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FINAL STUDY GUIDE Philosophy : The study of existence of man, and mans relationship of existence. Value: that which one acts to gain and/or keep. (goal) Virtue: that act by which one gains and or keep values.(action) Rights: a right is a moral principle defining and sanctioning a man’s freedom of action in a social context. Hypernorms: entail principles so fundamental to human existence that they serve as a guide in evaluating lower level moral norms. Moral precepts fundamental to human beings. Stakeholder: Stakeholders are persons or groups with legitimate interests in procedural and/or substantive aspects of corporate activity. Moral Psychology vs. Moral Philosophy Moral Psychology: Describes how you do behave in moral situations. Moral decision-making: Steps or process people go through to make decisions. Moral development: How children become moral adults. Moral Philosophy: How you should behave in a moral situation. Character Ethics: Inware. Virtue Theory: Each person choose what they think is most important and follows that. Situation Ethics: Outware. Consequentialist: What moral based on consequence. Nonconsequentialist: Not based on consequence. Negative Rights Vs. Positive Rights Negative Rights: Leave people alone, helps you. Lets you just do it. Nozicks said we should only have negative rights. Positive Rights: I have to do something for you. You don’t have to work to get the stuff. Don’t exist according to Nozicks. Utilitarian vs. Rights Justification of Capitalism: Utilitarianism – Capitalism is the economic system that best maximizes the common good.
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Rights – Capitalism is the only economic system that respects fundamental human rights, such as property rights and freedom of association. Subjective egoism vs. Objective egoism Subjective egoism: what is moral based on what is good for me short term. Each person be unique. Objective egoism: long term/course of life. Can judge-everyone similar Stakeholder Target: Inner Circle: Normative: How you should treat your stakeholders because it is the right/moral thing to do (even at the expense of profit) Middle Circle: Instrumental: How managers should treat stakeholders if they want to achieve a certain goal. Outer Circle: Descriptive: Describes how companies treat their stakeholders. Stakeholder Venn Diagram: 1. POWER - Dormant Stakeholder (Latent): Little or no interaction with the firm. Ex: ex-employee 2. LEGITIMACY – Discretionary Stakeholder (Latent): affect the firm, but have no power – most likely to receive philanthropy. Ex: Boy Scouts, local school 3. URGENCY – Demanding Stakeholder (Latent): Time-sensitive and important to stakeholder. Demanding, annoying, but not a threat to the company. Not dangerous. Ex: picketers, protestors
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