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The Philosophy of Business considers the fundamental principles that underlie the formation and operation of a business enterprise; the nature and purpose of a business (e.g., is it primarily property or a social institution); its role in society; and the moral obligations that pertain to it. The subject is closely related to business, business ethics, and management.
We must draw an important distinction between the philosophy of business and business philosophy, which is an appellation one often hears in the business world. More often than not, the latter designation is intended to denote a way of doing business or a business outlook, instead of the concepts and methods that academic philosophers would employ to examine a topic, which is what we mean by the philosophy of business in this article. It is true that the phrase philosophy of business also might be used in the same way as business philosophy, for example, "Risk taking represents my philosophy of business." However, this is not the sense that philosophy is used in this article.
It is a somewhat curious truism that despite the fact that business touches nearly every aspect of our lives, few thinkers have shown an interest in it from a more philsophical perspective until relatively recently. Indeed, few philosphers can be said to have paid much attention to the business enterprise, itself, prior to the latter part of the 20th century. To the extent philosophers were concerned with business, they were primarily interested in it from an economic or political standpoint, not as a primary object of attention.
Many philosophers tended to look askance at commercial activity, believing, as Plato did, that only the worst sort of people are involved in such matters. Even the great theorist of capitalism and classical economics, Adam Smith, believed that business people meet only to conspire against the public, and that they will only benefit society unintentionally. In this regard, Plato and Smith are not unlike many academics throughout history, even today, who tend to think of business as a necessary evil in society, and not as something worthy of serious philosophical consideration. Instead, they see business as something best left ot those interested in applied and vocational disciplines of lesser weight.
It is fair to say that most philosophers of business are involved in other philosophical or scholarly pursuits, and that they come to the philosophy of business as a sub-specialty, or only indirectly because it relates to another area of interest. Thus, they are primarily philosphers dealing with other subjects, economists, or business management theorists. If one were to examine the philosophy departments in most universities, today, one would find precious few courses in the philosophy of business (as opposed to a growing number of business ethics or applied ethics courses). It is to be hoped that a growing number of philosophers with formal training in academic philosophy will come to specialize in the philosophy of business.
Perhaps the best known modern philosopher of business is Peter Drucker, whose publications have had a profound influence on management and organizational theory, generally, and on how we think of the business enterprise. More often than not, people who think about business issues are considering it from an applied perspective, which is to say, what is the best or most effective means of transacting commerece or managing the enterprise, with some goal in mind, usually profitability, improving employee relations, or marketing. While Drucker has dealt with these issues and many more in numerous publications over his long life, he also inquires into the principles and concepts that underlie commercial activity and organizational structure, and he asks what ought the mission of a business to be, and, in particular, how can we reconcile a business mission with conflicting interests in the marketplace and society.
One of the most frequently discussed topics is the matter of organizational change in a complex environment. Paul R. Lawrence has dealt primarily with organizational change, organization design, and the relationship between the structural charactertistics of complex organizations and the technical, market and other conditions of their immediate environment. His 1967 book, Organization and Environment (written with Professor Jay Lorsch), added "contingency theory" to the vocabulary of students of organizational behavior.
Other philosophers of business, for example, Geoffrey Klempner , are principally interested in examining how business is even possible, which is to say, how can an enterprise function in society as a whole. Klempner states that theories of ethics and business are often at odds, and that one might even have to suspend the normal ethical considerations that would apply outside of business in order for a business to be possible. This is reminiscent of Albert Z. Carr 's famous Harvard Business Review article on bluffing , where he said business was similar to playing poker, and that deception is a necessary part of business.
Of course, there is a close relationship between the philosophy of business and business ethics. Philosophers specializing in business ethics are primarily interested in how businesss people ought to conduct themselves in the marketplace and in society. Michael E. Berumen, for example, emphasizes the importance of a business person's role as a moral fiduciary, and the special duties he acquires by virtue of his capacity. He rejects the idea that bluffing or deception are necessary aspects of business, or that moral rules would have to be suspended in order for business to be possible. Philosopher Norman E. Bowie adopts Kant's three versions of the categorical imperative for ensuring ethical business conduct, and he pays particular attention to the third variation, whereby the people within a business must be seen as a kingdom of ends, and not merely treated as means to an end.
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