What ethical norms and obligations apply to economic agents such as companies and consumers? This question sits between two distinct strands of thought: ethics and economics. While economic behaviour often centres on self-interest and competition, ethical thinking emphasises empathy and cooperation. Business ethics seeks to bridge this divide—but past approaches have leaned too heavily toward either moral idealism or economic detachment. This book proposes a more balanced framework, where both ethical and economic reasoning have their place. Drawing on historical and contemporary debates, the authors examine key issues including the profit motive, justice in prices and wages, market harms, the limited liability corporation, and corporate social responsibility. The resulting theory is sensitive to the unique moral dynamics of market contexts and their broader societal consequences. Between Ethics and Economics is essential reading for anyone interested in how ethics and economics intersect in today's marketplace.

‘Brimming with fascinating historical details and economic insights, ‘Between Ethics and Economics' develops a powerful case for a ‘moral leeway' approach to business ethics. Professors Sandberg and Walsh build on a clear-eyed appraisal of markets' goods and harms to deliver a principled middle path, navigating deftly between the extremes of unrealistic moralism and pathological amorality.'

Hugh Breakey - Principal Research Fellow and Deputy Director, Griffith University's Institute for Ethics, Governance & Law

'This important book offers a fresh and compelling perspective on markets and morality, developing an original and highly plausible account of business ethics and corporate responsibility. It will appeal to ethicists, economists, and business scholars alike for its nuance, rigour, and clarity. Along the way, the authors offer incisive insights into the invisible hand, corporate moral agency, the just price of labour, the harm principle, and more, making this book a valuable and engaging contribution to contemporary debates in the field.'

Boudewijn de Bruin - Professor of Financial Ethics, University of Groningen, and editor of the ‘Journal of Business Ethics’

'Joakim Sandberg and Adrian Walsh articulate a view that is challenging to defend – that people are morally permitted to do things in business that are otherwise morally impermissible, but this does not mean that business is ethics-free. The authors helpfully summarize ethical debates on key topics – including pricing, corporate governance, and CSR – and situate them in economic and historical contexts. Their book deserves to be widely read. Business ethics scholarship will be deeper for it, and practitioners, richer.'

Nien-hê Hsieh - Kim B. Clark Professor of Business Administration, Harvard Business School