#3 Economy & Ethics Flashcards
Best possible outcome, not always a clear direction. Ending up in areas with grey. Maximizes “good” outcomes and minimizes “bad” outcomes. “What outcome should I aim for? “That which produces the best outcome for all affected parties.” Least damaging direction. (Movie, save their best friend or die themselves)
Utilitarism View
I’m going to follow their moral issues in their country. “When in Rome, do as the Romans do” This can cause problems since everything is not the same in all countries.
Cultural Relativist View
I’m going to hold on to my own values wherever I go, because they are better than anyone else’s.
Righteous Moralist
Business only social responsibility is to make as much money as possible (maximize profits for its owners), by following the law. Scoping outside their capacity, taking away (won Nobel price in economics) Socialism in any form is evil.
Friedman
Political system in which individuals govern without the support of the people, tightly control people’s lives, and do not tolerate opposing viewpoints
Totalitarianism
Belief that ownership of the means of production belongs in the hands of individuals and private businesses
Capitalism
The belief that both private and public groups play important roles in a nation’s political activities. Each group (consisting of people with different ethnic, racial, class, and lifestyle backgrounds) serves to balance the power that can be gained by the others.
Pluralism
Extreme – the belief that only individuals and private groups should control a nation’s political activities. Views public government as unnecessary and unwanted because it tramples personal liberties.
Anarchism
Belief that social and economic equality can be obtained only by establishing an all-powerful Communist Party and by granting the government ownership and control over all types of economic activity
Communism
A way of organizing a society in which a government ruled by a dictator controls the lives of the people and in which people are not allowed to disagree with the government
Fascism
Political system in which government leaders are elected directly by the wide participation of the people or by their representatives
Democracy
Political system in which a contry’s religions leaders are also its political leaders
Theocracy (religion based)
(In US. we elect representatives) elect people to different parlament and then they elect people who we finally vote on, any country who use a parlament, that is how they go thru election
A group of people, groups, or countries who have joined together for a common purpose
Coalition
Legal system based on a detailed set of written rules and statutes that constitute a legal code
Civil law
Legal system based on a country’s legal history (tradition), past cases that have come before its courts (precedents), and how laws are applied in specific situations (usage)
Common law
