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Abstract
The aftermath of recent financial crisis has added fresh impetus to the belief where non-adherence to business ethics is viewed a powerful contributor to the fallouts. Scholarship has asserted on the nexus between business ethics and economic justice; sufficing it pivotal for the development of the societies. It has been shown that absence or lack of adherence to ethics has resulted in maldistribution of income and wealth and economic resources; intensifying class culture and breed of economically deprived. Different strand of theories were put forward in explaining the notions and the relationship of the same. Consequently, a number of models and frameworks has been circulated, over the decades, to provide philosophical underpinnings. The current study will not only dwell on the known theories of ethics and justice but will put forward a relevant framework from an Islamic perspective. It will be argued that a system based on the proposed framework not only offers a unique and all-encompassing nexus of business ethics and economic justice but simultaneously provides the institutional scaffolding that essentially maintains the same.
Key Words: Business Ethics, Theories of Justice, Economic justice, Islamic framework
Introduction
With the adoption of market capitalism, it was not before long, the proponents started realizing the side effects in terms of creating huge amount of poverty. Consequential were the writing of the scholarship, including that of Karl Marx's anti-capitalism analysis. Nevertheless, what remained dominant ad mist the philosophical and pragmatic disclosures was the Keynesian view. Advocating an interventionist approach, the societies began to look towards governments to try to adopt ways and means through which the negative impacts of market capitalism could be reduced. Governments thus became an intervener in the market or in the economy. As a result, masses related governments as 'night watchmen' in market capitalism, while making sure that people do not infringe on other's rights. Apart from this, governments had no other business in getting involved in the economy.
Nevertheless, among other circles, government has a responsibility, a duty to ensure that negative aspects of capitalism are corrected. In addition there were market failures where, the economy, if left to it-self, does not produce certain kinds of goods i.e. social goods; governments had to produce them. However, in order to produce,...