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Risk Taking and the Ethics of Entrepreneurship

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Evolving Business Ethics

Part of the book series: Wirtschaftsethik in der globalisierten Welt ((WGW))

Abstract

In his famous article from 1905, “the Protestant ethics and the spirit of capitalism”, Max (Weber (1905/2005, 29) described the situation of the continental European textile industry until around 1850: “The number of business hours was very moderate, perhaps five to six a day, sometimes considerably less; in the rush season, where there was one, more. Earnings were moderate; enough to lead a respectable life and in good times to put away a little. On the whole, relations among competitors were relatively good, with a large degree of agreement on the fundamentals of business. A long daily visit to the tavern, with often plenty to drink, and a congenial circle of friends, made life comfortable and leisurely.”

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Notes

  1. 1.

    This is Hayek’s well-known argument against the possibility of a central planning authority, which, he argues, could never amass nor manage the amount of information necessary to produce and distribute the goods.

  2. 2.

    In the same vein, Schumpeter’s (1942) use of the (originally Marxist) term “creative destruction” is equally ambivalent.

  3. 3.

    Cf. the examples given by Pies et al. (2009).

  4. 4.

    Cf. Luetge, Vollmer (2004).

  5. 5.

    Cf. Luetge (2012b) and (2013) as well as Homann (2002).

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Authors and Affiliations

  1. Peter Löscher Chair of Business Ethics, Technical University Munich, Munich, Germany

    Christoph Luetge

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  1. Christoph Luetge
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Correspondence to Christoph Luetge .

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Editors and Affiliations

  1. Technische Universität München, München, Germany

    Christoph Lütge

  2. Technische Universität München, München, Germany

    Marianne Thejls Ziegler

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Luetge, C. (2022). Risk Taking and the Ethics of Entrepreneurship. In: Lütge, C., Thejls Ziegler, M. (eds) Evolving Business Ethics. Wirtschaftsethik in der globalisierten Welt. J.B. Metzler, Stuttgart. https://doi.org/10.1007/978-3-476-05845-4_4

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  • DOI: https://doi.org/10.1007/978-3-476-05845-4_4

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