Ethics should concern all levels of life: acting properly as individuals, creating responsible organizations and governments, and making our society as a whole more ethical. It helps in situations involving many people, some of whom may benefit from the action, while others may not. One alternative is to put the humanities into business. Law may have a difficult time designing or enforcing standards in some important areas, and may be slow to address new problems. Affective There are numerous parallels between ethical egoism and laissez-faire economic theories, in which the pursuit of self-interest is seen as leading to the benefit of society, although the benefit of society is seen only as the fortunate byproduct of following individual self-interest, not its goal. It is a code of conduct; *. Webtraditional values express a normative model of conduct. On the other hand, it is not always possible to predict the consequences of an action, so some actions that are expected to produce good consequences might actually end up harming people. BE - Chap. 1 Flashcards | Chegg.com Still, legal requirements are usually clear, as are the ways an organization can exceed them (as do, for example, companies such as Whole Foods, Zappos, and Starbucks). They severely affect the emotional state of mind of an individual. We might begin with always honoring the terms of a contract, consistently treating customers and partners with honesty, and never cheating. For example, although what constitutes ethical behavior in Islamic society is strongly linked to religious values, secular philosophers can endorse a highly developed commitment to commercial ethics, too. Aggressive behavior, when it does not inflict significant harm, is often accepted from boys and men because it is congruent with the cultural script for masculinity. (Notice the duty-based approach says nothing about how easy or difficult it would be to carry out these maxims, only that it is our duty as rational creatures to do so.) Webgenerally prescribes standards of conduct, states principles expressing responsibilities & defines the rules expressing duties of professionals to whom they apply. normative ethics, which deals with the standards and principles used to determine whether something is right or good; 3.) One model of ethical behavior, sometimes called the humanistic business model, may provide the answer for businesses that wish to achieve the dual goal of human flourishing and responsible profits. This approach is also prominent in non-Western contexts, especially in East Asia, where the tradition of the Chinese sage Confucius (551-479 BCE) emphasizes the importance of acting virtuously (in an appropriate manner) in a variety of situations. It includes the formulation of moral rules that have direct Some bias is good, as in having a favorable disposition toward those who work hard in intellectually honest ways. For example, we would say that murder is ethically impermissible. While every effort has been made to follow citation style rules, there may be some discrepancies. At the individual level, when corruption takes place, it is a matter of conscience. Deontological theories use the concept of their inherent rightness in establishing such standards, while teleological theories consider the goodness or value brought into being by actions as the principal criterion of their ethical value. Serve a moral purpose by providing codes of conduct for appropriate behavior through revelations from a divine source. Ethical conduct involves always doing the right thing: never failing to do one's duty. And such agency needs to be at the heart of business ethics. In acting according to a law that we have discovered to be rational according to our own universal reason, we are acting autonomously (in a self-regulating fashion), and thus are bound by duty, a duty we have given ourselves as rational creatures. The result was a staggering $6 billion cumulative fine for the banks involved (i.e., Barclays, J.P. Morgan Chase, Citicorp, Royal Bank of Scotland, and Deutsche Bank).34. For example, everyone must eat to survive, but not everyone would agree that eating chocolate-raspberry cake brings happiness. In fact, John Mackey, the founder of Whole Foods, has said that love has been the basis of his success in business, which translates into care and concern for customers beyond profit and for workers beyond productivity (Figure 5.8).39, Recall the statement by IBM quoted earlier in the chapter: [IBM] remain[s] dedicated to leading the world into a more prosperous and progressive future; to creating a world that is fairer, more diverse, more tolerant, more just.40. In the case of LIBOR, the United Kingdoms Serious Fraud Office determined there were inadequate systems of oversight in the setting of rates and that individual executives encouraged rate fixing, which led to the conviction of several traders, at least one of whom still maintains his innocence.33 3. The ethical action is one taken from duty, that is, it is done precisely because it is our obligation to perform the action. We are practiced at making ethical judgments, just as we can be practiced at playing the piano, and can sit and play well without thinking. Nevertheless, it is not always advisable to follow our immediate intuitions, especially in particularly complicated or unfamiliar situations. The argument here is over which facts argue for the morality of a particular action, not simply over the morality of particular principles. Ethical obligations are the same for all rational creatures (they are universal), and knowledge of what these obligations entail is arrived at by discovering rules of behavior that are not contradicted by reason. Believe in individual rights above all else, Tight social framework in which people expect others in groups that they are a part of to look after them and protect them, Culture favours traditional masculine roles such as achievement, power and control, Culture sees little differentiation between male and female roles, treats them as equals, Degree to which people prefer structured over unstructured situations, Look to the future, persistence and tradition, People value the here and now, accept change more readily and don't see commitments as impediments to change. Abstaining from cheating customers, defrauding clients, lying, and murder are fairly objective ethical values; the reason for making any exceptions must be carefully laid out. 4. Are the Values Central to Business Ethics Universal?
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