The main purpose of this paper is first to discern the overwhelming influence of Kantian thought in the development of mainstream political economic doctrines. In this we will show that the Kantian philosophical influence has introduced an abiding element of duality in all matters of the western liberal theory of social contract and political economy. The nature of Kantian moral philosophy will be shown to have left the study of political economy by and large ethically neutral by treating the role of morals, ethics and values exogenously to the economic system. We will then introduce some substantive elements of an alternative approach to the treatment of ethics and values in the socio‐economic system. We will show that in the alternative approach to the study of social contract theory and political economy the ethical considerations appear as endogenous elements and strongly negate the Kantian principle of duality and individualistic rationalism.
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