Claire Parfitt
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A speculative moral economy
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Chapter two, following on from the argument in the previous chapter which uses the moral economy concept as an analytical tool, argues that the contemporary period is characterised by a “speculative moral economy”. This moral economy has two key, contradictory features. First, it is underlaid by the responsible capital imaginary, insisting that it is possible to simultaneously “do well” (make profits) and “do good” (be ethical). Contemporary business ethics asserts that profit-making and social justice are not merely compatible but mutually beneficial. Second, this moral economy is operationalised through risk management, generating a derivative logic of ethics. Ethical questions are treated as risks and are managed, like other risks, through financial mechanisms. Ethics become capital, but at the same time, capital accumulation produces a particular market-compatible ethics.

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False profits of ethical capital

Finance, labour and the politics of risk

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