1. Business Ethics
org).
Theoretical Approaches to Business Ethics.
The Utilitarian Rule.
Utilitarian rule is that an ethical decision is a decision that produces the greatest good for the greatest number of people To decide which is the most ethical course of business action, managers should first consider how different possible courses of business action would benefit or harm different stakeholders They should then choose the course of action that provides the most benefits, or conversely, the one that does the least harm, to stakeholders. According to the utilitarian view, the decision that produces the greatest good for the greatest number of people is best. In this case, that means outsourcing the jobs.
Moral Rights Rule.
An ethical decision is a decision that best maintains and protects the fundamental or inalienable rights of the people affected by it. According to the moral rights rule, an ethical decision is one that protects people's rights to freedom, life and safety, property, privacy, free speech, and freedom of conscience. "Do unto others as you would have them do unto you" is the basis for the moral rights rule. From a moral rights perspective, managers should compare and contrast different courses of business action on the basis of how each will affect the rights of the company's different stakeholders. Managers should then choose the course of action that best protects and upholds the rights of all the stakeholders.
The Justice Rule.
According to justice rule, a decision is ethical if it distributes benefit and harm among people and groups in a fair or impartial way. Managers should compare and contrast alternative courses of action based on the degree to which they will result in a fair or equitable distribution of outcomes for stakeholders.
The Practical Rule.
According to this rule an ethical decision is one that a manager has no hesitation about communicating to society because the typical person would think it is acceptable.
" Great ethics can be summed up as good for business in the long term. ... Business ethics is necessary for the foundations of corporations. ... We take for granted the reality that ethics does exist as we take the world of business as inclined. ... Business ethics is not a commodity, which remains in an isolated compartment from business itself as a lofty and consequently expendable extra. ... Its soul purpose is to clarify the entirely realistically, practical business like role that ethics play in business practices. ...
As a result, it can be claimed that natural moral law cannot be applied to issues of business ethics. ... Business ethics does not often involve clear cut decisions between right and wrong; more often than not businesses are concerned with balancing the interests of shareholders, with those of employees and customers. Therefore, it can be maintained that the absolute principles of natural moral law are not useful when applied to the complex issues raised by business ethics. ... It is the narrow nature of these precepts that present one of the initial problems encountered when applying natural...
Ethics light up the function of ethics in the background of other kind of social relationships; it examine the nature and inner structure of ethics, studies its basis and historical growth, and offer theoretical explanation for one or another ethical system. ... Of course all of us want businesses to be fair, clean and beneficial to the society. ... We reveal business-sensitive information only when lawfully necessary to do so. ... We serve the business welfare of our customers and company as long as they are reliable with the community good. ... It exists in the monarchy of ones ethics. ...
Introduction Are business ethics merely a fashion? ... Or is business ethics something more complicated, ore involved in the society in which business operates? ... So where does business ethics fit into all this? ... Business ethics can be a difficult concept to grasp. ... It provides a complex and involved resource for business ethics. ...
As Wartick & Wood assert, "Business ethics is based upon some normative concepts about they way business should operate" (Wartick & Wood, 1998, p. 124). Since this day and age we are living in, business practices mostly seem to be publicized as unethical, the word "should" that is emphasized in Wartick and Woods definition of business ethics stands out. People tend to be more apt to uphold a higher code of ethics in a personal or societal context, as opposed to a business context. ... The formal code of ethics comes in various forms, such as vision and mission statements, and written polic...
BUSINESS ETHICS Ethics to me means having and using ones morals to do the right thing. Ethics is so important in business because it gives a company credibility. ... Ethics has such a big impact on whether a business is a success or a failure. ... Reverence for place Ethics is like the foundation for a successful business. ... The business world would cease to exist without ethics to keep businesses on the straight and narrow. ...
Business ethics are a hot topic these days. ... So what is "Business Ethics"? ... Consequently, business ethics can be strong preventative medicine. ... Assumptions of Business Ethics Suppose we contend that business is indeed an honorable profession? ... There are, however, pitfalls in business, as in any other profession, which is why business ethics is an important field of study, a sub-field of professional ethics (which is itself a sub-field of role ethics). ...