Confucian Moral Theory and the Marketplace

Paper Summary:

This paper explains the Confucian moral theory and how it relates to the marketplace. The paper compares and contrasts the East Asian marketplace with the Western marketplace particularly in relation to their morality. The paper shows how some of the Western markets' basic principles have been adapted in order for Asia to become and remain successful in the world marketplace and it discusses the consequences of these adaptations.

From the Paper:

"In East Asia, business practices that would be accepted by Westerners are considered to be immoral. For example, if a gas station charged exorbitant prices for gas because they were the only place that had the resource available, this would be unconscionable to East Asians. In a competitive market it is not immoral to do this, but in the minds of East Asians it is considered to be immoral since the customer is being taken advantage of, especially since the consumer has no recourse (Magagna 11-01-06). Mencius, a Confucian thinker, believes that markets are not purely about self-interest or taking advantage of other people. Instead he thinks that markets involve cooperation and collective action, both of which can improve people's lives (Magana 11-06-06)."

Sample of Sources Used:

• Bell, Daniel A. Confucianism and the Modern World. Cambridge, UK: Cambridge University Press, 2003.
• Magagna, Victor. University of California - San Diego. Fall 2006.
• Yao, Xinzhong. An Introduction to Confucianism. Cambridge: Cambridge University Press, 2000.

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