Uncategorized Archives - Centre for Enterprise Markets and Ethics

February 16, 2026

The Role of Business in Social Welfare

The Role of Business in Social Welfare James Perry I started my career working for a great Quaker business, Cadbury Ltd. As a trainee I was fascinated by what made the business tick, and so I became friendly with the in-house librarians. Their role was to curate the organisational memory of a business that had […]

February 16, 2026

Welfare and the Common Good

Welfare and the Common Good Maurice Glasman First, it is always an honour to be invited by Lord Griffiths to anything and I always try to accept. He has been a true friend to me since I entered the House of Lords; that is a rare gift to be given and I treasure it. It […]

February 16, 2026

A Welfare Society

A Welfare Society Brian Griffiths The welfare state A market economy can be a harsh reality for those who work in it. A fall in the world price of a commodity can lead to the closure of a business. A new technology can make jobs redundant. A financial crisis in Asia can lead to rising […]

February 16, 2026

Moral Questions

Moral Questions Richard Turnbull Introduction Poverty is a scar on humanity. Samuel Johnson, a high Tory, claimed in 1770 that ‘decent provision for the poor is the true test of civilization.’[1] For R. H. Tawney, a socialist, there is nothing that ‘reveals the true character of a social philosophy more clearly than the spirit in […]

February 11, 2026

How to Make Finance Serve the Common Good

Chapter 4: How to Make Finance Serve the Common Good Today, insurance companies and pension funds manage more than 100 trillion dollars of savings. These flows are not directed to long-term investments in low-carbon infrastructure and other sustainable development projects, but are fuelling financial bubbles; shareholders who lack investment opportunities in the context of...

February 11, 2026

Benefit Companies – A Pathway to the Future

Chapter 3: Benefit Companies – A Pathway to the Future The capital markets in the UK and many other countries are dominated by the doctrine of ‘shareholder primacy’. Under this concept, investors – including pension funds – seek to have each company in which they invest ‘maximise value’ by creating the greatest returns to...

February 11, 2026

Purpose, Practice and Partnership: A Christian Reflection

Chapter 2: Purpose, Practice and Partnership: A Christian Reflection With apologies to Winston Churchill, it might be said that ‘Capitalism is the worst form of an economic system, except for all the others.’ Or putting it more positively, it seems beyond dispute that capitalism is the most efficient economic system for aligning the means...

February 11, 2026

Creating an Economy of Inclusion

Chapter 1: Creating an Economy of Inclusion Introduction Christian religious leaders are not known for their sympathy towards a market economy. They frequently complain about injustices and inequalities that they argue are caused by markets. Sometimes supporters of a market economy respond by conceding ground; at other times, however, by arguing that we have not...

February 11, 2026

The Paradox of Globalisation

Chapter 5 The Paradox of Globalisation Barbara Ridpath Introduction Globalisation has gone from praised to pilloried. Throughout most of the post-war era, international trade has been seen largely as a ‘good’. The advantage to both parties of trading was based largely on Adam Smith’s description of comparative advantage in the pin factory. In his example,...

February 11, 2026

Capitalism’s Great Divide: The Two Sides of Self-Interest

Chapter 4 Capitalism’s Great Divide: The Two Sides of Self-Interest Tim Weinhold Adam Smith probably tops history’s list of influential teachers with the most followers who largely misunderstood their teacher’s message. As we all know, Smith is widely viewed as the father of capitalism, based on his 1776 book, The Wealth of Nations. Smith and...

February 11, 2026

Recovering Moral Purpose in Capitalism

Recovering Moral Purpose in Capitalism Richard Turnbull Introduction Capitalism is a complex word, even inadequate. Marxism uses the term in contrast to ‘labour’ (with the assumption that the accumulation of capital can only be at the expense of labour, a zero-sum game). Economic theory holds capital to be one of the ‘factors of production’, land,...