Greenspan spoke at the Wharton commencement, advising the Graduates to be honest and fair in their dealings with Others. The general tone of his words implied avoidance of the personal corruption, which comes with dishonest dealings with Associates, Competitors, and External Controls in the Marketplace. It sounded a correct note for graduating Students, but actually does little to suppress the personal corruption.
The basic malfeasance exhibited in the Business world comes from excessive Regulation. Lawyers and Legislators hold the blame for the corruption, by demanding very specific and particular statement of every 'Can Do' or 'Can't do'. Basic Injury Law should be utilized to govern Business ethics. The Statement for Justice in Business performance must be: Who, if Anyone, suffered Personal Injury or Financial Loss due to unethical Business practice? The obtuse regulations on Business conduct draw Everyone away from the above central question.
The Author will immediately be queried as to the definition of ethical Business conduct, saying the lack of definition requires the intense regulation. He can only provide a definition he believes valid: Ethical Business conduct is that which does not impose Exterior Costs upon Others without recompensation. lgl