Market Participation, Self-respect, and Risk Tolerance

CL Cordasco, N Cowen

Research output: Contribution to journalArticlepeer-review


How important is the experience of risk in business endeavors for self-respect and moral development? Tomasi prompts this question with his attempt to reconcile Rawls’s theory of justice as fairness with free-market capitalism, by claiming that economic activity is a way for people to exercise their autonomy, responsibility, and self-authorship, including through voluntary risk-taking. Critics argue that the social environment generated through market institutions is ill-suited for developing a sense of responsibility and autonomy among citizens. We refine the case for economic liberty by looking at the link between risk-taking and attitudes toward democratic citizenship. We highlight the critical role of ethical business practice as a contributor to the stability of liberal-democratic societies.

Original languageEnglish
Number of pages12
JournalJournal of Business Ethics
Early online date24 Mar 2023
Publication statusE-pub ahead of print - 24 Mar 2023


  • Cooperation
  • Entrepreneurship
  • Risk


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