... the acquisition of moral capital Moral capital and leadership 41 These are the qualities of Wdelity, commitment and able action in the service of publicly valued goals Moral capital is always ... Economy and Society (New York, Bedminster Press, 1968, originally published 1922), pp 242–245 Moral capital and leadership 33 diVer, as we have seen, very dramatically But if moral capital lies, ... ways and be eVective across constituency lines in unexpected ways Personal and institutional moral capital Leaders as individuals strive to acquire personal moral capital on the strength and quality...