E.P. Thompsons suggested in 1971 the concept of "moral economy" as a way of understanding working class protests in England in the 18th century. The protestors demand was that prices for bread and cereals would be based on moral principles rather than market economy. Thompson explicitly excludes paternalism and practises of domination and subordination linked to the term from what he means by moral economy, but this text argues that there is a merit in broadening the concept to all types of morally and ethically based logics of economy. Moral economy is thus used as a generic term to think more generally about the norms of economic relations, beyond the specific historical events. This approach is in line with James C Scott's use of the term and the way it has been used in resent research. The theoretical arguments are illustrated by an empirical material and research about what happened 1931 in the small town Slite on the island Gotland in Sweden, when the formerly locally owned cement plant was bought by the large group Skånska Cementaktiebolaget. The material consists mainly of letters written to and by Ernst Wehtje Jr., CEO of Skånska Cementaktiebolaget and the central figure in the Wehtje Group, at the time one of the most powerful corporate groups in Sweden, as well as a right wing politicians and leading person in the Industrial Federation. Moral economy is used in this text as a way to emphasize the changing character of the value systems that govern economic practises, how they can negotiate and merge with alternative sets of moral codes and in interaction with changing power relations. The concept should not be seen in opposition to analyses that emphasize material power relation such as a class, but instead that moral economy can be seen as the ideological framework used to explain and legitimize the power relations that arise from other logics. A particular emphasis is on the bi-directional relations between workers and owners that are visible in the example, where perceptions of legitimate demands from the workers are entwined with notions of obligations for the owners of capital. This in line with parts of the research field and connected to Gramsci's concept hegemony.