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Editorial Advisory Board Executive Editorial Board EXECUTIVE EDITORIAL BOARD Jordan J. Ballor Robin Klay Executive Editor Professor of Economics, Emerita Journal of Markets & Morality Hope College Kenneth L. Grasso Ramón Parellada Professor of Political Science Treasurer Texas State University-San Marcos Universidad Francisco Marroquín Samuel Gregg Gary Quinlivan Director of Research Dean of the Alex G. McKenna School of Acton Institute Business, Economics, and Government Ian R. Harper Saint Vincent College Emeritus Professor Scott B. Rae University of Melbourne Professor of Philosophy of Religion and Ethics Talbot School of Theology EDITORIAL ADVISORY BOARD Maria Sophia Aguirre Richard J. Mouw Associate Professor of Economics President The Catholic University of America Fuller Theological Seminary James E. Alvey Jean-Yves Naudet Senior Lecturer in Economics Professor of Economics Massey University Université d’Aix–Marseille III Rocco Buttiglione Michael Novak Professor of Political Science George Frederick Jewett Scholar in Religion, Saint Pius V University Philosophy, and Public Policy American Enterprise Institute Christine M. Fletcher Associate Professor of Theology Paul Oslington Benedictine University Professor of Economics Australian Catholic University Kim Hawtrey Associate Director Stan du Plessis BIS Shrapnel, Sydney Professor of Economics Stellenbosch University Peter Heslam Director, Transforming Business Andrea M. Schneider University of Cambridge Deputy Head of Policy Planning Bundeskanzleramt, Berlin Jesús Huerta de Soto Professor of Political Economy Robert A. Sirico Universidad Rey Juan Carlos President Acton Institute Gary Jenkins John H. van Gordon Professor in History Manfred Spieker Eastern University Professor of Christian Social Thought Universität Osnabrück Leonard Liggio Distinguished Senior Scholar Manfred Svensson Institute for Humane Studies Professor of Philosophy University of the Andes Andrew P. Morriss D. Paul Jones, Jr. and Charlene A. Jones Brent Waters Chairholder in Law and Professor of Business Associate Professor of Christian Social Ethics University of Alabama Garrett-Evangelical Theological Seminary JOURNAL OF Markets &Volume 17,Morality Number 1 Executive Editor Book Review Editor Jordan J. Ballor Kevin E. Schmiesing Assistant Editor Editor Emeritus Dylan Pahman Stephen J. Grabill Associate Editors Hunter Baker Antoinette Kankindi Union University (USA) Strathmore University (Kenya) Jude Chua Soo Meng Jan Kłos Nanyang Technological University John Paul II Catholic University (Singapore) of Lublin (Poland) Martha Cruz Zuniga The Catholic University of America (USA) Subscriptions Subscriptions and Customer Service On the Cover Subscriptions, hard copy back-issue orders, and customer service inquiries (renewals, address changes, and so forth) should be addressed to Customer Service. Journal of Markets & Morality Customer Service 98 E. Fulton Grand Rapids, Michigan 49503 1.800.345.2286 Or subscribe online at: http://www.marketsandmorality.com Individual Subscriptions “View of Lincoln’s Inn Fields” in Rudolph Ackermann, The Repository of Within the United States Arts, Literature, Commerce, Manufactures, $30 one year (2 issues) Fashions, and Politics 4, no. 23 $50 two years (4 issues) (November 1810): 305 (Plate 28) Outside the United States via air mail Image credit: Todd M. Rester $40 one year (2 issues) $70 two years (4 issues) Contact Information Reprint permissions, advertising, and journal Institutional/Library Subscriptions exchanges, as well as subscriptions, renew- Within the United States als, website inquiries, and change of address $65 one year (2 issues) corrections: $115 two years (4 issues) Assistant Editor—Dylan Pahman Outside the United States via air mail [email protected] $75 one year (2 issues) $130 two years (4 issues) Art Director—Peter H. Ho [email protected] Single copies are available at $15.00 per issue Copyediting/Proofreading by Jan M. Ortiz for individuals and $20.00 per issue for institu- tions/libraries. Please add $10 for single-copy Interior Composition by Judy Schafer international orders. Index and Database Information Payment should be made by Visa or Master- Journal of Markets & Morality is Card (include account number and expiration indexed in ATLA Religion, EconLit, e-JEL, date) or check or money order in U.S. dollars JEL on CD, EBSCOhost® Electronic drawn on a U.S. bank. Make checks payable Journals Service (EJS) to Acton InstItute. Archives are available at: Postmaster: Please send address changes to http://www.marketsandmorality.com Journal of Markets & Morality 98 E. Fulton Printed in the United States. Grand Rapids, Michigan 49503 Copyright © 2014 by the Acton Institute Journal of Markets & Morality (ISSN 1098-1217; E-ISSN 1944-7841) is an interdisci- plinary, semiannual journal (Spring and Fall) published by the Acton Institute for the Study of Religion and Liberty, a nonprofit, educational organization that seeks to promote a free and virtuous society characterized by individual liberty and sustained by religious principles. The views expressed by the authors are their own and are not attributable to the editors, the editorial board, or the Acton Institute. Contents Editorial Dylan Pahman 1 A Primer for Peer Review Articles David VanDrunen 11 The Market Economy and Christian Ethics: Refocusing Debate through the Two-Kingdoms Doctrine Edward J. O’Boyle / 47 Integral Human Development and Patrick J. Welch the Maximization Principle Brian K. Strow/Claudia W. Strow 65 Social Choice in Five Dimensions Justin M. Anderson 85 An Unmanageable Rationale: How Business Ethics Textbooks Unwittingly Recommend a Virtue Ethic Account of Moral Reasoning Joseph A. Burke 105 The Scholastic Analysis of ZIRP: Justice, Usury, and the Zero Interest Rate Policy Hans-Martien ten Napel 125 Joseph H. H. Weiler’s Approach to the Democratic Legitimacy of the European Union: Is There a Message for Neo-Calvinists? David V. Urban 143 Liberty, License, and Virtuous Self- Government in John Milton’s Writings Reviews Christian soCial thought David W. Hall 169 Abraham Kuyper: Modern Calvinist, Christian Democrat by James D. Bratt Marc A. Clauson 172 The Poverty of Nations: A Sustainable Solution by Wayne Grudem and Barry Asmus Bruce P. Baugus 174 Journey toward Justice: Personal Encounters in the Global South by Nicholas P. Wolterstorff Very Rev. Michael E. Butler 177 The Ascent of Christian Law: Patristic and Byzantine Formulations of a New Civilization by John A. McGuckin Andrew J. Spencer 179 Restored to Earth: Christianity, Environmental Ethics, and Ecological Restoration by Gretel Van Wieren i Contents ethiCs and eConoMiCs Timothy J. Barnett 183 Suspicious Gifts: Bribery, Morality, and Professional Ethics by Malin Åkerström Wolfgang Grassl 186 Marketing and the Common Good: Essays from Notre Dame on Societal Impact by Patrick E. Murphy and John F. Sherry Jr. (Editors) history and PhilosoPhy of eConoMiCs A. M. C. Waterman 189 Defending the History of Economic Thought by Steven Kates Jeffrey T. Young 192 The Oxford Handbook of Adam Smith by Christopher J. Berry, Maria Pia Paganelli, and Craig Smith (Editors) Rachel Douchant 194 The Philosophy of Economics: A Contemporary Introduction by Julian Reiss Scholia Sir Matthew Hale (1609–1676) 199 Some Chapters touching the Law of Nature Contributors 347 ii David VanDrunen Edward J. O’Boyle / Patrick J. Welch Brian K. Strow / Claudia W. Strow Justin M. Anderson Joseph A. Burke Hans-Martien ten Napel Articles David V. Urban Journal of Markets & Morality Volume 17, Number 1 (Spring 2014): 85–103 Copyright © 2014 An Unmanageable Rationale How Business Ethics Textbooks Unwittingly Recommend Justin M. Anderson a Virtue-Ethics Account School of Theology of Moral Reasoning Seton Hall University Even among the most popular, normative business ethics textbooks today, there prevails a significant presupposition regarding moral reasoning. They argue that in light of competing theories of moral reasoning the business managers ought to perceive what the situation at hand demands and choose their principles of moral reasoning accordingly. The presupposition is that this “perceiving what the situation demands” does not already indicate a form of moral reasoning. In this article, I make the contrary argument: Moral perception, especially of the kind that is so often suggested by the contemporary normative textbook on business ethics, is in fact indicative of an Aristotelian virtue-ethics form of moral reasoning. Consequently, while the lessons taught to the student of business ethics today are correct, the textbooks’ authors are in need of rethinking their conclusions. Introduction A severe difficulty exists today concerning the solutions typically proffered by some textbooks on business ethics regarding moral reasoning and moral decision making.1 Of the authors who endeavor to lay out a normative form of business ethics with a careful eye to that ethic’s philosophical foundation, the problem of competing forms of moral reasoning is nearly universally noted: No one form of moral reasoning can, by itself, assist tomorrow’s future managers in their decision-making process. Frequently this conclusion is accepted on the grounds that if one of the competing theories of moral reasoning were satisfactory in such a way, then there would be universal (or a large majority) consensus (which is itself perhaps another thorny presupposition). This problem is underscored and 85 Justin M. Anderson then treated, albeit in various ways, in nearly every contemporary, normative business ethics textbook. The issue I wish
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