Record Details

How Confusing Greed with Self-Interest Nearly Destroyed the World Economy

Journal of Leadership and Management

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Field Value
 
Title How Confusing Greed with Self-Interest Nearly Destroyed the World Economy
 
Creator Friedman, Hershey H.; Hershey H. Friedman, Ph.D.
Professor of Business,
Department of Business Management, Koppelman School of Business, Brooklyn College,
CUNY, 2900 Bedford Avenue, Brooklyn, NY, 11210, USA
e-mail: x.friedman@att.net
Hertz, Sarah; Sarah Hertz, Ph.D.
Associate Professor,
Empire State College, State University of New York, Saratoga Springs, New York, USA
email: Sarah.Hertz@esc.edu
 
Description Adam Smith demonstrated how self-interest and the “invisible hand” of the marketplace allocated scarce resources efficiently and promoted social welfare. Unfortunately, the invisible hand argument led to the belief that regulation is unnecessary and that “greed is good.” Greed should not be confused with self-interest. In the long run, greed is selfish and can destroy an organization or country. Self-interest, on the other hand, may include benevolence and could therefore be used to justify moral capitalism.Keywords: Adam Smith, capitalism, greed, Karl Marx, rational man, maximizing shareholder value, pay it forward, Peter Singer, Pope Francis, self-interest, tone at the top, world poverty
 
Publisher Journal of Leadership and Management
 
Contributor —
 
Date 2019-02-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://leadership.net.pl/index.php/JLM/article/view/148
 
Source Journal of Leadership and Management; Vol 1, No 15 (2019): Journal of Leadership and Management
2391-6087
 
Language eng
 
Relation http://leadership.net.pl/index.php/JLM/article/view/148/106
 
Rights Copyright (c) 2019 Author & JLM
http://creativecommons.org/licenses/by-nc-sa/4.0