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By Sandro Segre

Ethical economic climate, as a suite of ideas which control industry transactions, has been the item of a lot study and debate because the 1980's. Classical sociological authors similar to Weber, Simmel, and Toennies additionally handled this topic, besides the fact that Weber specifically dwelt at the ideas of the ethical economic system within the monetary markets. This paintings sheds gentle on Weber's contribution, as exotic from these of Simmel and Toennies, formulating versions of industrial family, one oligopolistic and the opposite in line with loose pageant, and exhibits the results on competitiveness on the earth industry that move from the superiority of the only version or the opposite. The behavior of actors in monetary markets is usually accounted for, making connection with Weber's writings at the London and Berlin inventory Exchanges, and to investigations on modern monetary markets

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Especially in business and financial milieux, then, personal trust “is a prime means whereby social relations of a distanced sort […] are established” (Giddens 1990: 119). Toennies, in this regard, would however contend that fair business norms, while necessary for maintaining trust, are honored only insofar as instrumental to the pursuit of individual advantage. Contemporary students of the so-called moral economy are close to Toennies’s position when they wonder if “action that appears to meet moral standards” may not be actually motivated by the actors’ “economic self-interest” (Granovetter 1994: 467).

In addition, the networks of relations based on trust among firms or among those who manage them do not seem relevant in themselves for this purpose. Both explanations, as we have seen, are static and therefore—although potentially useful—cannot give account for the superiority over competitors of firms or business groups in a changing economic environment. But neither do theories on organization, such as the theory of structural contingencies or the ecological theory, seem fully appropriate. Their relevance in this domain is out of question, particularly if they are considered in conjunction with the previous ones.

Rational Gesellschaft relations are thus instrumental to the preservation of a market Gemeinschaft, or community (Weber 1956: 205; 1968: 346). In most instances, the informal norms ruling the financial communities are strong enough to enforce compliance on all its members (Weber 1924: 276, note 1; 1956: 383; 1968: 637–8; 1999: 158, note 8). Still, state controls and the formal sanctions, including the penalty of expulsion, imposed by these private tribunals may also be necessary to enforce such informal norms.

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