According to the market failures approach to business ethics, beyond-compliance duties can be derived by employing the same rationale and arguments that justify state regulation of economic conduct. Very roughly, the idea is that managers have a duty to behave as if they were complying with an ideal regulatory regime ensuring Pareto-optimal market outcomes. Proponents of the approach argue that managers have a professional duty not to undermine the institutional setting that defi nes their role, namely the competitive market. This answer is inadequate, however, for it is the hierarchical fi rm, rather than the competitive market, that defi nes the role of corporate managers and shapes their professional obligations. Thus, if the obligations that the market failures approach generates are to apply to managers, they must do so in an indirect way. I suggest that the obligations the market failures approach generates directly apply to shareholders. Managers, in turn, inherit these obligations as part of their duties as loyal agents.

Achievements have recently begun to attract increased attention from value theorists. One recurring idea in this budding literature is that one important factor determining the magnitude or value of an achievement is the amount of effort the achiever invested. The aim of this article is to present the most plausible version of this idea. This advances the current state of debate where authors are invoking substantially different notions of effort and are thus talking past each other. While the concept of effort has been invoked in the philosophical analysis of a number of important concepts such as desert, attention, competence, and distributive justice, it has hardly ever been analysed itself. This article makes headway in this regard by discussing three ambiguities in the everyday notion of effort. It continues to develop two accounts of effort and shows how both of them are achievement-enhancing.

This paper critically assesses existing accounts of the nature of difficulty, finds them wanting, and proposes a new account. The concept of difficulty is routinely invoked in debates regarding degrees of moral responsibility, and the value of achievement. Until recently, however, there has not been any sustained attempt to provide an account of the nature of difficulty itself. This has changed with Gwen Bradford's Achievement, which argues that difficulty is a matter of how much intense effort is expended. But while this account captures something important about the relationship between difficulty and achievement, it fails to account for the fact that part of what makes achievements great is that they are difficult in a moderately agent-neutral kind of way.Nor is this thought captured by any other extant account. I argue that to fill this gap we should think of (one kind of) difficulty in terms of low probability of success.

This article argues that shareholder primacy cannot be defended on the grounds that there is something special about the position of shareholders that grounds a right to preferential treatment on part of management. The notions of property and contract, traditionally thought to ground such a right, are now widely recognized as incapable of playing that role. This leaves shareholder theorists with two options. They can either abandon the project of arguing for their view on broadly deontological grounds and try to advance consequentialist arguments instead or they can search for other morally relevant properties that could ground shareholder rights. The most sustained argument in the latter vein is Marcoux's attempt to show that the vulnerability of shareholders mandates that managers are their fiduciaries. I show that this argument leads to the unacceptable conclusion that it would be unethical for corporations to make incomplete contracts with nonshareholding stakeholders.Hasko von Kriegstein is a Postdoctoral Researcher at

At or near the beginning of many textbooks and syllabi in applied or professional ethics is a unit on philosophical moral theories (such as utilitarianism, deontology, and virtue ethics). However, teaching such theories is of questionable value in this context. This article introduces the moral vocabulary approach. Instead of burdening students with complex ethical theories, they are introduced to the logic of elementary moral concepts. This avoids many of the drawbacks of teaching ethical theories, while preserving the benefit of equipping students with the conceptual tools they need to critically analyse ethical issues.