Market Ethic and Morality Transformation in Emerging Economies
Purpose: The integration of transitional economies into the global economic system has led to unprecedented economic growth and prosperity in developing countries. In the meantime, moral degradation, inequities of wealth, corruption, and environmental deterioration are endemic of those countries. The present study aims to examine the role of market ethic in economic reform and morality transformation in transitional economies. Design/Methdology/Approach: The economic reform undertaken in the largest transitional economy in the world is analyzed to reveal the critical role of market ethic in economic transition, and the importance of embracing ethics of justice in morality transformation. Findings: The results show that market ethic is critical to the success of economic reform and that morality of justice is essential for regulating market force and providing the ethical foundation of the market. The findings of this study should enhance our understanding of the role of market ethic in economic reform and the importance of justice in transforming morality. Practical Implications: This study should provide important guidance and invaluable insights for business managers as well as policy makers in emerging economies. Originality value: The findings demonstrate that adopting a market economic system inevitably leads to changes in beliefs, values and ethical norms. Embracing ethics of justice is key to successful morality transformation in emerging economies.