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Business ethics - Coggle Diagram
Business ethics
Utilitarianism approach
Cost benefit analysis- the financial human and environmental costs of an action are given a value, as are the benefits of the action, and the business then makes its decision accordingly
Applying benethams act - danger that it focuses on pleasure sand pain could be quite narrow and lead to shallow decisions
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Kantian ethics appoach
All stake holders need to be consider, not those who just own the. Business. E.g. if a business is using child labour, then they are using them as a means to an end.
Kantian ethics bases the idea on duty, this argues that we can work out what our moral duty is by finding categorical imperatives based on what can be universalised.
Motive is also important not a purely good act as the motive is wrong. This type of thinking takes coperate social responsibility seriously and leads for the idea of rights.
Katian ethics puts great value on honesty. This would effect claims that a business makes in irs advertising and the extent to which it communicates with it’s workers
Globalisation effects
The inrergration of the economies, industries, markets, cultures and policy making around the world
Cultural issue, legal issues ands accountability issues. Three areas where globalisation is relevant too business ethics
Crane and matten
Technological - communication and travel have meant that businesses can reach further and trade more widely.
Political - it is almost impossible for countries to be completely self-sufficient. Each needs goods produced by others
Brings dilemmas and benefits that previous generations had no need to consider. They use power to seek out cheap labour in less develpoed countries.
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Corporate social responsibility when a business has responsibility towards the community and environment
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Friedman
Suggest that businesses should have responsibilities is a mistake. This would lead to socialism rather than capitalism. Business is not a person doesn’t have responsibilities.
“If money is taken from shareholders to fund social responsibility projects, this is like stealing from the company.”