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The Law and Economics of Integrity as Social Capital: Practical Ethics in a Capitalist Market Economy
Abstract
Individual responsibility is a critical feature of any successful market economy. Moreover, moral commitment is a crucial element of managerial authority in a capitalistic environment. For ethics, trust and integrity constitute social capital whereby an economy can thrive. For example, deserved earned trust lowers an interest rate. An atmosphere of integrity can minimize parties' confidence-malinvestment. In addition, integrity as social capital engenders a virtuous-circle feedback-mechanism respecting the character of a citizenry overall. This examination of the law and economics backdrop to these realities is informed by an array of insights from several Nobel laureates in economics and of a Father of Management Science, Peter F. Drucker.
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