Business Ethics Study Guide

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Definitions/Distinctions|
Philosophy (Rand)| The study of the existence, of man, and of man’s relationship to existence.| Justice (Rawls)| Justice is the principle that free and rational persons concerned to further their own interests would accept in an initial position of equality as defining the fundamental terms of their association. Greatest benefit to the least advantaged. | Moral philosophy vs. Moral Psychology| Moral philosophy: How people SHOULD behave in moral situationsMoral psychology: How people DO behave in moral situations| Consequentialism vs. Non-Consequentialism| Consequentialism: Decides what’s moral based only on the consequencesNon-consequentialism: Considers both the means and the consequences in order to make moral decisions| Negative Rights vs. Positive Rights| Negative: The right to pursue somethingPositive: The right to something| Employee Rights vs. Employee Benefits| Rights: Compensation or conditions that would be unethical for any employer to withhold from employeesBenefits: Compensation of conditions that an employer offers to employees voluntarily| Utilitarian vs. Rights Justifications of Capitalism| Utilitarian: Capitalism is the economic system that best maximizes the common goodRights: Capitalism is the only economic system that respects fundamental human rights, such as property rights and freedom of association| Value (Rand)| Reason, purpose, self-esteem|

Virtue (Rand)| Rationality, productiveness, pride|
Rights (Rand)| A moral principle defining and sanctioning a man’s freedom of action in a social context| Subjective Egoism vs. Objective Egoism| Subjective Egoism: Decide what’s moral based on what’s good for you in the short run, and states that humans are fundamentally different, therefore you CANNOT judge each other. Some choices don’t require reason and may be fueled my powers the mind might not know of. Objective Egoism: Decide what’s moral based on what’s good for you in the long run, and states that humans are fundamentally the same, therefore you CAN judge each other. ALL choices are guided by reason alone. Allowing the heart or any other power to fuel decisions can lead to disaster. | Absolutism vs. Relativism| Absolutism: Some moral rules stay the same through time and space. There are absolute moral rules to which we must adhere to and particular situations, people, or places do not affect moral truths. Relativism: Morality itself changes through time and space. Morality is relative to particular cultures, groups, or even individuals. Everyone must decide their own values and ethics. | Collectivism vs. Individualism| Collectivism: Humans are fundamentally members of groups; emphasize collective purposes over personal goals and group harmony over individual achievementIndividualism: Humans are fundamentally individuals who can join groups; responsible primarily to themselves and their immediate families| Price Gouging (Zwolinski)| A practice in which prices on certain kinds of necessary items are raised in the wake of an emergency to what appears to be unfair or exploitative| Hypernorms (Donaldson and Dunfee)| Principles so fundamental to human existence that they serve as a guide in evaluating lower level moral normsReflected in a convergence of religious, philosophical, and cultural beliefs| Authentic Norms(3 conditions)| 1.       Compliance is approved2.       Deviance is disapproved by most3.       Almost everybody does it (well over 50%)| Methods of Paying Sweatshop Workers(3 positions)| 1.       Home country standard2.       Living wage standard3.       Classical liberal standard| Corporate Social Responsibility)| The actions of an organization that are targeted towards achieving a social benefit over and above maximizing profits. It is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as...
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