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A Process to Analyze Ethical Dilemmas notes

Free market ethics ethical egoism free market ethics

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Free Market Ethics & Ethical Egoism Free market ethics Based on the assumptions of classic microeconomic theory. The primary responsibility of business is to make money for shareholders while following the law and conforming to the basic rules of society. (Friedman) Ethical egoism People ought to act in their own self interest. Opposite of altruism, i.e. doing what’s best for others. “The only valid standard of conduct is the obligation to promote one’s own well-being above anyone else’s.” Utilitarianism (Consequentialist) John Stuart Mill (18 th century English philosopher) Make decisions based on what achieves the greatest good for the highest number. Outcomes are most important consideration, i.e. ends justify the means Cost/benefit analysis is a tool. Deontology (duty-based) Immanuel Kant (18 th century German philosopher) Make decisions based on adherence to universal principles no matter what the outcomes, i.e. means are more important than the ends. Universal means “what is right for one person is right for everyone.” Examples include respect for life, fairness, telling the truth, etc.
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Ethic of Care Carol Gilligan (20 th century psychologist and feminist theorist) Assumes ethical decisions cannot be made outside of the context of relationships with other people. Moral judgments should be sensitive to the needs of the situation and of other individuals. Discourse & Virtue Ethics Concerned about how ethical decisions are made. Virtue ethics is based on the ancient Greek philosophy of Aristotle, and is concerned with the cultivation of integrity and good character. Discourse ethics is based on the 20 th century philosophy of critical theorists, and says that ethical problems are best solved through discussion and debate.
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