Business Ethics
Reflection Prompt #1
Summarize three of the ethical theories that are explained in Chapter 1 of Introduction to Business Ethics. Explain how people running businesses would construct their companies if they utilized these ethical theories. For example, you might personally think that people should act to increase the overall happiness for the greatest number of people (utilitarianism). You would explain utilitarianism and then explain how a company based in utilitarian ethics would function. In other words:
What products would they make?
How would they treat their employees? How would they treat their customers?
How would they manufacture their products?
How would they utilize their resources and profits were they to become successful?
At the basis of the ethical considerations rests the question of whether or not ethics are static or they are relative. The example is give of Lockheed Martin who was caught offering a quarter of a billion dollars in bribes overseas. On one hand, bribery represents a factor that unfairly influence what otherwise could be free and fair markets in which businesses can compete on their competitive advantages. However, on the other hand, bribery is common in some cultures and if a company does not offer any sort of compensation to the decision maker in the form of a bribe then they could actually be disadvantage in the selection process. Thus the case can be made that morals are subjective and depend on the culture in which the decision is being made.
However, many philosophers, such as Plato, believe that ethics are something more solid and there is an external reality that exists outside the mind. The three most common ethical principles that are used are virtue ethics, duties, and...
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