Review for test 1

Review for test 1 - Consequentialist theories o...

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Consequentialist theories o Utilitarianism- ends based, care about consequences Deontological (Nonconsequentialist) theories o End cannot justify the means o Care about process as much as outcome Virtue Ethics- The role of character (Aristotle) o About integrity and character o Does not tell you what to do, tells you how to live o Aristotle: “be of virtuous character” “you develop good habits by doing good things” “you are what you repeatedly do” Phronesis- Practical wisdom o You can make responsible decisions when there are no right answers o You have the courage to do the right thing o You cannot practice in business what you do not practice in life Relativism o People have their own values and opinions, you cannot judge or base yours on theirs o Peoples ethical beliefs and values are unique to them Kant’s Categorical Imperative o Command that is binding on all rational people o Always act in a way to will action of maxim towards universalism o Act is only right if and only if it complies with universal code of conduct Argument for a free market economy o Competition -> quality products, regulates prices o Market is impersonal (fairness) o Anyone can participate o Creativity and innovation o Efficiency o Choice o Utilitarianism The Classical Perspective (Friedman) o Sole responsibility of corporations is to maximize profits for its stakeholders o If firms have a CSR, who determines it? Can private individuals decide society’s needs? o Price controls and regulations would destroy free enterprise o History offers evidence that prices and wages are determined by the amount of money in the economy, not by “greedy” upper management o Charitable donations by corporations is an inappropriate use of corporate funds that should be allocated to stakeholders. It should be the decision of the individual stakeholders to be charitable. The Civil Corporation (Zadek) o Corporations have a social, financial, and environmental responsibility
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o Does not believe corporations should focus solely on stakeholders o Care about society and social influence more than company standing o Include all facets of responsibility in financial plan The Public Policy Generator (Vogel) o Vogel’s CSR- business behavior that betters the workplace and does things beyond legal requirements to better the society it operates within o CSR should be about efforts to raise compliance standards among other companies, not simply comply themselves o Harder to be economically liberal than economically conservative o Businesses should establish ways of aiding smaller companies to reach CSR practices o Make playing field level The Creator of Long Term Wealth (Lyndberg) o Address and minimize public costs before focusing on private costs o Preserve and renew resources for future generations o Invest in stakeholder relations o Company goes out of business, benefits live on (still impacting) o Adds future generations as stakeholders
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This note was uploaded on 03/17/2009 for the course BCOR 3010 taught by Professor None during the Fall '07 term at Colorado.

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Review for test 1 - Consequentialist theories o...

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