BADMA379 Ethics and Ethical Reasoning
Describe the rights method of ethical reasoning
Basic human rights are respected; difficult to balance conflicting rights
A just or fair ethical decision occurs when:
Benefits and burdens are distributed equally.
Describe ethnocentric mentality
Companies interests versus diverse cultural traditions and values (problem). Attitude: Foreigners have a funny notion of what's right and wrong."
Define Ethics
Conception of right and wrong conduct.
The text lists Aristotle and Plato's values, what are they
Courage, self-control, generosity, magnificence, high-mindedness, modesty, wittiness, friendliness, etc.
Under the Sarbanes-Oxley Act, corporations are required to:
Have executives vouch for the accuracy of a firm's financial reports.
Mature adults typically base their ethical reasoning on broad principles and relationships such as:
Human rights and constitutional guarantees of human dignity, Universal principles of justice, Customs and traditions shown by their peers
Describe the Virtues method of ethical reasoning
It aligns with good character; subjective or incomplete set of good virtues
Define Conflicts of Interest
Occur when an individual's self-interest conflicts with acting in the best interest of another.
What is an ethical egoist?
Someone who puts their self-interest above all other considerations
What is Integrity Capital?
The financial benefit a company reaps from promoting a culture of integrity among its workforce.
According to the utilitarian reasoning, if the benefits outweigh the costs, then the action is ethical because it produces:
The greatest good for the greatest number of people
What is Integrity?
The quality of being honest and having strong moral principles; moral uprightness (Online Oxford American English Dictionary): Doing the right thing even when no one is watching.
Why should business be ethical?
To meet the demands of business stakeholders, to enhance business performance, to comply with legal requirements, to prevent or minimize harm, to promote personal morality.
Four (4) Methods of Ethical Reasoning
Virtues, Utilitarian, Rights, Justice p. 83