<p>How exactly individual flourishing and societal flourishing are connected is a central question in social sciences in general and in business ethics in particular. We argue that the main theories of flourishing have developed along a trajectory going from Aristotle to Aquinas and then to the current, prevailing understanding of the relation between individual and societal flourishing. This relationship has been theorized in terms of the pursuit and achievement of the “societal good.” This concept of “societal good” includes three distinct concepts: mutual advantage, the common good, and the collective good. In this paper, we meticulously distinguish these concepts, tracing the concept of mutual advantage back to Aristotle, the common good to St. Thomas Aquinas, and the collective good to Enlightenment and post-Enlightenment thinkers.</p><p>Our failure to be clear about the significant differences among these three concepts means we have not always understood exactly what is at stake in favoring (explicitly or implicitly) one notion over another. We argue that many business ethicists have adopted a collectivist approach, which, in subordinating ethics to politics, poses a significant threat to human dignity and thus to flourishing at both the individual and community level. Other business ethicists have argued for the adoption of an Aristotelian understanding of <i>eudaimonia</i> or flourishing, but that approach, too, may threaten human dignity. Although Aristotle stresses a politically embedded individual who possesses the authoritative agency to achieve his or her own flourishing while pursuing interests shared with other members of the polis, Aristotle’s approach may be less effective than that of Aquinas when it comes to safeguarding the worth of each human being in the modern economy and society. Adopting a Thomistic approach to the common good, an approach which does not make ethics subservient to politics, offers a dignity-respecting and community-enhancing way for ethicists to rethink key elements of business management, including leadership, strategy, organization theory, human resources, and entrepreneurship.</p>