Various international initiatives call on business schools to direct their research and teaching so that business ethics and corporate social responsibility gain a greater, even systematic status. This article presents two arguments as to why business schools have an interest in responding constructively to these claims. First, the societal environment for business has changed dramatically, thus creating new chal- lenges for companies. Second, economic and business ethics can be developed on grounds that are com- patible with the theoretical rational-choice paradigm underlying economics and much of management science. Moreover, an “ordonomic” approach to business ethics can also generate valuable contributions for a strategic management of stakeholder relations.