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BUSINESS ETHICS: WHAT DOES IT REALLY MEAN? Business Ethics:Today vs. Earlier Period
Societys Expectations of Business Ethics
Ethical Problem Actual Business Ethics
Ethical Problem
1950s
Time
Early 2000s
Ethics is about field or domain of enquiry while morality is the object of enquiry. Ethics or behavior accepted with in a group is recorded as credos espoused value of group/organization. When espoused value become practiced values, then the group is said to be ethical organization.
Ethical theories can be classified into three subject areas: Meta ethics Normative ethics Applied ethics
Ethics of Care
Ethics of care is a normative ethical theory The basic beliefs of this theory are: 1.All individuals are interdependent for achieving their interests. 2. Those particularly vulnerable to our choices and their outcomes deserve extra consideration to be measured. 3. It is necessary to attend to the contextual details of the situation.
Virtue Ethics
It maintains that sound, balanced character, motivation and intentions is more important than actual conduct and its consequences. Three major types of virtue ethics theories are:1.Individual Character Ethics 2.Work Character Ethics 3.Professional Character Ethics
Utilitarianism
In an organizational context, utilitarianism basically states that a decision concerning business conduct is proper if and only if that decision produces the greatest good for the greatest number of individuals. It is the most widely understood and commonly applied ethical theory. Good is usually defined as the net benefits that accrue to those parties affected by the choice. Thus, most utilitarians hold the position that moral choices must be evaluated by calculating the net benefits of each available alternative action.
One major school of thought, Act Utilitarianism, focuses on the action that has been taken, analyzing it along the lines of whether the selected action produces more good than bad consequences. A second formulation, Rule Utilitarianism, looks at whether the option or choice conforms to a rule that attempts to maximize the overall utility.
Universalism in Ethics
One distinctive understanding of universalism in ethics is that ethical principles are principles for everybody. They prescribe obligations for everybody, define rights for everybody, list virtues for everybody. The most minimal version of ethical universalism is a claim about the form of ethical principles or standards. It is the claim that ethical principles hold for all and not merely for some, that is, for everybody without exception.
Same standards of what is ethical and what is unethical resonate with peoples of most societies regardless of:
Thus, common ethical standards can be used to judge conduct of personnel at companies operating in a variety of
Honesty Trustworthiness Treating people with dignity and respect Respecting rights of others Practicing the Golden Rule Avoiding unnecessary harm to
Theory of Justice
Each person is to have an equal right to the most extensive basic liberty compatible with a similar liberty for others.
THEORY OF RIGHTS
Rights - Rights are claims that you deserve something from someone or some group. Rights can be legal, contractual, or moral. Rights are also categorized as positive and negative. This categorization indicates the kind of claim and obligation that the right entails. Rights, duties, obligations, and responsibilities can also be categorized as universal, prima facie or conditional -
Society has instituted THE LAW that tells us certain conduct is unacceptable and will administer punishment.
The Nature of Ethics In Management of Business Standards Issues in defying the nature of business ethics Individual character -Religion Personal moral development -Philosophy Legal and regulatory concerns -Sarbanes-Oxley act, etc Issue focused vs FRAMEWORK focused Integrated manegerial program tied organizational goals and objectives
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Significance of cultural, economic, regulatory and ecological issues while establishing business in a foreign country. Consequences of misleading advertising and false advertising. Issues involving privacy of employee (workplace surveillance)and employer(whistle blowing). Patents infringements.