Wilhelm Röpke and the Role of “Moral Capital” for the Social Market Economy

This paper portrays the contribution of Wilhelm Röpke (1899-1966) to business ethics and social responsibility of entrepreneurs. First, Röpke’s critique of liberalism and his concept of social market economy are emphasized. Afterward, we analyze the normative foundations of Röpke’s concept of the entrepreneur. He called for the moral responsibility of business actors and perceived it as “moral capital.” Moreover, we discuss the relevance of Röpke in the contemporary context of international business practice. Finally, the role of entrepreneurial morality for the emergence of institutional frameworks for international business is discussed.