Capitalism, Religion, Business Legitimacy, and the Ethical Economy

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This chapter addresses the difficult problem of the legitimacy of the corporations in modern society from the perspective of the relation between economics and religion. In the perspective of the religious foundations of economics, the chapter
discusses different approaches to economics, based on different economic theories and concepts of the economy. The debate about legitimacy of the economics of the firm represents in modern economics the place of intersection between economic values and other values. With this approach, the chapter discusses modernist economics of neoliberalism and welfare economics from the point of view of social legitimacy of economics. Moreover, the chapter presents institutionalist alternatives to neoliberalism and welfare economics in the context of postmodernism and search for a more sustainable transformation of economics in society.
Original languageEnglish
Title of host publicationHandbook of Business Legitimacy : Responsibility, Ethics and Society
EditorsJacob Dahl Rendtorff
Number of pages26
Place of PublicationCham
Publication date2020
ISBN (Print)9783030146214
ISBN (Electronic)9783030146221
Publication statusPublished - 2020


  • Protestant ethics
  • Catholic economic thought
  • Chicago school of economics
  • institutional economics
  • Welfare economics

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