modernity, postmodernity, globalization, ethical economy, risks, social market economy


The article is devoted to the problem of the compatibility of the economic and ethical foundations of entrepreneurial activity. In the conditions of postmodernism, their connection is blurred by a complex interweaving of economic and ethical motives. The conclusions of researchers who study this issue often contradict actual practice. Moreover, in postmodern philosophy, ethics in the general theoretical sense was not only underestimated, but also not regarded as an acceptable phenomenon. That is why science has not developed a complex of intellectual actions that would have a universal character to neutralize the negative consequences of postmodernism.

Considering the growing role of ethical issues in the modern society and their lack of development in the economic environment, it is reasonable to analyze the series of works of the German economist, philosopher and sociologist Peter Koslowski. In his studies, the issues of bridging the gap between ethics and economic rationality associated with postmodernism as a special historical era, which is characterized by a number of specific features that are critical to the emergence and deepening of socio-economic risks, are discussed in a balanced and objective manner. Due to this it is relevant to define the problems of the theory of ethical economy not in isolation, but in interaction and mutual influence with modern transformation processes of postmodernism. The productive attempt to consider these issues was made by Peter Koslowski in his fundamental works: «Postmodern Culture», «Principles of Ethical Economy», «Ethics of Banking». The purpose of this article is to consider, based on the conceptualization of Peter Koslowski’s methodological position, the theoretical concept of ethical economy as a potentially important factor in overcoming the ethical neutralization of the economic system in the postmodern period. The novelty is the definition of ethical economy as a universal theory of rational activity, which takes into account the interaction of various socio-economic factors — ethics, economy and finance, law, sociology, history — which allows it to be interpreted as a multi-subject scientific discipline, the semantic contexts of which determine behavioral choice of economic entities, consumer and humanitarian expectations of the population. The methods of hermeneutics, analysis and synthesis, comparison, abstraction and generalization were used in the research. The main conclusions of the article are characterized by theoretical innovations that can provoke methodological discussions and ultimately contribute to an in-depth study of the multifaceted issues of ethical economy. The detailed and logically consistent concept of ethical economy as a system of economic views on a fair economic order during the period of change of world history eras, change from modernity to postmodernity is presented. The normative side of ethical economy includes legal obligations, which can be properly implemented in laws. In the triad of law, ethics and economics, the principle of efficiency and social justice applies to both law itself and ethics and should be used in the development of adequate legislation.


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Author Biography

Valerii Novikov, Institute for Demography and Life Quality Problems of the NAS of Ukraine

Dr. Sc. (Economics), Prof.



How to Cite

Новіков, В. (2024). ETHICAL ECONOMY AS A METHODOLOGICAL CHALLENGE OF POSTMODERNISM. Demography and Social Economy, 55(1), 3–21.



Theory of socioeconomics

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