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Ethics and Business Ethics: Understanding Theories and Principles - Prof. Richard E. Wokut, Study notes of Introduction to Business Management

Virginia Polytechnic Institute and State University (Virginia Tech)Introduction to Business Management
Prof. Richard E. Wokutch

An in-depth review of ethics and business ethics, including ethical theories such as consequentialist, egoism, utilitarianism, and virtue theory. It also covers topics like cooperate social responsibility, stakeholder management, and international business ethics. Various ethical principles, ethical relativism, and types of e-relativism, as well as professional codes of conduct and corporate social responsibility.

Typology: Study notes

Pre 2010

Uploaded on 10/28/2008

adrynne
adrynne 🇺🇸

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Review:
What are ethics?
Agreed upon rules for governing behavior
How we decide to behave when we decide we belong together
Three Handouts
Ethical theory
Coorperate social responsibility
Stakeholder management
International business ethics
What are business ethics?
Why we should be concerned about ethics
Process to making decisions
Ethical relativism
Types of e-relativism
Ethical principles or theories
Consequentialist- only consequences matter
Ethical egoism
Psychological egoism
Minimalist egoism
Utitarianism
Rule utilitarianism
Non consequentialist
Right based
Prima face
Common morality
Justice
Egalitarianism
Golden rule
Kant –categorical imperative
Enlightened self interest
Disclosure rule
Virtue theory
Objectivism- Rant
Libertarianism
Religious teaching
Professional codes of conduct
Corporate social responsibility
Milton friedman
Socially beneficial
Ford-pinto case; crash, cost benefit
Merc case- to develop and give away drug for river blindness
Cost benefit analysis- moral?
pf2

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Review: What are ethics? Agreed upon rules for governing behavior How we decide to behave when we decide we belong together Three Handouts Ethical theory Coorperate social responsibility Stakeholder management International business ethics What are business ethics? Why we should be concerned about ethics Process to making decisions Ethical relativism Types of e-relativism Ethical principles or theories Consequentialist- only consequences matter Ethical egoism Psychological egoism Minimalist egoism Utitarianism Rule utilitarianism Non consequentialist Right based Prima face Common morality Justice Egalitarianism Golden rule Kant –categorical imperative Enlightened self interest Disclosure rule Virtue theory Objectivism- Rant Libertarianism Religious teaching Professional codes of conduct Corporate social responsibility Milton friedman Socially beneficial Ford-pinto case; crash, cost benefit Merc case- to develop and give away drug for river blindness Cost benefit analysis- moral?

Christopher Stone (where the law ends) READING Neither the market nor the law can eliminate socially undesirable products and services before they can do significant harm Why the law cant do it… Why the market cant do it… Therefore corporate social responsibility is not the same as profit maximization, and profit max. does not automatically lead to the max. of society’s welfare Def. of corporate social responsibility (6) Model shows relationship between corporation and various stakeholders Mitchell- power, legitimacy, urgency of demands -> stakeholder salience model Carson /wokutch  add altruism to third motivation Kew gardens principles- duty to help others in dependent on:

  1. need
  2. proximity
  3. capability
  4. last resort
  5. cost/risk to you (my addition) Stakeholders with one attribute/ two attributes Clarkson principles The Issue Life Cycle Stakeholder/Management Relationship Questions to resolve conflicts of cultural tradition It is possible to conduct business successfully in the host country without undertaking the practice? Is the practice in question a violation of a core human value? Sample Questions Evaluate a specific case from a number of different ethical perspectives ????? Nike Levi Pinto: evaluate fords decision to market the pinto knowing they had a default Merk Evaluate a debate between someone with one view of corporate responsibility and someone else with a different view Likely to have a case not seen Concentrate on: handouts, class discussions