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Business Ethics in Difficult Times: Takeaways from the Current Corona and Economic Crises

The COVID-19 pandemic poses serious global challenges. Not only are they influencing political and social decisions, they are also affecting economic ones, both within individual companies and with all market participants. We are currently threatened by an unprecedented recession, which calls for active invention in the economy and companies themselves. This paper examines normative aspects of business and corporate ethics and shows how they can be used to better counteract the current crisis and associated challenges. I show that cooperative competition and open information-sharing with competitors can be mutually beneficial. I likewise suggest the importance of qualitative innovations that are recognized by society and all whom they directly or indirectly affect. If both aspects are combined – cooperation and the recognition of innovation – extensive innovation clusters can be initiated that can actively counter the current economic crisis. Keywords: Cooperative competition, qualitative innovation, coronavirus, recession, business ethics, philosophy of economics, innovation cluster, basic goods