Session 1 - Intro Flashcards
What is morality?
social practices defining right pr wrong transmitted with cultures & institutions
-> what is right according to societal norms & shared beliefs
What is ethical theory and moral philosophy?
relfection on the nature & justification of right actions introducing clarity, substance & precision of argument
-> more analytical perspective, goal to develop a universal set of principles (e.g., utilitarianism)
What is behavioural business ethics?
understanding why individuals, groups & organizations behave in certain ways
–> looks at real-world decision making
What can you say about business ethics and the law? Is it always black or white?
No, e.g., fast food chains showing depictive advertising
What are business ethics?
study of business situations, activities and decisions where issues of MORALLY right or wrong are addressed
what are values?
desirable, trans-situational goals, varying in importance that serve as guiding principles in people’s lives
what is CSR?
the responsibility of enterprises for their impatcs on society
Negative arguments on why business ethics & CSR is not important
1) business, like gambling is expected to be deceptive
2) corporate financial scandals
3) company’s own interests in CSR actions (e.g., the “keep the towels” sign in hotels)
4) only individuals have moral responsibility, not firms
positive arguments on why business ethics & CSR is important
1) businesses have huge power within society
2) business malpractice has potential to inlfict enormous harm
3) the demands to be ethical by various stakeholders are becoming more complex and challenging
4) employees face significant pressure to compromise ethical standards
5) business face a trust deficit
How can you evaluate an individual business action? (three dimensions)
- ethical evaluation
- relational evaluation
- economic valuation
