 Historically, conceptions of “doing business” have long been accompanied by ideas about certain moral norms, often captured in terms of the “honor” of the merchant (cf. e.g., Smith 1978 [1762/66], 538f.). Even Friedman, in his famous article in which he claims that “The Social Responsibility of Business is to Increase its Profits”, holds that business people should do this “while conforming to the basic rules of society, both those embodied in law and those embodied in ethical custom” (1970, emphasis added). As Heath argues, in pursuing profits firms have a responsibility not to exploit market failures such as information asymmetries, which serves both ethics and efficiency (2014; for a critical discussion see e.g., Moriarty 2020). An important question that connects the topics of business ethics and corporate social responsibility to the normative evaluation of markets is whether markets reward or punish ethical behavior, i.e. whether business ethics is a cost or a strategic advantage for companies (cf. e.g., Porter/Kramer 2006 for how the latter might be achieved). This depends on their institutional embedding, but also on the consumers’ “ethics of consumption”, which is an important new field of research on markets (see e.g., Crocker/Linden 1998; Schwarz 2010). The basic idea is that if consumers express not only their self-interested, but also their moral choices in markets, markets can become instruments for making societies more just and economies more sustainable. At the same time, consumer-driven strategies such as ethically motivated boycotts may need to fulfil certain criteria in order not to undermine democratic legitimacy (Hussain 2012, Berkey 2021 and the literature quoted there). In many societies, these are ongoing processes, and it remains to be seen how effective they can be in steering the global economy onto a more just and more sustainable path.