Chapter 5 - Ethics And International Business Flashcards
Corruption
The abuse of power in order to achieve illegitimate personal of business gain
Ethics
The moral principles and values that govern the behaviour of people, firms or government regarding what is right and what is wrong
Intellectual Property
Ideas or works created by individuals or firms - such as inventions, industrial designs, books, music, art, films or software - and protected by patents, trademarks and copyrights
Intellectual Property Rights
The legal claim that firms and individuals have to the sole use of their propriety assets
Relativism
The belief that ethical truths are not absolute but differ from group to group
Normativism
The belief that ethical behavioural standards are universal, and firms and individuals should seek to uphold them around the world
Friedman Doctrine
The belief that the primary responsibility of a business is to maximise profits for its shareholders
Utilitarian Ethics
An approach in which a decision is considered ethical if the beliefs of the decision outweigh the costs of implementing it
Human Rights
The fundamental rights that every individual should enjoy, regardless of geographic location
Justice Theory
The theory that decisions should be made from behind a veil of ignorance that allows them to be made without discrimination
Corporate Social Responsibility CSR
A manner of operating a business that meets of exceeds the ethical, legal, commercial and public expectations of stakeholders
Sustainability
Meeting humanity’s needs without harming future generations
