Chapter 2 Ethics and Law Flashcards
apartheid
Prior to its abolition in the 1980s, an official policy of racial segregation in South Africa that relegated its black citizens to a second-class status in employment, housing, and opportunity.
compensatory justice
Aims at compensating people for the harm done by another.
deontological theory of ethics
An ethical theory that focuses on the motivation behind an action rather than the consequences of an action.
distributive justice
A theory of justice that looks to how the burden and benefits of a particular situation of a system are distributed.
Ethical Business Leader’s Decision
Tree
A guide for managers to use when deciding how to act.
fiduciary duty
The obligation of a trustee or other fiduciary to act for the benefit of the other party.
Kantian theory
An ethical theory that looks to the form of an action, rather than the intended result, in examining the ethical worth.
mark-to-market accounting
When a business books the entire value of a contract on the day it is signed, rather than as cash is collected.
Rawlsian moral theory
A deontological line of thought that aims to
maximize the utility of the worst off person in society.
retributive justice
A theory that states that every crime demands payment in the form of punishment.
reversibility
An ethical theory that looks to whether one would want a rule applied to one’s self.
shareholder primacy
Maximization of shareholder wealth, not legally mandated.
teleological theory of ethics
An ethical theory concerned with the consequences of something. The good of an action is to be judged by the effect of the action on others.
universalizability
An ethical theory that asks whether one would want everyone to perform in this manner.
utilitarianism
A major teleological system of ethics that stands for the proposition that the ideal is to maximize the total benefit for everyone involved.
