Chapter 7: Concepts In Ethics Theories Flashcards
Some free market economists suggest that _____ are the only values one should consider in the sphere of business
Economic values.
This means that managers ought to always increase profits without consideration of other factors such as morality or social justice.
This has led to disinfranchisement of vulnerable populations such as moving indigenous tribes from their native lands to build factories
The world of business has become synonymous with what stereotypes
That one should always be productive, one should always make a profit, and that one should only keep financial criteria in mind when conducting oneself in the business world
Differentiate between descriptive and normative perspectives on business ethics
Descriptive: what is - describes actual behaviours, beliefs or norms in a business
Normative: what ought to be - use right behaviour is using ethical theories.
For example, an account that uncritically suggests actions in business might state that corruption and bribery are inherently part and parcel of doing business, a company might make allowances in their annual budget for cases were corruption occurs or bribery is needed. Whilst a normative account critically questions the morality of corruption and bribery with the purpose of finding the most moral course of action for business people who are confronted by corruption and bribery
What is moral egoism
- it is founded on the concept of psychological egoism the idea that all individuals choices are inherently self-interested
- Adam Smith: people inherently act in self-interest and this is reflected in economic markets
- Jean-Jacques Rousseau: the natural state of people is to be self-interested BUT we obey certain laws and rules
“his or her own happiness is the moral purpose of life, with productive achievement as his noblest activity, and reason as his only absolute” - Ayn Rand
What is moral altruism
- We are social beings and have a degree of care and relation to other human beings. David Hume, social sentiments.
- David Hume: we act in self-interest, but we have social sentiments that connect us to others.
Aristotle’s’ concept of the common good
Explain the social contract
Individuals are better off living in a mutually cooperate society
What is moral relativism
- There’s no universal or eternal basis for ethical conduct
- Ethics is a cultural construct and ethical truth is relative to the specific environment it developed in
- Based on psychological egoism and cultural relativism
- Ethnocentrism – community determines ethical criteria (folkways - Sumner)
- Cultural relativism: diverse cultures, societies etc have different standards for what is right or wrong
What is moral absolutism
- theoretical foundations for establishing absolute ethical principles that do not depend on a specific time or place
- It is a form of deontology: a system of ethics that is based on a set of specific rules
Explain consequentialism
- Our actions have consequences, this is what is used to guide current ethical decisions
- Founded by utilitarianism; which states that one should always act to do whatever will produce the greatest possible balance of happiness over unhappiness for everyone who will be affected by one’s action
Explain deontology (Kant)
- argues that ethics should be a product of pure reason and not of consequences or outcomes
- Deontology is therefore a non-consequentialist theory
- Categorical imperative: act only according to the maximum with which you can at the same time do that it should become a universal law
