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Lecture8 - International Business Ethics What is Ethics...

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International Business Ethics What is Ethics Moral standards that regulate right and wrong conduct Most standards vary greatly between populations Ethical Theories Virtue Theories – Develop good habits of Character Duty Theories – Meet obligations Consequential Theories – Seek favorable outcomes Social Contract Theory – Minimum social standards must be adhered to Virtue Theories Develop good habits of Character Very common in Western cultures Plato's Virtues - wisdom, courage, temperance and justice. Other important virtues are fortitude, generosity, self-respect, good temper, and sincerity. Vices - cowardice, insensitivity, injustice, and vanity Duty Theories One must meet obligations Rights theories – Strong must protect the weak we should not harm anyone's life, health, liberty or possessions Obligations of the universe Fidelity: the duty to keep promises Reparation: the duty to compensate others when we harm them Gratitude: the duty to thank those who help us
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