The Undeadly Sin

New codes of business ethics are being promoted

Recent corporate scandals have been fuelling more public alarm than ever about business ethics. But does greed as an economic motivating force deserve to be universally condemned?

Diane Coyle asks whether we could manage without some forms of avarice in a truly enterprising and risk-taking society.

The 1980s and '90s saw growing differentials in corporate pay in the U.S. and other Western countries, with a small minority at the top commanding huge salaries and share options.

The prevailing economic ideology justified this on the grounds that it offered incentives for dynamic and enterprising leadership. But now the pendulum seems to be swinging the other way.

Financial self-interest is becoming a dirty word, and new codes of business ethics are being actively promoted.

Analysis asks if there may be a danger of too much moralizing killing the goose that lays the golden egg.

Successful capitalism has always relied on the profit motive; so where should we draw the line, and when does legitimate self-interest turn into the kind of personal greed that destroys companies, destabilizes markets and corrupts the individuals involved?

These questions are explored with contributors ranging from business leaders to theologians.

Presenter: Diane Coyle
Producer: Zareer Masani
Editor: Nicola Meyrick

BBC Radio 4's Analysis: 'The undeadly sin' was broadcast on Thursday, 28 November 2002 at 2030 GMT.