Chapter 2 Outline

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Chapter 2: The Role of Ethics in Decision Making
I.Contemporary Business Ethics
1.Ethics and Society
a.Public Education and Family Structure
b.Economic Interdependence
c.News Media and the Internet
II.The Nature of Ethics
1.Ethics and Morality
a.Morality- the collection of values that guides our behavior. b.Ethics- a systematic statement of right and wrong together with a philosophical system that both justifies and necessitates rules of conduct. c.The Good- the end result of ethical examination.

2.Ethics and Law
a.Both consist of rules to guide conduct and foster social cooperation and with what is right and wrong. b.Ethical values are ultimately superior to law in ensuring responsible business behavior. III.Two Systems of Ethics

1.Formalism
a.Formalism- an approach to ethics that affirms an absolute morality. b.Duty- moral obligation
c.Categorical Imperative- (Kant) says that you have a moral duty to act in the way you believe everyone should act. d.Social Contract Theory- how to construct a just society given the many inequalities of wealth, knowledge, and social status. 2.Consequentialism

a.Consequentialism- the moral consequences of actions rather than with the morality of the actions themselves. b.Utilitarianism- judges actions by usefulness, by whether they serve to increase the common good, the dominant form of consequentialism. c.Protestant Ethic- the current focus on consequentialism in business ethics is due to the decline in business life. IV.Sources of Values for Business Ethics

1.Legal Regulation
a.In our society ethical values frequently become law and that legal regulation can reflect society’s ethical values. b.5 Major Ethical Rules
1.Respect for the liberty and rights of others
2.The importance of acting in good faith
3.The importance of exercising due care
4.The importance of honoring confidentiality
5.Avoidance of conflicts of interest
2.Professional Codes of Ethics
a.Self-regulation
3....
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