BUSINESS ETHICS STUDY GUIDE

BUSINESS ETHICS STUDY GUIDE - 02:53 BUSINESS ETHICS STUDY...

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02:53 BUSINESS ETHICS STUDY GUIDE: FINAL EXAM 1 MATERIAL 3 approaches to ethics Consequentialist Focus attention on consequence of decision or outcome Utilitarianism: best known consequentialist theory Ethical decision should maximize benefits to society and minimize harm Principle (deontological) Deontological view: base decisions on broad abstract universal ethical  principles; Duty Categorical Imperative: act as if thy maxim of thy action were to become by  thy will a universal law Golden rule Veil of ignorance Virtue:  Focus more on integrity of the moral actor than on the moral act itself  (Aristotle) Moral relativism Disclosure rule o Allows decision maker to rely on relevant community standards without  going through the complex process of trying to decide what’s right in every  situation
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Adam Smith: The Classical View Self interest fuels everything People are productive because they are acting in their own self interest Free market creates greatest good for greatest number Division of labor Free to engage in commerce as you please, no minimum wage, little  government intervention, much privatization Friedman: Free Market Market is supposed to be efficient Lease amount of waste and good use of resources Competition forces this efficiency Role of business is to maximize profits limiting freedom if give away profits to  charitable organizations Market failure creates externalities Laissez faire: pure free market system Let people do what they want, hands off Neighborhood effect: actions of an individual have effects on other individuals  for which it is not feasible to charge or recompense them Negative vs. positive rights Politics and economics are strongly connected
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Okun: Equality and the Market Equality is why firms acting in own self interest don’t always have same  results Role of government is to help even the playing field Believes in fairness Economic actors don’t come in with equal opinions Certain benefits go to the wealthiest Says there should be resource redistribution** There should also be a minimum standard of living Universal entitlements Non negotiable There should be some limits Justice should not be sold Rozeff:  Ultimate value on freedom of individuals to do what they want No greater value than freedom Only two circumstances under which government can intervene When individuals can achieve benefit from government intervention Unanimous consent o Transaction costs Classical model of CSR: pursing money ethically and legally is okay
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This note was uploaded on 04/27/2009 for the course BCOR 3010 taught by Professor None during the Fall '07 term at Colorado.

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BUSINESS ETHICS STUDY GUIDE - 02:53 BUSINESS ETHICS STUDY...

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