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culative investing, including taxes on gains made by nonprofit pension funds. There is also interest in laws changing corporate governance to allow shareholders and other stakeholders to play a larger, more active role. For a full discussion of the difficulties produced by the short-term outlook of business and proposed reforms of the stock market to foster a greater focus on long-term growth, see Robert Kuttner, Everything For Sale: The Virtues and Limits of Markets (New York: Alfred A. Knopf, A Twentieth Century Fund Book, 1997), pp. 188ff and passim.

(22) Robert Bellah and William M. Sullivan make a similar point: 'To view the economic institutions as 'private' made sense when most Americans spent their lives on family farms and family firms. But today, when most American men and a rapidly increasing proportion of American women spend much of their lives in large economic structures that are for most purposes 'public' except that the profits they make go to an impersonal collection of institutional and individual 'private' stockholders, it becomes imperative to bring the forms of citizenship and civic association more centrally into the economic sphere.' 'Democratic Culture or Authoritarian Capitalism?' Society 18(September/October 1981): 46.

(23) I draw the terms 'practice', 'intrinsic' and 'extrinsic' goods from Alasdair MacIntyre, After Virtue: A Study of Moral Theory 2d ed. (Notre Dame: University of Notre Dame Press, 1983), pp. 187-96.

(24) See William M. Sullivan, 'Calling or Career: The Tensions of Modern Professional Life' in Albert Flores, Professional Ideals (Belmont: Wadsworth Publishing Co., 1988), pp. 40-6.

(25) See William M. Evan and R. Edward Freeman, 'A Stakeholder Theory of the Corporation: Kantian Capitalism,' in Beauchamp and Bowie, pp. 97-106.

(26) For a discussion of the conflict between managers' traditional responsibility toward stockholders and their newly proposed duties toward all stakeholders, see Kenneth E. Goodpaster, 'Business Ethics and Stakeholder Analysis,' Business Ethics Quarterly 1:1(January 1991), and the reply by John R. Boatright, 'Fiduciary Duties and the Shareholder-Management Relation: Or, What's So Special About Shareholders?' Business Ethics Quarterly 4:4(October 1994): 393-407.