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Abstract
People are generally convinced that the US has one of the best economies in the world because of its higher living standards and continuous prosperity, but the frequency and severity of corporate wrongdoings in recent years have constantly perplexed them. The causes of the last two recent economic breakdowns (the dot-com bust of 2000 and the financial meltdown of 2008) were deeply rooted in corporate corruption due to malice and greed. The author in this article argues that collectives are capable of forming beliefs and judgments independent of their members. However, vices and virtues in collectives emerge only in combination with their members, as collectives are not agents and cannot form a virtuous or vicious character on their own. This article distinguishes between formal and informal collectives and argues that the best structural design for formal collectives is a democratic governance system, as it gives them a better chance of achieving epistemic accuracy and wisdom. Finally, this article concludes that epistemic virtue emerges from epistemic wisdom and wise collectives are virtuous collectives.