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Summer 2016

ISSN 0890-913X

Volume 31, Number 2

Categories: Summer 2016 | Economic Education

Introducing the Moral Foundations of Capitalism in Undergraduate Business Law and Ethics Courses Using Kelo v. City of New London

Laura Rae Dove, Troy University

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TheJournalofPrivateEnterprise31(2),2016,87–95IntroducingtheMoralFoundationsofCapitalisminUndergraduateBusinessLawandEthicsCoursesUsingKelov.CityofNewLondonLauraRaeDoveTroyUniversity__________________________________________________________AbstractInits2005decisioninKelov.CityofNewLondon,theUSSupremeCourtupheldtheuseofeminentdomaintotakeprivatepropertyfortheuseofotherprivateentitiessolongasthetakingisdesignedtoconferapublicbenefit.ThispaperdiscusseshowKelocanbeusedinundergraduatebusinesslawandethicscoursestointroducestudentstothemoralfoundationsoffreeenterprisecapitalism.Thecasepresentsauniqueopportunitytocorrectseveralfundamentalmisconceptionsthatmanyundergraduatestudentsbringtotheclassroomaboutthenatureofcapitalismandbusinessingeneral.__________________________________________________________JELCodes:A22,K11Keywords:economicseducation,eminentdomain,Kelov.CityofNewLondonI.IntroductionBusinesslawandethicscoursesaretypicalcorecurriculumrequirementsinUScollegesandschoolsofbusiness(AACSB2013Standards;MillerandCrain2011).Evenwherebusinessethicsisnotastandalonecourse,itisfrequentlycoveredinbusinesslawandlegalenvironmentcourses(Allison1991;MillerandCrain2011).Manytextbooksonthesesubjectsbrieflyaddressprofitmaximizationtheorybutotherwisedevotelittleattentiontothenatureoffreeenterprisecapitalism(seeClarkson,Miller,andCross2015;CrossandMiller2014;Ferrell,Fraedrich,andFerrell2012;MelvinandKatz2014;Reedetal.2013;TreviñoandNelson2014).Ineffect,manytextbooksconflateprofitmaximizationwiththesystemoffreeenterpriseinwhichitistooperate.Addressingthisshortcomingisessentialgiventhemisconceptionsthatmanystudentsdeveloplongbeforecollegeaboutwhatmotivatesbusinesspeopleanddrivesbusinessactivities.PollsdemonstratingAmericans’distrustofbusinessareubiquitous(Ferrell,Fraedrich,andFerrell2013),andthemedia’sportrayalof

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Title	Introducing the Moral Foundations of Capitalism in Undergraduate Business Law and Ethics Courses Using Kelo v. City of New London
Authors/Creators:	Laura Rae Dove, Troy University
Year:	2016
Volume:	31
Number:	2
Pages:	87 - 95
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	economics education, eminent domain, Kelo v. City of New London

Citation:
Rae Dove, Laura / 2016. "Introducing the Moral Foundations of Capitalism in Undergraduate Business Law and Ethics Courses Using Kelo v. City of New London." The Journal of Private Enterprise, 31(2): 87-95.