Collectively, Americans want business to transform the world, and ethical thinking is there (hopefully) to help the transformations maximize improvement across society. Fairness in business dealings means being objective and having an interest in creating a win-win situation for both parties whether that is employer-employee or company-client. The lesson is that you canât make Travolta slow down and drive safely by appealing to the right of others to use the road without being threatened by speeding Porsches, or by pleading with him to respect general social well-being that is served when everyone travels at about the same speed. In an effort to establish some ethical guidelines for business, three normative ethical theories have evolved in Western capitalist societies. It compares the likely good and bad consequences of one action with the likely good and bad consequences of the alternative action. Today, Ludditism is the general opposition to new technologies in any industry on the grounds that they tear the existing social fabric: they force people to change in the workplace and then everyplace, whether they like it or not. Corporations trying to get away with polluting the environment or other kinds of objectionable actions may, itâs true, increase their bottom line in the short term.
One of the most common criticisms of kantian moral theory is that this theory ignores the consequences. Ethicists and people who generally apply these theories could also have different ideas of how to answer questions such as “What is the right way to act in this situation?”, “What makes this the right way to act in this situation?” and ” How should I act in general so as to live a good life?” (The Open Polytechnic of New Zealand, 2009, Module 1 p.27,28). While returning home, accompanied by his wife and boy, some young youth attack him for some money. The principle of beneficence directs ethical theory to do what is good, which should attempt to engender the largest ratio of good over evil. Most of these cases are settled out of court for undisclosed sums because no company wants the negative publicity regarding the case, and juries are more likely to punish the company with additional punitive damages as a result. Travoltaâs law firm existed to make money and operated by accepting only cases that promised big payouts. The manager has no defense and again the company is liable. Utilitarianism involves an equal and impartial consideration of interest. One night, Kris’s son caught up with a fight with other 3 boys of the same town. In many cases transparency is an important value for those promoting stakeholder ethics. It further discusses on claim ‘So long as a business’s actions are legal and accepted by consumers and shareholders, the actions can be considered ethically good’. If necessary, the company should have accepted bankruptcy before causing the social damage it did. For example, if a company has a Christmas Party or some other type of festive function in which a member of the company becomes intoxicated and gets into an accident and kills someone, not only is the employee liable, but so is the company. Assuming those legal limits are insufficiently strict to guarantee the barrelsâ seal, the spirit of the law may seem violated. As elaborated by theorists including John Elkington, hereâs how the balance is defined and achieved economically, socially, and environmentally: Economic sustainability values long-term financial solidity over more volatile, short-term profits, no matter how high. What gets left out, however, of the newspaper reports hailing the accomplishments of a Steve Jobs or a Bill Gates are all those other people who never made itâall those who invested family savings in a project that ended up bankrupt. Ethical theories are based on the ethical principles. Sustainability, finally, on this environmental front means actions must be taken to facilitate our natural worldâs renewal.
Fairness is one of the very basic concepts in business ethics in that it can refer to the simplest form of treating all people in commercial dealings, whether buyers, employees or customers, fairly. How does the fair trade movement fit together with the triple-bottom-line theory of corporate responsibility? Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UKEssays.com. In general, the conviction that corporations are not only legal entities with responsibilities but also moral entities, and they hold ethical obligations comparable to those of citizens in a society. They see minimum wage workers whoâll be fired as soon as the next economic downturn arrives. What Are the Different Ethical Issues in Business. Generally ethical principles stem from ethical theories, and when defending a particular action, ethicists normally appeal to these principles, not the underlying theory. Analogously for companies, if you want them to stop polluting, hit them with harder penalties when theyâre caught. As already noted, we know now what W. R. Grace should have done under most every ethical theory. As the imbalances grow, as the rich get richer and the poor get both poorer and more numerous, the chances that society itself will collapse in anger and revolution increase. Whether an employer promises an employee a raise or a vendor agrees to supply top quality merchandise, the basic business ethics concepts of integrity mean keeping one's word and following through. Sunshine31-I think this is why many companies have policies against anyone in the company dating especially if one of the members in the relationship is also a member of management. Kantianism is a key version of the broader ethical perspective known as deontology. It is difficult to address that one theory is better than the other as both theories could come right depending of the situation and circumstances. We've received widespread press coverage since 2003, Your UKEssays purchase is secure and we're rated 4.4/5 on reviews.co.uk. 11 Understanding Business Ethics . At the time, however, stakeholders fully informed of the situation may have been less sure because it wasnât so clear that the runoff would cause so many problems (or any problems at all). Under utilitarianism, this was morally the right thing for the witness to do as the result have benefited more people. This legal system in utilitarianism punishes the behavior of the minority even though the minority party might not be guilty. This is because utilitarianism embraces that actions that cause suffering to minority in order to benefit majority are morally good.
These theories propose a set of ethical principles that can be easily assessed and expressed by the typical business person--not only by ethical philosophers.
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