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Business Ethics - Coggle Diagram
Business Ethics
Business incentives
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BUT: may be costly, time demnding, hard to find common values
Applied approaches
Kant
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Criticisms
Clashing duties - eg. duty to different stakeholders, environment vs. social
would business fall if duty always places over profit - people may loose jobs and stakeholders loos money
Natural Law
Erin Brokovish case study: Pacific company bought lots of houses to hide the toxic waste and negative health consequences they were causing to population
BUT: against primary precept of preservation of life, against ordered society as sense of community being undermined
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Virtue Ethics
Aristotle: household trading essential but those who trade for profit are devoid of virtue - parasites
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Businessmen who deal justly, generously are happier and employees happier so will act accordingly
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PROFIT
Friedman
BUT: can we really divorce ethics from business - made up of people who have rational abilities - moral responsibility
social responsibility of business is to increase profits - corporations not human so cannot in themselves have moral responsibility
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BUT: Solomon - this is too narrow a view - profit should be one of the many goals otherwise we derive unethical conclusions
profits should be a way to encourage hard work - serving society better - profits should get distributed and re-invested to ensure the business grows and employees rewarded