No / Unethical business practices, the conduct of corrupt rulers and conflict entrepreneurs in conflict-prone societies have provoked genuine humanitarian concern from NGOs and activists who constitute the main driving force behind calls for ethical markets. However, powerful players, such as western multinational corporations and OECD governments, have been able to undercut campaigns for compulsory legal regulatory codes by promoting industry self-regulation and voluntary codes of conduct. This article assesses a number of these initiatives to control the trade in conflict goods and promote good resource governance. It concludes that current mechanisms constitute a weak attempt to control the negative impacts of the market and, by failing to tackle the real causes of instability, are inadequate for building a political economy of peace.