approach to economic activity, since itbrings with itself a conception of economic agency richer than that of Hume:a conception that is not necessarily linked to pursuit self-interest, but ratheris inspired by ethical motives right from the start. Indeed, on the systematicside, the classical natural law is seen as the law of practical reason: a set ofprinciples in charge of inspiring both virtuous action and legal practice, so thatwe can realize the human good. Assuming the embodied and social nature ofhuman beings, as well as the various cultural realizations of humanity, a naturallaw approach to ethics is in a position to stimulate a dynamic and bottomuparticulation of the personal and common good, concern for progress andsustainable development, universal principles and cultural variations.DOI: 10.5294/pecu.2015.18.2.3
Highlights
Traces of natural law in the origins of economic thoughtNeither Adam Smith nor David Hume may be considered natural law theorists. both authors could have hardly developed their moral theories in the XVIIIth century if they were not in dialogue with natural law
In this article I argue the relevance of natural law for framing and addressing ethical issues raised by the practice of business in a global context
His division of the virtues into artificial and natural virtues holds the structure of perfect and imperfect duties, which are characteristic of modern natural law theories (Haakonssen 1996). He even chose the equivocal expression “laws of nature” –already used by Thomas Hobbes– to describe the three basic rules that precondition the virtue of justice. For him this was an artificial virtue in the sense that it was not backed by any natural sentiment, but by the general utility we discover in following certain conventions: the convention that establishes property, the specific rules defining property exchange, and the rule to fulfil promises: We have run over the three fundamental laws of nature, that of the stability of possession, of its transference by consent, and of the performance of promises
Summary
Neither Adam Smith nor David Hume may be considered natural law theorists. both authors could have hardly developed their moral theories in the XVIIIth century if they were not in dialogue with natural law. The fairness of any law has much to do with respecting and protecting what is right in human relationships, as something emerging from those relationships Among other things, this means that, in order to be fair, laws have to respect the space of economic freedom –basically a place in which citizens are free to exchange goods and services, according to their needs, on the terms agreed between them. This means that, in order to be fair, laws have to respect the space of economic freedom –basically a place in which citizens are free to exchange goods and services, according to their needs, on the terms agreed between them This space is carved out by the very fact of social interaction; it is a natural extension of individuals’ interactions. It is impossible to conceive any model of distribution covering all these interpretations, as well as aspects of the programme stipulating that the same needs should be satisfied for all”
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