New Challenges for International Business Research
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New Challenges for International Business Research

Back to the Future

John H. Dunning

In this final collection of his essays, John Dunning looks back on more than 40 years of research in international business (IB), whilst at the same time considering possibilities for the future. This book includes fifteen updated chapters, many of which have not been widely accessible to the IB community until now. It provides a fascinating insight into the evolution of Professor Dunning’s thinking on some of the most important issues in the contemporary global economy, from the role of institutions in development to the moral challenges of global capitalism. Including some personal reflections, this compelling collection provides a unique perspective on the intellectual contribution from one of the field’s greatest scholars.
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Chapter 12: In Search of a Global Moral Architecture

John H. Dunning


INTRODUCTION This chapter is designed to fulfil two main purposes. The first is to present the main findings of my edited volume Making Globalization Good, published by Oxford University Press in 2003. In that volume, 14 prominent economists, religious leaders, political scientists, statespersons and business leaders set out their views on how global capitalism and the global market place might be made more economically inclusive, socially acceptable and environmentally sustainable by upgrading its moral and ethical content. The second purpose of this chapter is to address, albeit very cursorily, the moral and ethical weaknesses of the contemporary state of global capitalism which the credit crunch and banking failures have so vividly exposed in 2007 and 2008. We then go on to assert that it is only by a holistic and more ethically based recasting of the leading institutions of global capitalism that such weaknesses can be overcome. In an Appendix to this chapter we set out the contributors to our earlier edited book. As far as possible, we have tried to update our findings to embrace the events between 2003 and the end of 2007. 2. PURPOSE OF THE ORIGINAL CHAPTER In my 2003 volume, each of my fellow contributors addressed three basic questions – from his or her particular perspective. These were: 1. How far, and in what respects, does the current stage of responsible global (or globalizing) capitalism (RGC) fall short of its economic potential, social acceptability and long term sustainability? To what extent can its deficiencies be attributed...

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