4. Economic citizens: discourses, gainful employment, consumption and investment
Economically literate citizens form part of the critical public. They turn economic and political action into a public matter (Latin: res publica) by scrutinising its legitimacy through ethical discourse. The aim is for the critical public to educate itself on the basis of sound arguments.
As an employee, the responsible economic citizen is a member of a company and an agent of a principal. By virtue of their employment contract alone, they owe the company loyalty. They must therefore, in principle, not act against the company’s interests (keyword: breach of trust). However, they must not be expected to engage in illegal and/or illegitimate conduct either. A critical sense of role identity helps to strike the right balance between personal interest, the company’s interests and the public interest – sometimes a real balancing act.
As a consumer, the responsible economic citizen is a demand-side participant in the goods market. They are aware that, in a market economy, the consumer is – or should be – the sovereign. Whilst their consumption serves to satisfy personal needs, they are free to take social, environmental and ethical product characteristics into account and to exert influence by directing their purchasing power in a targeted manner. Ethical or sustainable consumption often does not, or hardly does, reduce one’s own benefit in buyer’s markets (due to fierce competition) – this is both an opportunity and a risk.
As an investor, the responsible economic citizen acts as a supplier in the money and capital markets. In doing so, they aim to preserve and grow their wealth. When comparing the numerous investment options, they can take into account not only the traditional criteria (return, security, liquidity) but also social, environmental or ethical criteria. Through ethical investment, capital is made available only to selected companies to finance investments. Yet there are differing views on what is ethical and what is not.
Self-confidence as a responsible economic citizen is a normative ideal. In reality, many people regard economic activity as a ‘purely private matter’ and do not engage in either social or political life – without realising that this is precisely what they are doing.
Didactic Principles
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