EThIcs & BusinessA n n u a l r e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r — 2 0 1 6
I n s t i t u t e o f F i n a n c e , A c c o u n t i n g a n d B u s i n e s s L a w • c o r v i n u s U n i v e r s i t y o f B u d a p e s t
E t h i c a l L e a d e r s h i p Indian and European Sp iritual Approaches
25 scholars and practitioners from Europe and India have contributed to the
book Ethical Leadership: Indian and European Spiritual Approaches, edited
by Madhumita Chatterji (IFIM Business School, Bangalore) and Laszlo Zsolnai
(Corvinus University of Budapest). The book was published by Palgrave–
Macmillan in October 2016.
The book addresses issues of human values, ethics, spirituality and leader-
ship in business; in doing so, the authors of this volume create dialogue and
interchange between Indian and European cultural traditions. Topics include
spiritual orientations towards business in Hindu, Buddhist and Christian
traditions; the effect of spirituality upon contemporary leadership theories; sustainable business models in India
and Europe, and a comparison between Indian and European philosophies of leadership. In exploring what India
and Europe can offer one another in the development of ethical business leadership, the book aims to demonstrate
ways of achieving sustainability, peace and well-being.
T h e c o n t e n t s o f t h e b o o k a r e a s f o l l o w s :
Part 1: Introduction
• Madhumita Chatterji (IFIM Business School Bangalore) and Laszlo
Zsolnai (Corvinus University of Budapest): Questions and Themes in
Ethics and Leadership
Part 2: Spirituality as an Inspiration for Leadership
• Luk Bouckaert (Catholic University of Leuven, Belgium) Why Do We
Need a Spiritual-Based Theory of Leadership?
• Laszlo Zsolnai (Corvinus University of Budapest, Hungary): Responsible
Leadership and Reasonable Action
• Sharda Nandram (Nyenrode Business University, The Netherlands) and
Ankur Joshi (Management Development Institute, New Delhi, India):
An Ethics of Care Induced from Kautilya’s Wisdom
• V. Adinarayanan, V. Smrithi Rekha and D.G. Sooryanarayan (Amrita
University, Coimbatore, India): A Multidimensional View of Leadership
from an Indian Perspective
• Gerrit De Vylder (Catholic University of Leuven, Belgium) and
Hendrik Opdebeeck (University of Antwerp, Belgium): Indian Spiritual
Traditions as Inspiration for Ethical Leadership and Management in Europe
“This unique collection looks
at leadership through the lens
of spirituality. Both academics
and practitioners will find
insights into how awareness of
our connection to each other on
a shared planet can change the
ways that we lead, do business,
and regard economics and the
environment.”—Professor Joanne B. Ciulla,
Coston Family Chair in Leadership
and Ethics, Jepson School of
Leadership Studies, University of
Richmond, USA
Website of the book: http://www.palgrave.com/gp/book/9781137601933
2 E T h I c s & b u s i n e s s / 2 0 1 6
• Asi Vasudeva Reddy and A.V.S. Kamesh (KL University, Guntur, India):
Integrating Servant Leadership and Ethical Leadership
• C. Suriyaprakash (Jansons School of Business, Coimbatore, India):
Spiritual-Based Leadership from the Perspective of the Bhagavad Gita
• Rita Ghesquière (Catholic University of Leuven, Belgium): Literature as
a Mirror for Leadership
Part 3: Ethical Leadership in Practice
• Gabor Kovacs and András Ócsai (Corvinus University of Budapest,
Hungary): Mindfulness and Non-Violence in Business
• Katalin Illes (University of Westminster, London, UK): Spiritual-based
Entrepreneurship: Hindu and Christian Examples
• Madhumita Chatterji (IFIM Business School, Bangalore, India) and
Nitha Palakshappa (Massey University, New Zeeland): Going Beyond
Profit—A Case Study of the CSR Initiative of Titan, Tata Group
• A. Lakshminarasimha (IBS Bangalore, India): Spirituality and
Effectiveness in Today’s Workplace
• Arun Raste (IDFC Limited, Mumbai): Spirituality at the Bottom of the
Pyramid
• Nel Hofstra (Erasmus University Rotterdam, The Netherlands):
Eco-Spirituality and Regenerative Entrepreneurship
• Manesh L. Shrikant and Jagdish R. Rattanani (S.P. Jain Institute of
Management & Research, Mumbai, India): Time for Business Schools to
Teach Spirituality
• Sanjoy Mukherjee (Indian Institute of Management Shillong, India):
Alternative Learning: A Voyage for Future Leadership
Part 4: Conclusions
• Laszlo Zsolnai (Corvinus University of Budapest) and Madhumita
Chatterji (IFIM Business School, Bangalore): Lessons for the Future for
India and Europe
“Madhumita Chatterji and
Laszlo Zsolnai have edited
a much-needed volume. It
provides rich insights into the
differences and similarities
between European and Indian
approaches to the ethical
and spiritual dimensions of
leadership. These insights
are provided by scholars
who are well-grounded in
the cultures of both of these
‘continents’.”—Professor Emeritus Peter
Pruzan, Copenhagen Business
School, Denmark and Visiting
Professor, Sri Sathya Sai Institute
of Higher Learning, India
“A startling breakthrough
in scholarship and case
study on the India-Europe
cross-fertilization of ethics
and spirituality. The authors
enliven and apply traditional
Indian wisdom literature to
enable spiritual leaders to
develop mindful leadership,
democracy, co-creativity and
co-responsibility in creating
alternative management
models aimed at empowering
people to flourish in their
organization.”—Dr. Mike Thompson, Chairman of
GoodBrand London, UK and Visiting
Professor of Management Practice,
China-Europe International
Business School Shanghai, China
3A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r
Pro jj ect sFUTURE EARTH F INANCE & ECONOMICS
For the Future Earth Finance and Economics Knowledge-
Action Network the main departure point is the new
reality of the Anthropocene, in which humanity
is altering the biogeochemistry of the planet itself,
destabilizing the climate and influencing co-evolution
at a planetary level. Human perturbation has already
overcome four of the nine planetary boundaries (climate
change, biosphere integrity, biogeochemical flows, and
land system change).
Business (including finance) is the definitive player
in the Anthropocene and is mainly responsible for
the declining state of the biosphere. The key problem
is the nature, form and scale of business operations.
The models by which today’s mainstream business and
financial institutions operate do not fit the reality of
the biosphere. Business models vary, but almost none of
them are consistent with the principle of maintaining
flourishing life on Earth (including human, non-human
and future life).
The Future Earth Finance and Economics
Knowledge-Action Network addresses these problems
in a holistic, transdisciplinary, action-oriented way. Key
topics include: Climate Finance, Sustainable Investing,
Ecological Economics, Business Sustainability and Ethics,
Social and Environmental Accounting, Organization
and Environment, Integrated Risk Governance, and
Sustainable Financial Markets. The overall goal is to
reinvent business and economic models for the Anthropocene.
How can business and economic organizations become
ecologically conscious agents which operate within
planetary boundaries; that is, use only a “fair earth
share” and contribute to the richness of life on Earth?
Economics a s a Moral Sc i ence
Peter Rona (Blackfriars Hall, University of Oxford) and
Laszlo Zsolnai are editing a book for Springer under
the title Economics as a Moral Science, to be published
in 2017.
The book is an attempt to reclaim economics
as a moral science. It argues that ethics is a relevant
component of all levels of economic activity, from
individual and organizational to societal and global.
Taking ethical considerations into account is required
for explaining and predicting the behavior of economic
agents, as well as for evaluating and designing economic
policies and mechanisms.
The book employs the personalist approach that
endows human persons with free will and conscience
and views them as the basic agents of economic life.
Human flourishing is defined as the ultimate goal of
economic activity. The book is intended to demonstrate
that economics can gain a lot in terms of meaning, and
also analytical power, by reuniting itself with ethics.
The unique feature of this book is that it not only
analyses ethics and economics at an abstract level,
but it tackles behavioral, institutional and systemic
issues together to create a robust and human view of
economic functioning. Economic “facts” are interwoven
with ethical content. Utility calculations and moral
considerations co-determine economic behavior and
outcomes.
Since September 2016 Laszlo Zsolnai has served as Co-Chair of the Future
Earth Finance and Economics Knowledge-Action Network.
Future Earth is a major international research platform that provides
the knowledge and support to accelerate transformations to a sustainable
world. Launched in 2015, Future Earth is a 10-year initiative to advance
global sustainability, build capacity in this rapidly expanding area of
research and provide an international agenda to guide natural and social
scientists working around the world. (http://www.futureearth.org/)
4
Progres s iv e Bus ine s s Model s
Eleanor O’Higgins (University College Dublin) and
Laszlo Zsolnai are directing a research project which
collects and analyzes exemplary cases of progressive
business. Progressive business is understood to mean
ecologically sustainable, future-respecting and pro-
social enterprises. The collected cases showcase the best
that can be expected from business in the 21st century.
The purpose of presenting each case is to delineate
the business model of the selected case and identify how
it is creating an enterprise that is ecologically sustainable,
future-respecting and pro-social. Since business models
are basically stories about how enterprises work, case
studies lend themselves very well to the telling of stories.
A case study is essentially a structured, descriptive
narrative that depicts the past, present and potential
future of an enterprise, describing how it came to
International Handbook of Spirituality and Society
E T h I c s & b u s i n e s s / 2 0 1 6
develop and implement its business model, and how
the model works. Issues and challenges faced by the
enterprise and its business model are presented in the
case studies, which conclude with generalizable insights.
These insights will provide the basis for pedagogical
analyses which can be applied to the material and used
by instructors and students, as appropriate.
Companies ranging from small single-unit enter-
prises to large global multinationals will be represented
in the book. The companies engaging in progressive
business practices also represent a variety of industries
and countries, as follows: Triodos Bank (ethical and
sustainable banking, The Netherlands/transnational),
Béres Co. (preventive and natural medicine and tradi-
tional wine making, Hungary), Illy Café (artisan coffee
production and distribution, Italy/international), DKV
Integralia (inclusion of disabled people into society
and the workplace, Spain), Sonnentor (organic food,
Austria), Novo Nordisk (pharmaceutical products,
Denmark/multinational), Armor (printer accessories
and cartridge recycling, France), Lumituuli (clean
technology, Finland), John Lewis Partnership (co-
operative model governance in retailing, UK), Carlson
Rezidor Hotel Group (responsible hospitality, Norway/
international), and Unilever (consumer goods, UK/
Netherlands/global).
Laszlo Zsolnai and Bernadette Flanagan (Waterford
Institute of Technology, Dublin) are developing the
International Handbook of Spirituality and Society for
Routledge. The Handbook is designed to summarize the
most important issues and challenges with spiritually-
related activities in different fields of social life. Also,
it presents approaches and models for the professions
working in these domains.
Spirituality is apparently present in almost every
sphere and element of social life, especially in the context
of crises and vulnerabilities. Spirituality appears in our
dealings with nature, home and community, in healing,
economics and business, knowledge, and education. The
professions related to these fields are trying to integrate
spiritual content into their underlying theories, working
models and practices. The “spiritualization” of the
professions includes the fields of ecology, agriculture,
landscape and urban planning, gardening, tourism,
psychological counseling, pastoral care, social work,
medicine, nursing, economics, business, law, politics,
science, art, technology, architecture, design, fashion,
media, and education.
Essays in the Routledge International Handbook of
Spirituality and Society include:
• Spirituality and Religion (Ralph W. Hood, Jr.,
University of Tennessee at Chattanooga, USA)
• Spirituality and Transpersonalism (Les Lancaster,
The Alef Trust, UK)
• Spirituality and Emergent Research Methods
(Rosemarie Anderson, Sofia University, California, USA)
• Spirituality and Ecology (Elizabeth Allison, California
Institute of Integral Studies, San Francisco, USA)
• Spirituality and Agriculture (John E. Ikerd, University of
Missouri, Columbia, USA)
• Spirituality and Water (Gary Chamberlain, Seattle
University, USA)
5A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r
• Spirituality and Landscape Planning (C.C. Konijnendijk,
University of Copenhagen, Denmark)
• Spirituality and Cities (Brian R. Sinclair, University of
Calgary, Canada)
• Spirituality and Tourism (Greg Willson, Edith Cowan
University, Australia)
• Spirituality and Birth (Susan Crowther, University of
Aberdeen, UK)
• Spirituality and Childhood (Adrian-Mario G ellel,
University of Malta, Malta)
• Spirituality, Marriage and Family (Peter Jankowski,
Bethel University, USA)
• Spirituality and Gender (Anna Fedele, Lisbon University
Institute, Portugal)
• Spirituality and Sexuality (Tommy E. Turner,
Jacksonville State University, USA)
• Spirituality and Aging (Susan H. McFadden, University
of Wisconsin, Oshkosh, USA)
• Spirituality and Sport (Simon Robinson, Leeds
University, UK)
• Spirituality and Disability (György Könczei, Loránd
Eötvös University, Budapest, Hungary)
• Spirituality and Homelessness (Jill Snodgrass, Loyola
University, Maryland, USA)
• Spirituality and Social Work (Beth R. Crisp, Deakin
University, Australia)
• Spirituality and Pastoral Care (Jill L. Snodgrass, Loyola
University Maryland, USA)
• Spirituality and Interculturality (Steven J. Sandage,
Boston University, USA)
• Spirituality and Medicine (Athar Yawar, John Radcliffe
Hospital, Oxford, UK)
• Spirituality and Illness (Arndt Büssing, University
Witten/Herdecke, Germany)
• Spirituality and Nursing (Sandhya Chandramohan,
KwaZulu-Natal College of Nursing, South Africa)
• Spirituality and Counseling (Peter Tyler, St Mary’s
University, Twickenham, London, UK)
• Spirituality and Mental Health (Chris Cook, Durham
University, UK)
• Spirituality and Dementia (Peter Kevern, Staffordshire
University, UK)
• Spirituality and Addiction (Paramabandhu Groves,
Camden and Islington NHS Trust, UK)
• Spirituality and Trauma (Julio F.P. Peres, University of
São Paulo, Brazil)
• Spiritual/Religious Abuse (Teresa B Pasquale, Asheville,
North Carolina, USA)
• Spirituality and Business (Luk Bouckaert, Catholic
University of Leuven, Belgium and Laszlo Zsolnai,
Corvinus University of Budapest, Hungary)
• Spirituality in Management Development (Katalin Illes,
University of Westminster, London, UK)
• Spirituality and the Workplace (Robert Giacalone,
University of Denver, Colorado, USA and Carole
Jurkiewicz, Hofstra University, New York, USA)
• Spirituality and International Development (Carlos
Hoevel, Catholic University of Argentina, Buenos Aires,
Argentina)
• Spirituality and Law (Cat J. Zavis, Bellingham, Washing-
ton, USA)
• Spirituality and Social Activism (Alastair McIntosh,
author and activist, Glasgow, UK)
• Spirituality and Leadership (Margaret Benefiel, Shalem
Institute, Washington, D.C., USA)
• Spirituality and Policing (Jonathan Smith, Devon &
Cornwall Police, UK)
• Spirituality and Prison (Tom O’Connor, Transforming
Corrections & Western Oregon University, USA)
• Spirituality and Culture (Imre Lazar, Gaspar Karoli
University of Budapest, Hungary)
• Spirituality and Science (Peter Pruzan, Copenhagen
Business School, Denmark and Sri Sathya Sai Institute
of Higher Learning, India)
• Spirituality and Philosophy (David Rousseau, Centre for
Systems Philosophy, Surrey, UK)
• Spirituality and Architecture (Julio Bermudez, The
Catholic University of America, Washington, D.C., USA)
• Spirituality and Graphic Design (Cyndi Wiley, Grand
View University, Iowa, USA)
• Spirituality and Fashion (Doirean Wilson, Middlesex
University, London, UK)
• Spirituality and Design (Stuart Walker, Lancaster
University, UK)
• Spirituality and Literature (Rita Ghesquière, Catholic
University of Leuven, Belgium)
• Spirituality and Visual Arts (James McCullough,
Lindenwood University, UK)
• Spirituality and Music (Marcel Cobussen, Leiden
University, The Netherlands)
• Spirituality and Theatre (Edmund B Lingan, The
University of Toledo, Toledo, USA)
• Spirituality and Film (Kenneth R. Morefield,
Champbell University, Buies Creek, USA)
• Spirituality and Dancing (Celeste Snowber, Simon
Fraser University, Vancouver, Canada)
• Spirituality and Martial Arts (Henk Oosterling,
Erasmus University Rotterdam, The Netherlands)
• Spirituality and Media/Journalism (Mark Pearson,
Griffith University, Australia)
• Spirituality in Cyberspace (Paola Di Maio, Palpung
Sherabling Institute of Higher Buddhist Studies, India)
• Spirituality and Teaching (Bernadette Flanagan and
Michael O’Sullivan, All Hallows College, Dublin, Ireland)
E T h I c s & b u s i n e s s / 2 0 1 66
Su sta inable Bus ine s s Model s
This EU-founded ERASMUS+ project is a cooperative
venture between the Norwegian School of Economics–
Bergen, the Copenhagen Business School, the ESADE
Business School–Barcelona, and the Business Ethics
Center of the Corvinus University of Budapest for the
period 2017–2018.
The aim of the project is to develop a comprehensive
educational program about “Sustainable Business
Models” that covers a wide set of themes related to the
design and innovation of sustainable business models
and business practices. The overarching topic addressed
by the project is the need for more sustainable business
models and business practices which can translate into a
set of concrete solutions for companies which are facing
the challenge of adequately responding to the need
to be sustainable, while at the same time remaining
competitive in the marketplace.
The educational program builds on an internet-
enabled platform of video-based and digital teaching
content which enables the participant institutions to
make use of each other’s contributions in the teaching
that takes place through each of the institutions’
educational programs. In addition, the partners will
collaborate in teaching through the Community of
European Management Schools (CEMS), of which all
four institutions are part. This strengthens the impact
of the project, since the instruction will not only benefit
the four partners, but will also be made available to all
partner schools within the CEMS community. Also, the
materials which are developed will be used to serve as
the basis for a Massive Open Online Course (MOOC)
with unlimited participation and open access via the
web in the future.
Thus, the project will (1) strengthen the teaching
capabilities at the partner institutions, (2) contribute
to the teaching of sustainability within the CEMS
community, and thus (3) benefit European business
school students by expanding the supply and increasing
the quality of sustainability teaching in European higher
education, and beyond.
The project needs to be carried out transnationally
due to the comprehensiveness of the themes and topics
of the program. This necessitates combing competencies
and perspectives about the many features of sustainable
business in a way that no single European business
school can do on its own. The partnership between the
four institutions in the project is highly fruitful due to
the complementarity of the strengths and key research
and teaching areas of the institutions.
The project is innovative in two ways. First, the
content of the project is innovative due to its emphasis
on how sustainability must be integrated into the design
of business models in order to align sustainability
and profitability concerns in business organizations,
and to address the proper response to sustainability
concerns therein. In recent years, sustainability has
increasingly been seen as a key challenge for companies,
but educational programs in business schools are still
lagging behind with regard to integrating core business-
analytical perspectives such as business model design,
on the one hand, with the design of strategies and
operations for sustainability on the other. This project
aims to contribute to closing this gap.
Second, the form of the project is innovative due
to its development of teaching methods that build on
digital, video-based and online learning. Pedagogically,
the project relies on teaching videos and case studies
developed by both faculty and student groups, as well
as the development of on an online-platform through
which target groups can access relevant materials. These
resources will enable new forms of learning, while at the
same time removing some of the geographical constraints
and leading to the broader dissemination of the teaching
material—for instance, through online courses.
The project thus complements and expands on the
existing teaching of sustainability and related topics
at the different institutions, as well within the CEMS
community, where there already exist faculty groups
for Business Ethics, Business and the Environment
and Innovation, Entrepreneurship and Creativity. The
present project bridges these three fields and thus both
innovates and complements existing teaching in the
CEMS community.
Expected results include the following concrete
outputs:
1. Teaching videos developed by faculty from partner
institutions which will cover the following topics:
business model design and innovation, corporate
responsibility, ecological sustainability, sustainability
A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r 7
strategy, organizing for sustainability, management
control and reporting of sustainability performance,
communication of sustainability performance, inno-
vating for sustainability, social entrepreneurship,
societal sustainability and indicators of social per-
formance. In total, the project will generate appr.
oximately 60 videos, each lasting 10–15 minutes.
2. Four case study videos developed by student
organizations in collaboration with faculty from the
partner institutions.
3. An online portal on a dedicated project web site
where teaching content can be made accessible and
the project can be presented.
conference sINTEGRAL ECOLOGY, EARTH SPIRITUALITY AND ECONOMICS
The Center for Ecological Economics and Ethics of
the Bodø Graduate School of Business, University of
Nordland organized an international conference on
Integral Ecology, Earth Spirituality and Economics from
May 27–29, 2016, in Bodo, Norway. The collaborative
partners are the European SPES Institute and the Busi-
ness Ethics Center of the Corvinus University of Budapest.
Pope Francis’ encyclical letter Laudato si’ (Praised Be:
On the Care of Our Common Home) represents an
excellent opportunity for building a conversation
between science and spirituality about ecology and
sustainable development. Integral Ecology as proposed
by the encyclical integrates concerns for people and
the planet. An integral transdisciplinary understanding
of the world ties science to human values. It sees the
world as a systemically linked system of ecology, eco-
nomy, equity and justice, accessible through the natural
and social sciences, arts and humanities. Integral ecology
and transdisciplinarity reveal a path to sustainable deve-
lopment through the practices of frugal consumption,
acknowledging the intrinsic value of nature, and seeking
out holistic and actionable knowledge.
The program of the conference included the
following topics and presentations:
Sustainability and the Meaning of Life
• Luk Bouckaert (KU Leuven & European SPES
Institute): Authenticity and Sustainability
—The search for a reliable earth spirituality
• Knut Ims (Norwegian School of Economics,
Bergen) and Ove Jakobsen (Center for Ecological
Economics and Ethics, University of Nordland):
Happiness and the Meaning of Life
Society in Nature
• Peter Timmerman (York University, Toronto,
Canada): Learning to Live in a Finite World
• Daniel Deak (Corvinus University of Budapest,
Hungary): Social Intervention in Nature
Integral Ecology
• Hendrik Opdebeeck (University of Antwerp,
Belgium): Integral Ecology: An Elegy?
• Laszlo Zsolnai (Corvinus University of Budapest
& European SPES Institute): Integral Ecology,
Frugality and the Intrinsic Value of Nature
Faith, Ecology and Culture
• Thomas Dienhard, OFMCap (Munster),
Bernd Beermann, OFMCap (Munster) and Markus
Warode (Munster): Franciscan approach towards
ecology
• Rita Ghesquière (KU Leuven & European
SPES Institute): Rereading Robinson Crusoe
(Defoe) and Friday (Tournier) with the Help of
Ecocriticism
Business School
E T h I c s & b u s i n e s s / 2 0 1 68
Practicing Sustainability
• Jean-Paul Close (STIR, Eindhoven,
The Netherlands): Peer 4 regional development
• Thea Bombeek (Winner Resources Consulting,
Dendermonde, Belgium): Good Practice of
Developing Ecological Consciousness in an
Organization: The Inspiring Case of Decathlon
Ethics and Leadership
• José Luis Fernández Fernández (Comillas Pontifical
University, Madrid, Spain), Anna Bajo Sanjuán
(Comillas Pontifical University, Madrid, Spain)
and José Luis Retolaza Avalos (Deusto Business
School, Bilbao, Spain): Epistemological Approach
to Sustainability: Enrichment from
a Transcendent Jesuit Perspective
• Manas Chatterji (Binghamton University, NY):
Corporate Social Responsibility and Ethics
Consumerism and Ecologically Conscious Business
• Doirean Wilson (Middlesex University London):
For richer or poorer in sickness or for wealth:
What price consumerism?
• Nel Hofstra (Erasmus University Rotterdam):
Regenerative Firms: Firms Acknowledging the
Intrinsic Value of Nature
Leadership and Responsible Business
• V. Adinarayanan (Anaadi Foundation) and Smrithi
Rekha (Amrita University): Shakti Leadership:
An Embracing and Inclusive Leadership Model
• Manuel Fernandez-Lopez (Nord University, Bodø)
and Octavi Piulats Riu (University of Barcelona):
Developing ecological awareness and responsible
business. Spirituality, self and an alternative
vision of a long-term future
Keynote lectures were presented by Tor Berger
Jørgensen (The Bishop of Sør-Hålogaland) and
Svein Berglund (Cultura Bank)
The conference ended with a book presentation
Ecological Economics—Ideology or Utopia?
by Ove Jacobsen (University of Nordland)
Gross National Happiness and Buddhist Economics
As part of the Budapest Degrowth Week, the Hungary–Bhutan Friendship
Society and members of the Business Ethics Center organized a workshop
on Gross National Happiness and Buddhist Economics in Bhutan and Elsewhere
on September 1, 2016 at the Aurora community center in Budapest.
Gross National Happiness (GNH), developed in Bhutan, was presented
as a major socio-economic tool for fostering non-Western types of economic development. It is related to Buddhism,
but is more universally applicable. Principles of Buddhist economics, including “small is beautiful,” and “less is
more,” were discussed. Buddhist entrepreneurial activities were presented using cases from Bhutan and Hungary.
Pre sentat ions inc luded the fo l lowing :
• Gross National Happiness—The Bhutan Experience by Zoltan Valcsicsak, President, Hungary–Bhutan
Friendship Society (www.bhutan.info.hu)
• Buddhist Economics by Laszlo Zsolnai, Professor and Director, Business Ethics Center, Corvinus University of
Budapest and President, European SPES Institute, Leuven, Belgium
• Made in Bhutan—The Bodhisattva Entrepreneurs (video)
• Buddhist Entrepreneurship in Hungary by Gabor Kovacs, PhD Scholar, Business Ethics Center, Corvinus
University of Budapest, Hungary
The workshop ended with a lively debate between the more-than-60 participants.
A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r 9
T each ingBUS INE S S ETH IC S BA
In 2016/2017 Laszlo Fekete is
teaching a BA Course on Business
Ethics. The course introduces the
main concepts, theories, analytical
tools and decision-making algo-
rithms of business ethics. The aim
of the course is two-fold. First, it
gives an overview of today’s most
important business ethics issues
and broadens students’ knowledge
and awareness of the ethical aspects
of business life. Second, it develops
their capacity for understanding
and analyzing ethical dilemmas.
It explores conceptual and mana-
gerial tools which can be used to
deal with ethical challenges, help
to build an ethical company, and
make responsible business decisions.
The course discusses the role of
business concerning basic social,
economic and environmental issues
such as distributive justice, social
welfare, equity, fairness, transpar-
ency, value-based leadership, cor-
porate citizenship, corporate social
responsibility, and environmental
sustainability. At the end of the
course, students should be familiar
with the topical issues of business
ethics, including basic ethical con-
cepts (deontology, utilitarianism,
virtue ethics, discourse ethics, and
feminist ethics), distributive justice
(the maximin principle), corporate
social responsibility, corporate citi-
zenship, value-based leadership, the
stakeholder theory of the firm and
the issues concerning stakeholder
management, the ethical institu-
tions of the corporation, ethical
decision making, the challenges of
globalization, international envi-
ronmental law and global ethics,
and future generations and the
problems of intergenerational equity.
Corporate Eth ical Confl ict s
In 2016/2017 Laszlo Fekete is teaching an MA course
on Corporate Ethical Conflicts. The course gives an
introduction to the main concepts and theories of
corporate governance systems, as well as analytical tools
and decision-making algorithms for business ethics,
behavioral economics and experimental economics.
The course gives an overview of today’s most important
business ethics issues relating to corporate practices.
It develops students’ capacity for understanding and
analyzing corporate ethical conflicts and explores the
conceptual and managerial tools which have been created
to deal with the ethical challenges of corporations.
The topics of the course include ethical perspec-
tives toward business, an overview of the current ethical
issues and corporate misconduct in the global economy,
the motivations of economic decision makers (game-
theory approaches and theory and experiments in the
analysis of behavioral economics and experimental
economics), corporate governance systems, organiza-
tional responses to corporate misconduct, performance,
executive compensation and the fraudulent behavior
of corporate managers, the crowding-out effect, gender
inequality and discrimination in the workplace, hostile
takeovers and their consequences (poison pill, dead-
hand pill, greenmail, goodbye kiss, golden parachute
etc.), economic (and political) rent-seeking in corpora-
tions, innovation and patent troll corporations, value-
based leadership and organizational frameworks for
responsible business functioning.
Sc i ence and Eth ic s
Laszlo Zsolnai is developing a
course about Science and Ethics for
the Business Administration PhD
Program of the Corvinus University
of Budapest. The course covers the
following topics and issues:
1. Ethical Paradigms
Deontology, consequentialism, virtue ethics, Western vs. Eastern ethical
thinking, case study about Socrates and Gandhi
2. Is value-free science possible? The Reflective Practitioner
Max Weber’s ideal of science, Donald Schön on learning, reflectivity and
change, case study about the “Homo eoconomicus” model in economics
and management
E T h I c s & b u s i n e s s / 2 0 1 610
3. Responsibility in Sciences
Hans Jonas’ imperative of responsibility, case study
about Robert Oppenheimer and the Atomic Bomb
and Thomas Shelling and the Vietnam War
4. Defining and Formulating the Research Problem
The importance and depth of the problem, “error
of the third kind,” reexamining assumptions, case
study about agency theory and shareholder value
maximization
5. Holistic Problem Solving
Mitroff’s framework of problem formulation,
technical/social/ecological/existential dimensions of
the problems, case study about executive compensation
6. Ethics of Problem Solutions
Risk, long-term effects, considering stakeholders,
case study about GMO and moral disengagement
strategies
7. The Integrity of Scientific Research
Conflicts of interest, caring for the subject of
research, action research, case study about corruption
in climate science and the Milgram experiment
8. Ethical Issues in Publishing
Plagiarism, protection of data, case study about the
fall of Bruno Frey
9. Scientific Product as Business
Impact-factors, race to the bottom, copyright-
transfer, pricing of scientific articles, case study
about the revolt against Elsevier
10. Gender Issues in Science
Is there a female science? Case study about Rachel
Carson and Lynn Margulis
11. Objectivity and Culture-Dependence of Science
George Lakoff’s cognitive linguistics, the past and
present of Chinese science, case study about the
experimental practices of big pharmaceuticals
12. Post-Academic Systems of Science
The ethos of academic research (Merton), new
forms of knowledge generation: protection of intel-
lectual property, application-orientation, interdisci-
plinarity, the role of the financing of research, case
study about universities captured by private money
and the military
13. Science, Spirituality and Art
Different forms of knowledge, case study about art
for sustainability
14. Ethical Science, Design and Technology
Case study about Scientists without Borders and
Scientists for Global Responsibility
The PhD course will be first offered in the
Spring of 2018.
Pre s entat ionsSOCIO - ECONOMIC & B IOPHYS ICAL DYNAMICS OF THE HUMANITY–NATURE NEXUS : THE ROLE OF BUS INE S S
Future Earth Germany organized a Foresight
Workshop entitled Science needs in the context
of tough choices in implementing the new SDG
framework at Lake Como, Italy from April 18–21,
2016. Laszlo Zsolnai gave a talk on Socio-Economic
& Biophysical Dynamics of the Humanity–Nature
Nexus: The Role of Business in which he emphasized
that to transform business into a progressive social
institution we should address both the mindset,
the behavior and the organizational structure of
today’s mainstream business.
11
Integral Ecology , Frugal ity and the Intr ins ic Value of Nature
A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r
Laszlo Zsolnai lectured on Integral Ecology, Frugality and the Intrinsic Value
of Nature at the Annual European SPES Conference Integral Ecology, Earth
Spirituality and Economics from May 27–29, 2016 at the University of Nordland
in Bodo, Norway. He presented the main economic messages of Pope Francis’
encyclical letter “Laudato si” and argued that decisions and policies should serve
the Commonwealth of Life which requires applying a qualitative and multi-
perspective approach and the proper use of wisdom.
F inance Norway and Future Earth Norway
Laszlo Zsolnai gave a presentation about the Future
Earth Finance and Economics Knowledge-Action Network
at a roundtable meeting organized by Finance Norway
together with Future Earth Norway on May 30, 2016
in Oslo, Norway. He presented the main propositions
and value-basis of the Future Earth Finance and
Economics program and emphasized the importance of
reinventing business models that will serve to promote
the commonwealth of life on Earth.
On June 23–24, 2016 András Ócsai participated in the
seventh edition of the Global Ethics Forum, a global,
solution-focused and multi-stakeholder annual event,
organized by Globethics.net in Geneva (http://www.
globethics.net/). The aim in 2016 was to promote
values-driven leadership in the higher education sector
through inspiration, discussion and action during the
Forum.
Global Eth ic s Forum
As the Globethics.net National Contact in Hungary,
András Ócsai presented details about the best practices
of the CEMS Business Ethics Faculty Group, its main
underlying values, structure and ways of working, drivers
and challenges. The key findings of his presentation
were that the long-term success of an educational,
research organization and community is based on a
pure mission, the noble and selfless aspiration to do
good, a strong ethical background, shared values, and a
friendly and fraternal working atmosphere. By means of
these characteristics such organizations can cope with
the challenges that stem from the members’ diverse
cultural and organizational research environments, and
their often-limited financial means.
In st i tut ions and Cooperat ion
Zsolt Boda gave a presentation at the 5th International
Degrowth Conference organized by the Corvinus Uni-
versity of Budapest from August 30–September 3,
2016. His presentation was entitled How to overcome
the loneliness of the long-run runner? Participatory schemes
to enhance cooperation and the enforcement of pro-social
norms. He argued that a sustainable economy cannot be
created by individuals alone, driven by ethical consid-
erations, such as ethical consumers or ethical investors.
Sustainability is a challenge for society as a whole, and
as such Boda assumes that a sustainable economy can
only function in a sustainable society. Promoting sus-
tainable practices means making a number of institu-
tional changes. Boda argued that institutional changes
that enhance participation and accountability in busi-
ness might be especially useful from this perspective.
With Knut Ims (Norwegian School of Economics,
Bergen) and Antonio Tencati (University of Brescia
and Bocconi University Milan) Laszlo Zsolnai gave
a presentation on Business Ethics for the Anthropocene
at the 9th TransAtlantic Business Ethics Conference
from September 28–October 1 at the University of
St. Gallen in Switzerland. The paper argues that the
currently unsustainable state of the Earth (rightly
called the “Athropocene”) is largely due to business, so
reconsidering the role of business in society and nature
is unavoidable. Without transforming business into a progressive social institution which respects nature, future
generations and the common good of society there will be no chance of creating a Sustainable Earth.
Business ethics has a major role to play in the development of sustainable business organizations. The main areas
of analysis and action include (i) promoting frugal production and consumption models, (ii) accepting the intrinsic
value of nature, and (iii) catalyzing the emergence of ecological consciousness in organizations. Integrating different
kinds of knowledge and creating a new epistemology is required in order to identify the proper role for business in
the Anthropocene. Business ethics should use the latest findings from the natural, social, and behavioral sciences, in
parallel with the wisdom traditions of humankind and contemporary arts, to capture the interconnectedness of life
and human economic activities on Earth.
E T h I c s & b u s i n e s s / 2 0 1 612
Bus ine s s Eth ic s for the Anthropocene
Nat ional Sc i ence Day
The Business Ethics Center gave two presentations at the
National Science Day Conference organized by the Institute
of Finance, Accounting and Business Law of the Cor-
vinus University of Budapest on November 24, 2016.
In his presentation on Progressive Business Models
Laszlo Zsolnai offered an overview of the need for new
more progressive business models than the mainstream
ones which exist at present. He identified the current
challenges facing business in Europe and beyond in
their international ramifications, and defined the
basic criteria for progressive business functioning with
respect to ecological sustainability, respecting future
generations, and pro-socialness. He argued that we have
to change the current mainstream paradigm of business
to create a sustainable Earth.
András Ócsai and Zsolt Boda presented a paper
entitled Béres Pharmaceuticals—The Power of Tradition.
The paper analyses this company from the perspective
of a progressive business framework and argues that
Béres Pharmaceuticals indeed features the most
important traits of a progressive business, including
having ethics-centered core activities and procedures.
Béres Co. is a traditional family-owned company and
may be considered a progressive business concerning its
value choices and ethical commitments.
Gabor Kovacs participated in a conference celebrating
the publication of the special issue of Köz-Gazdaság
(2016, No. 4.) about the economic teachings of world
religions. The conference was organized by the Jesuit
College “Saint Ignatius” and the Corvinus University
Buddhism and Spiritual Value-Orientation in Business
of Budapest on November 22, 2016. Gabor Kovacs
presented a paper on Buddhist Economics, and emphasized
the importance of having a spiritual value-orientation
in business.
f b i
13A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r
publ icat ionsTHE FA I LURE OF BUS INE S S ETH IC S
The Centre for Ethics of University of Antwerp and the
European SPES Institute organized a European SPES workshop
at the Antwerp Management School on December 17, 2016
in Antwerp, Belgium.
At the workshop Laszlo Zsolnai presented the book
Ethical Leadership: Indian and European Spiritual Approaches
(Palgrave–Macmillan, 2016) that he edited with Madhumita
Chatterji. Several contributors to the book were present,
including Luk Bouckaert (Catholic University of Leuven), Hendrik Opdebeeck (University of Antwerp), Gerrit
De Vylder (Catholic University of Leuven), Rita Ghesquière (Catholic University of Leuven), Neil Hofstra
(Erasmus University Rotterdam), and Sharda Nandram (Nyenrode Business University).
Antwerp Management School
Zsolt Boda and Laszlo Zsolnai’s paper entitled The Failure of Business Ethics was
published in Society and Business Review, 2016, Vol.11, No. 1, pp. 93–104.
The paper investigates the systemic causes of the failure of business ethics and
suggests some possible remedies. The discipline and the movement of business
ethics has at least three decades’ history. Business ethics has developed concepts and
theories, and provided empirical evidence. However, business ethics as a movement
and as a practice has failed to deliver the expected results. The paper uses findings
from management ethics, moral psychology and corporate governance to analyze the
underlying causes of unethical corporate behavior. Boda and Zsolnai argue that the
failure of business ethics is deeply rooted in today’s corporation-ruled business world.
Business ethics has failed to understand the systemic features of modern business and
therefore missed its target. The social, ethical and environmental problems caused by corporations may require a
different kind of approach based on law, politics and social institutions. The paper uses models from outside ethics
to suggest how business organizations can become more ethical in their functioning.
Ecologically Induced Frugal ity
Laszlo Zsolnai’s essay about ecologically induced
frugality was published in the Hungarian journal
Egyházfórum (Az öko-mértékletesség paradigmája, 2015.
No. 3. pp. 15–19.)
The essay focuses on Pope Francis’ new encyclical,
Laudato si’ (Care for Our Common Home) which
represents an excellent opportunity to build a new
conversation about ecology and sustainability. Pope
Francis urges us to accept the intrinsic value of nature
and express appreciation for it. The major implication
of the encyclical is the need for frugality in consumption
and production which implies a drastic reduction in the
material and energy throughput of the economy.
Art -bas ed Bus ine s s
Laszlo Zsolnai and Doirean Wilson’s paper on Art-based Busi-
ness was published in the Journal of Cleaner Production, 2016,
Vol. 135, pp. 1534–1538.
The paper argues that with its exclusive focus on profit-
making, modern-day businesses tend to violate the integrity
and diversity of natural ecosystems, the autonomy and culture
of local communities and the chance that future generations
will lead a decent life. The core of the metaphysics of modern-
day business is what Martin Heidegger calls “calculative
thinking”. This is contrasted with poetic thinking represented
by genuine art. To preserve nature and to satisfy human needs,
gentle, careful ways
of undertaking eco-
nomic activities are
needed. The paper
analyses the cases of
Illy Café and Brunello
Cucinelli as art-based companies to show that art can inspire business to
become more aesthetically focused and engaged in socio-ecological value
creation and the enrichment of quality of life.
Bandura Book Rev i ew
Laszlo Zsolnai published a review of world-renowned psychologist Albert Bandura’s
book Moral Disengagement: How People Do Harm and Live with Themselves (New York,
Macmillan, 2016) in Business Ethics Quarterly (2016, DOI: http://dx.doi.org/10.1002/
ejsp.2222). Bandura has discovered a number of psycho-social mechanisms by
which moral control can be selectively disengaged from detrimental conduct. These
mechanisms of moral disengagement enable otherwise considerate people to commit
transgressive acts without experiencing personal distress and guilt. People “fool
themselves” in order to “fool others”. In his book Bandura extensively documents how
moral disengagement mechanisms are at work in major spheres of life in the USA
and beyond: gun manufacturers, the entertainment industry, tobacco companies,
finance and banking, terrorism, climate science, and more. The large body of evidence
presented by Bandura has important implications for the naive belief that the market
will provide sufficient incentives to encourage morally responsible conduct.
Peter Kardos, Bernhard Leidner, Laszlo Zsolnai and
Emanuele Castano published a paper entitled The Effect
of the Belief in Free Market Ideology on Redressing Corporate
Injustice in the European Journal of Social Psychology
(2016, http://dx.doi.org/10.1002/ejsp.2222).
The paper starts with the observation that many
people in Western countries subscribe to the free market
Free Market Ideology and Corporate In ju st ice
ideology (FMI) which claims that institutional oversight
of the market is unnecessary because public reactions
can force corporations to regulate their own behavior.
The question then becomes how people’s belief in FMI
affects their reactions to corporate transgressions. Given
its ingroup-centered values, the authors hypothesized
that FMI beliefs would bias reactions to corporate
E T h I c s & b u s i n e s s / 2 0 1 614
transgressions. They report on the results of a pilot study
showing that FMI beliefs are predicted by selfishness,
tradition, conformity, and a lack of universalism. Then
they report on three experiments which show that
stronger pro-FMI beliefs predict weaker demand for the
redress of corporate injustices committed by ingroup
(but not outgroup) corporations, especially when
the victims of corporate wrongdoings belong to an
outgroup rather than an ingroup. The findings inform
our conceptual understanding of FMI and provide new
insights about its implications for market justice.
Buddhi sm and Economic Development
Laszlo Zsolnai’s paper on Buddhism and Economic Development was published in
the book Teaching Buddhism edited by Todd Lewis and Gary DeAngelis (Oxford
University Press, Oxford, 2016. pp. 344–360.)
Buddhist Economics is not the same as the Economics of Buddhism. The former
is a modern discourse that utilizes elements of Buddhist thought to construct an
alternative model of the economy, and the latter is a study of how Buddhists organize
their economic life in real-world social settings, past or present. Buddhist Economics
is essentially a normative enterprise, while the Economics of Buddhism is a descriptive
endeavor. Also, Buddhist Economics is not synonymous with traditional Buddhist
thought, interpretation, or practice. It is a construct developed by Western economists
and Buddhist thinkers inspired by Buddhist ethics and the Buddhist monastic ideal. It
represents an alternative approach to economic life, which is radically different from
that which mainstream Western economics offers. Buddhist Economics promotes want negation and selfless service
for achieving happiness, peace and permanence. These ideas might seem irrational or
at least naïve to the Western economic mind which is preoccupied by the cultivation
of desire and the maximization of profit and/or utility. However, the deep ecological
and financial crisis of our era renders alternative solutions worthy of consideration.
15A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r
R e s pons i b l e L eadersh i p and Reasonable Act ion
Laszlo Zsolnai’s paper Responsible Leadership and
Reasonable Action was published in the book Ethical
Leadership: Indian and European Spiritual Approaches
(Eds. Madhumita Chatterji, Laszlo Zsolnai, Palgrave–
Macmillan, 2016, pp. 35–51.) Zsolnai states that
mainstream leadership practices often create negative
impacts on nature, future generations and society as
a whole. The principle of responsibility requires that
leaders achieve their objectives in ecological, future-
respecting and pro-social ways.
Zsolnai emphasizes that responsible leadership is
consistent with the conception of reason advocated
by Indian-American economist Amartya Sen. Reason
is the discipline of subjecting one’s (choice of ) action
to reasoned scrutiny. Zsolnai identifies three classes of
reason which may be applied to scrutinizing leadership
choices. He argues that leadership choices should satisfy
the criteria of “ecological reason,” “reason for future
generations,” and “social reason.” The paper presents
illustrative cases of responsible leadership from India
and Europe and discusses how spirituality can assist
organizations in their transformation into ecologically-
sustainable, future-respecting and pro-social entities.
Zsolnai concludes that spirituality plays a major role
in developing responsible leadership. The spiritually
enlightened leader goes beyond self-interested calcula-
tions and exercises genuine empathy with others while
benefiting from an all-encompassing perspective.
E T h I c s & b u s i n e s s / 2 0 1 616
Mindfulness and Non-Violence in Doing Bus iness
Tax Morale
Buddhi st Economics
Gabor Kovacs and András Ócsai published the paper Mindfulness and Non-Violence
in Doing Business in the book Ethical Leadership: Indian and European Spiritual
Approaches (Eds. Madhumita Chatterji, Laszlo Zsolnai, Palgrave–Macmillan, 2016,
pp. 171–189.) They start with the observation that in modern times more emphasis
has been placed on mindfulness than non-harming. Mindfulness has become an
important practice of many successful entrepreneurs, CEOs and other leaders.
Kovacs and Ócsai recall that the most influential leader to integrate the principle of
non-harming into daily practice was Mahatma Gandhi, who practiced non-harming
as a fundamental governing principle for action. Kovacs and Ócsai believe that non-
harming is more important than even before, especially now that humanity has the
power and technology to influence and change the vital functioning of the planet. The
authors describe business models whose goal is to practically implement the principle of non-harming: Community
Supported Agriculture, Ethical Banking and The Slow Food Movement. They also present cases of entrepreneurial
initiatives that are based on the goals of non-harming: Windhorse Evolution, the Apopo Foundation, Interface and
the Social Venture Network. The authors argue that non-harming is indispensable in the creation of a sustainable
world. The balance between mindfulness and non-harming should be re-established.
In collaboration wi th Attila Bartha, Zsolt Boda published
a paper entitled Tax Morale, Trust and Constraints: Tax-
Compliance Motivations in Hungary During Corruption
Scandals in Hungarian in the Közgazdasági Szemle, the
leading economics journal in Hungary (2016, Vol. 63,
No. 10, pp. 1021–1045.). The paper analyses the change
in trusting attitudes and tax compliance between 2013
and 2015, a period marked by a serious corruption
scandal at the National Tax Authority. Data reveal that
voluntary tax compliance is related to trusting attitudes
and the perception of corruption. Since both of them
deteriorated during the period in question, the paper’s
conclusion is that the corruption scandal undermined
voluntary tax compliance and tax morale in Hungary.
Gabor Kovacs published a paper on Budd-
hist Economics in the special issue of Köz-
Gazdaság (2016, No. 4.) devoted to the
economic teachings of world religions.
The paper examines the most important
Buddhist teachings that are relevant to
economics, summarizes the conceptions
of Buddhist economics, and shows their
relevance to business practices. Finally,
it presents the framework of Gross
National Happiness. Kovacs stresses that
the teachings and core values of Budd-
hism can supply answers to the emerging
moral dilemmas of business, as well as
contribute to solving personal, social and
environmental problems, and to imple-
menting sustainable business strategies.
17A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r
N ewsGEORGES ENDERLE ’ S V I S I T
On January 27, 2016 Georges Enderle (John T. Ryan Jr. Professor of
International Business Ethics at the Mendoza College of Business, University
of Notre Dame Indiana, USA) visited the Business Ethics Center. He
discussed Chinese business ethics practices and issues related to the future of
business ethics with the members of the Center.
Univers i ty of Hong Kong
On March 17, 2016 Laszlo Zsolnai
served as external examiner for
the PhD thesis of NG Chi Hin,
entitled Buddhist Perspectives on
Economic Growth: A Buddhist-based
Sustainable Investment Model within
Market Economy at the University of Hong Kong. The
defense was held within the Buddhist Studies Program
of the university.
Univers i ty of North Carol ina
Zsolt Boda received a Fulbright Research Grant and
spent three months at the University of North Carolina
in Chapel Hill from March–May 2016. He worked
on a project concerning trust and policy change, the
underlying assumption being that higher levels of
public trust make difficult public decisions more easily
acceptable to the affected parties.
Zsolt Boda was hosted by Frank R. Baumgartner,
Professor of Political Science at the University of North
Carolina, and founder of the Comparative Agendas
Project, an international network on policy change.
Besides conducting research, Boda participated to faculty
seminars and attended the classes of Baumgartner.
E T h I c s & b u s i n e s s / 2 0 1 618
The CEMS Business Ethics Faculty
Group held its annual meeting
from April 29–May 1, 2016 in
Assisi, Italy. Participants included
Laszlo Zsolnai (Corvinus University
of Budapest), Aloy Soppe (Erasmus
University Rotterdam), Nel Hofstra (Erasmus Univer-
sity Rotterdam), Luit Kloosterman (Erasmus University
Rotterdam), Knut Ims (Norwegian School of Economics
–Bergen), Antonio Tencati (Bocconi University Milan),
Eleanor O’Higgins (University College Dublin), and
Michael Müller-Camen (Vienna University of Eco-
nomics and Business Administration). The group
discussed research collaboration and future activities,
especially those related to the Progressive Business
Models project.
CEMS Meet ing in A s s i s i
Transatlant ic Doctoral Academy
András Ócsai has been accepted as a member of the
Transatlantic Doctoral Academy (TADA) on Business,
Economics and Ethics (http://www.iwe.unisg.ch/en/
tada). TADA brings together PhD students from
universities in Europe and the Americas. The 24-month
program is interdisciplinary and fosters transatlantic
dialogue. The program is hosted at the Institute for
Business Ethics, University of St. Gallen and directed
by Thomas Beschorner.
On May 17–21, 2016 at the first meeting in St.
Gallen, András Ócsai presented his PhD research
entitled Value Orientation of Hungarian Ecologically-
Oriented Businesses. From September 28–October 1,
2016 András Ócsai also participated in the Ninth
TransAtlantic Business Ethics Conference (TABEC),
and presented his thesis in the poster session. The third
TADA meeting was held on October 24–29, 2016 in
Boston, MA.
P et er Kardos ’ PhD def ens e
On June 27, 2016 Peter
Kardos successfully de-
fended his PhD thesis
on The Impact of Free
Market Ideology and the
National Identity of Cor-
porations on Claims for
Justice and Civil Actions.
Laszlo Zsolnai served as
supervisor for this work. Peter Kardos is Assitant Pro-
fessor in Bloomfield College, USA.
On October 10, 2016
Julie Nelson (University of
Massachusetts–Boston)
visited the Business Ethics
Center. Professor Nelson
is a leading scholar
in feminist economics,
Buddhist economics, and
environmental econo-
mics. She is section editor of Journal of Business
Ethics in the field of economics and business ethics.
J u l i e Nel son ’ s v i s i t
19A n n u a l R e p o r t o f t h e B u s i n e s s E t h i c s C e n t e r
The series is dedicated to virtue ethics and economics.
Its purpose is to relocate economic theory to a domain
where the connection between the virtues and economic
decisions, as that connection is actually experienced in
everyday life, is an organic component of theory rather
than some sort of an optionally added ingredient.
The goal is to help develop a virtue-based economic
theory which connects virtues with the contents of
economic activities of individuals, unincorporated and
incorporated economic agents. The primary context
is Catholic Social Teaching but other faith traditions
(especially Judaism, Islam, Hinduism, Buddhism, and
Confucianism) will also be explored for their construc-
tion of virtues in economic action. Special attention
will be made to regulatory and policy issues in promot-
ing economic justice.
The series connects virtue ethics with the core of
economic theory and practice. It examines the basic and
irreducible intentionality of human activities concerned
with the production, distribution and consumption of
goods and services. It considers the incommensurability
of values as the central problem of economic decision
making and examines whether that problem can be
overcome by any means other than practical reason.
Keywords
Virtue Ethics, Practical Reason, Incommensurability of
Values, Ontology of Economics, Teleology and Deon-
tology, Value Theories, Principal Virtues in Economic
Life (Justice, Prudence, Temperance, Fortitude, and
Charity), Catholic Social Teaching, Economic Models
of World Religions
V irtue s and Economics
Springer launches a new book series entitled
“Virtues and Economics”. Series editors are
Peter Rona (Blackfriars Hall, University of
Oxford) and Laszlo Zsolnai (Business Ethics
Center, Corvinus University of Budapest and
European SPES Institute, Leuven)
Advisory Board
• Helen Alford (Pontifical University of St. Thomas
Aquinas (“Angelicum”), Rome)
• Luk Bouckaert (Center for Economics and Ethics,
Catholic University of Leuven)
• Luigino Bruni (LUMSA University, Rome and
Sophia University Institute, Loppiano)
• Georges Enderle (Mendoza College of Business,
University of Notre Dame)
• Carlos Hoevel (Catholic University of Argentina,
Buenos Aires)
• John Loughlin (Blackfriars Hall, University of
Oxford and Von Hügel Institute, St. Edmund’s
College, University of Cambridge)
• David W. Miller (Faith and Work Initiative,
Princeton University)
• Sanjoy Mukherjee (Rajiv Gandhi Indian Institute of
Management, Shillong)
• Mike Thompson (GoodBrand, London, and China–
Europe International Busness School–Shanghai,
and University of Victoria, Vancouver)
• Johan Verstraeten (Faculty of Theology and
Religious Studies, Catholic University of Leuven)
• Stefano Zamagni (University of Bologna, and Johns
Hopkins University–SAIS Europe and Pontifical
Academy of Social Sciences)
G_kar_PHD_kek.indd 1 5/5/08 3:11:24 PMPublisher: BUSINESS ETHICS CENTER, CORVINUS UNIVERSITY OF BUDAPEST
Fővám tér 8, H–1093 Budapest, Hungary
Tel/Fax: (+36-1) 482-5562
December 2016
B u s i n e s s E t h i c s C e n t e rC O R V I N U S U N I V E R S I T Y O F B U D A P E S T
S ponsorsIn 2016 the projects and the members of the Business Ethics Center received financial support from the following institutions: School
of Business Administration, Corvinus University of Budapest, CEMS–Global Alliance for Management Education, Fulbright Commission,
TransAtlantic Doctoral Academy (TADA), Globethics (Geneva), University of Nord–Bodø, European SPES Institute–Leuven and University
of Antwerp.
The publication of this annual report was financially supported by the MagNet Hungarian Community Bank.