Attitudes toward Business Ethics E-Book

Michael Sauerbrey

• Herausgeber: GRIN Verlag
• Sprache: Englisch

Veröffentlichungsjahr: 2010

Beschreibung

Master's Thesis from the year 2010 in the subject Business economics - Business Ethics, Corporate Ethics, grade: 1,0, Aarhus School of Business (Marketing und Statistik), language: English, abstract: Business is essential for the development and well-being of a society. However, business does not exist in a vacuum, but is simultaneously dependent on a number of stakeholders, be it employees, customers, investors, interest groups, or the government. In this sense, an extensive and critical debate about the role and conduct of business, and their associated corporate responsibilities in the community, is taking place among academics and practitioners alike. Thereby, it is essential to consider that the practices of corporations are first and foremost resulting from decisions and behaviors of human beings. Business students in their role as future managers are likely to be faced with critical ethical decisions in their daily work routine. Thus, investigating their moral mindset about aspects of business ethics is of great importance. Therefore, the purpose of this master thesis was first of all to critically reflect the academic literature, and present a theoretical framework that addresses valuable concepts with regard to the good life and the just social coexistence of business and society. In a second step, a comprehensive empirical research was conducted, which studied the attitudes toward aspects of business ethics among 1.271 business students in Denmark, Germany, and the United States, using a self-report online questionnaire. Participants evaluated a wide range of questions regarding the moral dimensions underlying the relation of business and society. They were furthermore asked to specify primary and social corporate responsibilities, to define a well-run company, and to state personal criteria that are relevant for them in a notional job offer situation. Gathered data were analyzed on differences among nationalities, as well as on distinctions within the three countries in terms of gender, academic level, age, and business ethics education. Findings revealed optimistic and critical effects alike. Attitudes differed significantly among the three countries in a high number of aspects. Females showed stronger ethical attitudes than males. The impact of a business ethics course was positive, but varied in intensiveness among the three countries. Similarly, undergraduate and graduate students signified differing effects that intensified with age. In general, business students indicated their importance for social factors, and responsible corporate behavior. However, they prioritized career aspects over social criteria ... (to be continued) ...

Leseprobe

Table of Content

LIST OF FIGURES LIST OF FIGURES vii LIST OF FIGURES vii LIST OF FIGURES

LIST OF TABLES LIST OF TABLES vii LIST OF TABLES vii LIST OF TABLES

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This thesis is the fruit of many experiences and challenges, intensive discussions and reflections for hours, and relationships to many great people to whom I am more indebted that I can possibly acknowledge. During the last months, the field of business ethics kept me constantly thinking about the world as it is, and how it should be in ideal. Regrettably, this reflection often raised more questions than answers can ever be given. Nevertheless, approaching this topic was extremely valuable and changed my perception about the relation of business and society.

This thesis also marks the end of my academic studies at the Aarhus School of Business. I can truly say that it was an excellent and demanding education that provided me with meaningful insights and great opportunities in a brilliant and familiar atmosphere. Thus, I would first of all like to thank the ASB faculty and staff for their incredible work.

I would also like to express my gratitude to Professor Erik Kloppenborg Madsen for his spontaneous acceptance to supervise this thesis, and his guidance, inspiration and advice during the time of writing this paper.

Furthermore, I am grateful to all professors in Denmark, Germany, and the United States who supported this project, and to each of the 1.538 students who took part in my survey. This research would have never been accomplishable without your time and effort.

I would like to thank my parents for always supporting and encouraging me to cut my own path that led me to so many wonderful places in the world. Without your assistance, these remarkable times would not have been possible.

Last, but not least, I owe my deep gratefulness to the two very special persons in my life. I thank my dear sister Tini for always believing in the things I did, for being there when times were difficult, and for being simply the best sister one can imagine. And I thank my beloved Maja for her encouragement and moral support, and all the patience and understanding that she offered during the time of writing. Her love gave me the strength and faith to accomplish this thesis.

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Business is essential for the development and well-being of a society. However, business does not exist in a vacuum, but is simultaneously dependent on a number of stakeholders, be it employees, customers, investors, interest groups, or the government. In this sense, an extensive and critical debate about the role and conduct of business, and their associated corporate responsibilities in the community, is taking place among academics and practitioners alike. Thereby, it is essential to consider that the practices of corporations are first and foremost resulting from decisions and behaviors of human beings. Business students in their role as future managers are likely to be faced with critical ethical decisions in their daily work routine. Thus, investigating their moral mindset about aspects of business ethics is of great importance. Therefore, the purpose of this master thesis was first of all to critically reflect the academic literature, and present a theoretical framework that addresses valuable concepts with regard to the good life and the just social coexistence of business and society. In a second step, a comprehensive empirical research was conducted, which studied the attitudes toward aspects of business ethics among 1.271 business students in Denmark, Germany, and the United States, using a self-report online questionnaire. Participants evaluated a wide range of questions regarding the moral dimensions underlying the relation of business and society. They were furthermore asked to specify primary and social corporate responsibilities, to define a well-run company, and to state personal criteria that are relevant for them in a notional job offer situation. Gathered data were analyzed on differences among nationalities, as well as on distinctions within the three countries in terms of gender, academic level, age, and business ethics education. Findings revealed optimistic and critical effects alike. Attitudes differed significantly among the three countries in a high number of aspects. Females showed stronger ethical attitudes than males. The impact of a business ethics course was positive, but varied in intensiveness among the three countries. Similarly, undergraduate and graduate students signified differing effects that intensified with age. In general, business students indicated their importance for social factors, and responsible corporate behavior. However, they prioritized career aspects over social criteria when deciding for a job. Furthermore, environmental aspects were ranked at the bottom of the corporate responsibility list. Overall, a number of previous research findings could be confirmed. As such, the results of this thesis serve as an important source of information about the attitudes of business students, for business schools and companies alike.

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LIST OF FIGURES LIST OF FIGURES LIST OF FIGURES LIST OF FIGURES

Figure 1.1:Thesis Outline ………………………………………………………………....…..… 6Figure 6.1:Empirical Methodology Framework ……………………………………..………. 52

LIST OF TABLES LIST OF TABLES LIST OF TABLES LIST OF TABLES

Table 6.1:Summary of Demographic Data Sample……………………………………….….. 46Table 6.2:Primary Moral Dimensions …………………………………………………….…. 49Table 6.3:Additional Moral Dimensions……………………………………………………... 50

54Table 7.1:Cultural Perspective - Moral Dimensions ……………………………………...…. 55Table 7.2:Gender Perspective - Moral Dimensions ……………………………………….… 56Table 7.3:Academic Level Perspective - Moral Dimensions …………………………….…. 58Table 7.4:Course Attendance Perspective - Moral Dimensions ……………………...…..… 58Table 7.5:Q3.4 - »My business education is preparing me to manage ethical conflicts« ...… 59Table 7.6:Gender * Age Perspective - Moral Dimensions………………………………....… 61Table 7.7:Summary of Demographic Effects - Moral Dimensions ………………….……… 62Table 7.8:Cultural Perspective - Primary Corporate Responsibilities ……………………... 63Table 7.9:Cultural Perspective - Social Corporate Responsibilities ………………………...Table 7.10:Summary of Demographic Effects -65 Primary and Social Corporate Responsibilities ………………………………...…Table 7.11:Cultural Perspective - Priority Shift: 66 Well-Run Company vs. Job Offer Criteria …………………………………..…… 67Table 7.12:Cultural Perspective - Well-Run Company ……………………………………... 68Table 7.13:Cultural Perspective - Job Offer Criteria ………………………………………… 69Table 7.14:Gender Perspective: Well-Run Company vs. Job Offer Criteria ………………… 70Table 7.15:Summary of Demographic Effects - Well-Run Company vs. Job Offer Criteria ... 71Table 7.16:Summary of Demographic Effects for all Survey Segments……………………… 72Table 7.17:Summary of Hypotheses Testing …………………………………………………..

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1. 1. INTRODUCTION INTRODUCTION 1. 1. INTRODUCTION INTRODUCTION

Taking a look at theworld numericaltable reveals a multitude of problems we are facing at present time. Regrettably, we must notice that business has an important stake in these developments. It seems as if the belief in the market that will provide for enough value if we just »let him do his good deed« (Thielemann 2009: 11) must be revisited. Consequently, we must critically admit that »after examining thegood societythat capitalism has created - the damage to the environment, the hunger and homelessness that exist even in wealthy areas of the world - can anyone today really believe that the pursuit of self interest has culminated in the common good?« (Freeman & Liedtka 1991: 93). It becomes evident that there is a link in the relation between business and society that is beyond mere profitability. Even Friedman (1993) noted that even though business should »use its resources and engage in activities designed to increase its profits«, it should only act by »conforming to the rules of society, both those embodied in law and those embodied in ethical custom« (ibid: 56), that is »so long as it stays within the rules of the game« (ibid: 60).

Advocators of Friedman’s profit maximization position overlook that the societal rules of the game have changed over time. Economic and social responsibilities do not stand in aneither-orrelationship. In fact, the challenge for management today is that citizens of modern societies expect companies to achieve both aspects to a great extent (Andriof & MacIntosh 2001). We are seeing that »more and more people, individuals and groups call on all organizations, including business, to be economically, environmentally and socially sustainable; to be accountable and transparent; to be inclusive; to be ethical and more equitable« (Birch 2001: 53). In this sense, companies in their role as corporate citizens (Matten et al. 2003) have responsibilities toward society that go beyond the profit motive by reflecting »the social imperatives and social consequences of business success« (Matten & Moon 2008: 405). Thus, companies do not act in an amoral space, where business decisions are exclusively determined by economic factors of the market (Ulrich 2005). Rather, responsible business conduct is the essence of every good corporate citizen in fostering the public good (Birch 2001).

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However, the financial crisis showed that beside all the discussions about more corporate responsibility, there is a distinctive gap between the theory and practice of responsible business conduct. The same banks that regard themselves as responsible corporate citizens, and disclose comprehensive reports about their social responsibility activities (Citigroup 2007, Deutsche Bank 2007), nearly caused the collapse of the global economic system with actions guided by greed, egoism, and arrogance. Although, this critique addresses a particular sector, other prominent companies recently attracted attention for their conspicuous unethical conduct alike. Siemens (2008) and Daimler (2010) were found guilty to be involved in corruption scandals. Shell (2009a) stopped investments in renewable energy in favor for higher returns of other investment opportunities, namely oil and gas, in their portfolio, although the company describes itself as pioneer to solve environmental problems (Shell 2009b). Nokia (2008) closed its production plants in Germany in spite of high profitability. This list could be endlessly continued, and reveals that the entitlement of companies to be good corporate citizens is often compromised for economic values that have negative consequences for the community and society at large. More crucial is to note that all mentioned examples involved management decisions made by people - decisions that certainly had alternative options to engage in.

1.1 1.1 PROBLEM STATEMENT PROBLEM STATEMENT 1.1 1.1 PROBLEM STATEMENT PROBLEM STATEMENT

Business is a human activity. As such, it involves decisions that are based on certain moral foundations (DeGeorge 2005). Given the social and ecological problems at present time, these foundations and the role of business in society must be critically revisited from an ethical point of view. Thus, it becomes important to reinforce the role of business ethics in this process of change (Ulrich 2008a). Thereby, business and ethics cannot be separated, but have to be understood as mutually dependent (Werhane & Freeman 1999). While a set of theoretical concepts is elementary for understanding the broader picture, and in providing a normative fundament, it is self-evident that man has to be at the starting point of this development. In this sense, any substantial transformation of business culture requires managers that assume their role as moral leader with ethical awareness and sensitivity (Carroll 2001).

Business students are at the center of this scenario. In their role as stakeholders, they are first and foremost citizens that are affected by corporate decisions in the environment they live in. In many cases, they are also customers of a company. Graduating from university and entering the job

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market, students take on the role of a third stakeholder group: the employee. Thus, they have certain attitudes and expectations regarding the ethical conduct of business in both of their roles as individual citizens and future employees of a company. Based on this moral mindset, they will not only shape the development of the organization they work for. As employees, theyarein a sense the company as members, and thus representatives, of this organization. Thus, it is crucial to emphasize the understanding of their belief system.

1.2 OBJECTIVE 1.2 OBJECTIVES S S S 1.2 OBJECTIVE 1.2 OBJECTIVE

Taking the underlying problem statement into account, this thesis will adopt a two-fold approach that addresses two essential objectives. First of all, it is crucial to critically examine the relation of business and society under the premise of business ethics theory aspects. Therefore, an extensive literature review will be presented that offers the reader with valuable insights in the academic debate about business ethics. The purpose in choosing literature concepts was to highlight approaches that have fundamental substance in addressing aspects with regard to the good life, and the just social coexistence of business and society.

Based on this theoretical framework, a comprehensive empirical study was conducted among business students at both undergraduate and graduate level in Denmark, Germany, and the United States. The objective was to investigate their attitudes toward aspects of business ethics that had been previously discussed in the literature part. Therefore, a self-report online questionnaire was developed as survey tool. Students were asked to evaluate a wide range of questions regarding the moral dimensions underlying the relation of business and society. Furthermore, they were asked to specify primary and social corporate responsibilities, to define qualities of a well-run company, and to state personal criteria that are relevant for them in a notional job offer situation. Gathered data were then analyzed on a cross-cultural level, as well as within these three countries in terms of gender, academic level, age, and business ethics education.

The decision to investigate American, Danish, and German students was based on several facts. First of all, there has been no recent study that included the countries of focus in one investigation regarding attitudes among business students. Thus, this thesis will achieve to close this research gap. Second, Germany is the author’s native country, while Denmark is his educational base. The United States were furthermore included since they are not only the largest economy in the world,

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but also serve as a pioneer in shaping business ethics theory (Palazzo 2002). Despite the fact that all countries in focus have a similar cultural and economic background, it was assumed that differences in attitudes would still exist. Thus, conducting a cross-cultural research approach seemed valuable to increase the understanding in attitudes of students among and within all three countries for both academic and personal purposes. Thereby, business schools in the investigated countries are provided with insights that can help them to evaluate their curriculum, and to critically reflect their role and responsibility as agents of secondary business education. Furthermore, companies benefit from this research alike. They are presented with an evaluation of their corporate behavior, receive valuable information about what students perceive to be important business aspects, and can learn about the mindset of their future employees.

1.3 1.3 RESEARCH QUESTIONS RESEARCH QUESTIONS 1.3 1.3 RESEARCH QUESTIONS RESEARCH QUESTIONS

As indicated, the empirical part of this paper has several focus dimensions that found their way in the following research questions in order to address the overall objective of this thesis. The purpose is to analyze the following:

Based on these overall questions, investigating the following specific aspects was regarded as an useful approach:

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1.4 1.4 DE DELIMITATIONS LIMITATIONS LIMITATIONS LIMITATIONS 1.4 1.4 DE DE

This thesis tried with every effort to present a self-contained theoretical framework, and to conduct an elaborate research study. Nevertheless, there are certain constraints in approaching the overall two objectives of this paper. With regard to the literature review, it is noteworthy to state that the scope of theories within the academic field of business ethics is comprehensive and complex, given the several existing perspectives in addressing the topic. Thus, the literature framework does not make a claim to completeness. Rather, it applies a sample of existing theories into a new setting, and provides the reader with an insight in some key aspects of business ethics. Thereby, it is important to state that the presented concepts relating to the overall idea of ethical corporate conduct are mainly driven by Anglo-American authors, and thus may not always relate to the European context. However, given that the fundamental problem of ethical behavior is crucial for every company worldwide, the reader should find these concepts to be also applicable to Europe. Furthermore, this thesis has its main focus on the large corporation. Presented concepts may not always be applicable to small and medium-sized companies, given their scope in addressing extensive responsibilities, political influence, and financial possibilities. Again, it is argued that responsible business conduct is essential for any form of corporate institutions, and thus essential to be considered by all corporate agents.

With regard to the empirical approach, it is crucial to hold that attitudes in the context of this thesis should not be regarded in a strict psychological perspective (Fishbein & Ajzen 1972). Rather, the notionattitudeserves as an umbrella term for the beliefs, concerns, opinions, and perceptions that business students have toward aspects of business ethics. Thus, the initial purpose of the study was not to develop an extensive empirical model, but to investigate several aspects of the business and society relation by comprising a number of different question designs.

1. 1.5 5 5 5 THESIS OUTLINE THESIS OUTLINE 1. 1. THESIS OUTLINE THESIS OUTLINE

PART ONEincluded the first chapter, and has so far presented the introduction to this master thesis, as well as the given problem statement, the objectives, the underlying research questions, and the limitations of this paper. Next,PART TWOaddresses the theoretical framework, and is divided in three chapters.Chapter twointroduces the field of morality and ethics. It critically discusses the current separation thesis of business theory, and the meaning and legitimacy of business. Inchapter three,business ethics theories are covered. It starts by introducing traditional

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ethics approaches, and then outlines four contemporary theories that address individual, corporate, and regulatory business ethics aspects.Chapter fourlinks the subject of business ethics to the management of corporations. The concept of corporate citizenship is introduced in the first section. Second, the process of ethical decision-making, the idea of ethical leadership and moral leader, and the conception of integrity culture are introduced.PART THREEpresents findings from previous researches, which have been conducted among business students in relation to the underlying research questions of this thesis.PART FOURexplains the empirical framework, and comprises hypotheses, research approach and data collection, the questionnaire design, the participant sample, and the analytical approach.PART FIFEelaborates all relevant findings, and makes a statement about the verification of hypotheses. Furthermore, the research findings are discussed in detail. Finally,PART SIXconcludes this thesis by summarizing the key results, providing implications for both business schools and companies, and by naming limitations, as well as ideas for future research. In summary, Figure 1.1 illustrates the thesis outline in a graphical schema.

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Those who bear entrepreneurial responsibility in the economy are called to think in broader context. This implies to give oneself account of one’s behavior under consideration of ethical aspects, and to encourage such critical thinking. Reflecting our economic activities requires challenging the prevalent economic practice in terms of comprehensive human objectives and values. One fundamental postulation of ethics is to even engage in ethical thinking. Thereby, new ethical requirements are becoming topical due to the progressing development of economic prospects.

2.1 2.1 MORALE, ETHICS, AND BUSINESS ETHI MORALE, ETHICS, AND BUSINESS ETHICS CS CS CS 2.1 2.1 MORALE, ETHICS, AND BUSINESS ETHI MORALE, ETHICS, AND BUSINESS ETHI

Morale, meaning the (good) customs in its Latin origin, refers to the usually implicit »entirety of factual effective social ideals, principles, norms and rules that are valid in a certain cultural conduct of life and that help to evaluate whether behavioral decisions are socially desired or not«, regardless of whether »they can be generalized or not« (Scherer & Picot 2008: 4).

Morality is understood as the fundamental disposition and nature of man »in the sense of his personal claim to moral self-determination, his moral sensitivity, and his moral capacity for discrimination and conscience, as human state irrespective of cultural and historical forms under which it has been cultivated« (Ulrich 2008b: 31).

Ethos is »the subjective moral consciousness through which people define their personal self-understanding and the conduct of their lives, and justify the moral principles on which their lives are based, independently of whether they have ethically good reasons or are the victims of ideological self-deception« (Ulrich 2008b: 31). Thus, ethos reflects the »personal conviction as selfconception in regard to identity and legitimacy« (ibid: 31).

Ethics is the discipline of the »systematic review and evaluation of norms and values, and the derived actions« (Scherer & Picot 2008: 4). Ethics critically studies and reflects morality, and is »a systematic attempt to make sense of our individual and social moral experience, in such a way as to determine the rules that ought to govern human conduct, the values worth pursuing, and the

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character traits deserving development in life« (DeGeorge 2005: 19). It is concerned with »the application of reason to elucidate specific rules and principles that determine right and wrong for a given situation« (Crane & Matten, 2007: 8), and constitutes the »rational moral point of view« (Ulrich 2008b: 31). Ethics does not provide predetermined values, but acts as an orientation guideline for responsible reasoning (Suchanek 2007). The accordant basics of modern ethics concern the good life, the just social life, and responsible action (Ulrich 2008a).

As a human activity, business can be evaluated from a moral point of view (DeGeorge 2005). In its relationship to morality, »business […] presupposes a background of morality and would be impossible without it« (ibid: 10). Therefore, business ethics is »the study of business situations, activities, and decisions where issues of right and wrong are addressed« (Crane & Matten 2007: 5), meaning morally right and wrong in this context. In essence, business ethics concerns theoretical reflection about ethical challenges in day-to-day business, and the conceptualization of individual and organizational responsibility (DeGeorge 2005). The central focus of business ethics addresses how to align the realization and sustainment of corporate profits with ethical requirements that every responsible person or organization is or ought to be conscious of (Suchanek 2007). Thus, business ethics considers the harmonizing of the ethic-justifiable with the economic-feasible (ibid).

2.2 2.2 CRITIQUE OF ECONOMISM CRITIQUE OF ECONOMISM 2.2 2.2 CRITIQUE OF ECONOMISM CRITIQUE OF ECONOMISM

Efficiency gains and economic growth hold as elementary criteria of a sound economic policy. Thereby, it is not the market economy that is erring, but its excrescence toward a total market society that submits our whole life, and even politics, to the intrinsic logic of the market (Thielemann 1996). This postulate that forms our economic thinking is also termed economism (Ulrich 2008a). It dichotomizesbusiness factsandmoral valuesin a separation thesis (Harris & Freeman 2008) by neutrally analyzing the economic position, whereby the employed resources are reduced from their value aspects to mere operational ends (Werhane & Freeman 1999). The dogmatization of cost-benefit thinking hinders the view on non-economic means and ends aspects, and declares the economic principle of rationality as all-embracing law of reason for all market actors (Ulrich 2005). In this sense, the normative logic of interhumanity is reduced to a mere logic of reciprocal beneficial tradeoffs, with the homo economicus as the ideal image of man (Kerber 1998).

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Reasonably however, the market economy should be embedded in higher aspects of the good life, and the just social life of free and equal citizens (Ulrich 2008a).In this sense, the premise is acivilized market economy(Ulrich 2008b), because economic activity is not a pure end in itself, but a means to an end of the good life (Kerber 1998). As such, business decisions are choices that have alternatives for action or inaction with different affects on society (ibid). Thus, »every economic decision […] is embedded in a believe system that presupposes some basic values or their abrogation« (Werhane & Freeman 1999: 2). Nevertheless, the separation thesis still holds in the commonmetaphysics of the market(Thielemann 2009), which forms the economic rationality basis of economic liberalism in the market principle, and contains of two paradigms.

On the one hand, there is the illusion that economic necessities, due to market competition, make it nearly impossible to claim ethical standards on the actions of economic actors, since competition does not reward behavior beyond the economic logic (Werhane & Freeman 1999). However, these inherent market necessities, in contrast to real inherent necessities, cannot be equated with natural laws, and thus these necessities can never be coercive (Kerber 1998). Only under the norm of strict profit maximization do value conflicts occur. In practice, this means that »the superficial inherent necessities can be dismissed if we free ourselves from the mental constraints that lie at their roots« (Ulrich 2009: 6). Hence, we need to ask »for good reasons for the existing practice, respectively for the reform of this practice«, which means that we should »envision new starting points for a lifeserving politics that restricts those inherent necessities« (ibid: 6), both at the individual and the collective level.

On the other hand, it is often argued that the market already holds morality, since exchange and competition for the purpose of maximized benefits yield to prosperity, and thus to positive outcomes for all market actors (Homann & Lütge 2005). It is the belief in the »beneficial effect of the invisible hand« (Thielemann 2009: 11) that makes profit maximization the universal moral corporate duty, assuming that it benefits the interests of consumers, and the public good in general (Homann & Lütge 2005). In practice, however, we observe the existing prosperity from economic growth to be allocated disproportionately. The market creates not only profiteers, but increasingly actors on the losing end that live on the societal sidetrack in unemployment and poverty (Thielemann 2009). We face a »process of creative destruction« that results from economic growth (Schumpeter 2009: 25). Therefore, it is often stated that »whoever does not adapt his manner of life

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to the conditions of capitalist success must go under or at least cannot rise« (Weber 2008: 209). As a result, the manifest consequences of economic rationality can be found in the social and ecological problems of our time to a large degree.

These problems illustrate that a two world dichotomy of an economy free of ethics, and an ethics free of economic aspects, cannot exist. Every decision derives from norms that are based on moral aspects, and includes consequences that affect other market actors by causing externalities (Werhane & Freeman 1999). This implies that corporate activities cannot be regarded separately from their impacts on society. Parameters of economic reasoning can only be reflected and reasonably justified in ethical categories (Kerber 1998). Thereby, economic activity inevitably adheres to the question for what, and for whom, a market economy should function in an efficient and rational manner (Ulrich 2005).

2.3 2.3 BUSINESS BUSINESS : : THE QUESTION OF MEANING THE QUESTION OF MEANING 2.3 2.3 BUSINESS BUSINESS : : THE QUESTION OF MEANING THE QUESTION OF MEANING

The question of meaning is elementary by asking »which values should be created« (Ulrich 2008b: 186). It emphasizes the beneficial effects of economic activity regarding the good life, and examines whether our economic activities are good for ourselves (Ulrich 2005). The question of meaning is of »teleological-ethical kind, concerning the human fulfillment and cultural motives of rational economic activity in everyday life« (Ulrich 2008b: 186).