Various business management concepts, principles, theories, practices, goals and strategies have been under evaluation, Applied ethics is one of the three divisions of the philosophy of ethics. Ethical Theories in Business: Applications & Differences 5:54. View Business Ethics.ppt from ECON MISC at Isabela State University. One of the oldest influential theories was Aristotle’s theory of eudaemonia. (a) Consequentialism (and utilitarianism) Whether an act is morally right depends solely on consequences or the goodness of consequences. Philosophical science dealing with the morality of human acts.-Paul Glenn Concerned with the questions of human moral judgments-that is judgment of right and wrong with respect to human actions. Definition of terms Business ethics- According to Joseph 2003, business ethics refers to clear standards and norms that help employees to distinguish right from wrong behaviour at work. For more details on it (including licensing), click here . To send this article to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage … 'Business Ethics' can be termed as a study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities. The Consequentialism theory is based upon two main theories-. Business Ethics – Three Dimensions: Systematic Issue, Business Issues and Individual Issues. Business ethics include three dimensions: These are: 1. Systemic issues, 2. Business issues, and . 3. Individual issues environment. 1. Systemic Issues: theories depend on what is right and wrong and the end result of the action. 1 of 23. This book is licensed under a Creative Commons by-nc-sa 3.0 license. The breadth of the field of Business Ethics ensures that theories from many disciplines are brought to the service of ethical analysis. Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. 17. Main Theories of Ethics Main Theories of Ethics Virtue Ethics •Virtue ethics •Ethical care Ethical Learning and Growth •Individual growth •Communitarianism •Ethical egoism Deontological Ethics •Kantian imperatives •Rights •Justice and fairness Teleogical Ethics •Discourse ethics •utilitarianism 9 A Framework for Ethical Theories Individual Processes Adaptability & responsiveness Policy Doing Good … The majority of professional ethics are based on doing what is best for the group. Like this slideshow? Virtue ethics. CLASSIFICATION OF NORMATIVE THEORIES NORMATIVE THEMESEgoism contends that an act is morally right if and only if it best promotes an agent's long-term interests makes use of self-interest as the measuring rod for actions performed is equated with an individual's personal interest but it is equally identified with the interest of an … secondary duties of (b) disclosing the nature of the product, (c) avoiding misrepresentation, and. The three main business ethics theories are deontological theory, utilitarianism, and norm theory. formal theories, approaches, and codes of conduct, such as codes that are devel-oped for professions and religions. Concepts of “good” and “right” are forms. View Notes - Lecture 3 Evaluating Business Ethics Normative Ethical Theories.ppt from AF 4513 at The Hong Kong University of Science and Technology. Most of these notes are based on Business Ethics (Third Edition, 1999) by The phrase “concern for society as a whole” indicates a growing impatience with the selfish and irresponsible actions of so many organizations today. Something “good” might refer to helping someone in need. Ethical theories[1] 1. In setting it out, I shall argue that it contains the seeds of a persuasive response that has both predictive and normative validity. The business condition of the business and the product conditions that are being produced affects society so that people can discuss the nature of business ethics. When we think of the phrase, “Do the right thing,” we usually think of taking an ethical action that would benefit someone in the here and now. 116 BUSINESS ETHICS QUARTERLY answer is implicit in much of the literature but has not been explicitly articu-lated. He has to respect social values and norms of behaviour . Presentation Summary : Normative” means setting standards or rules of behavior”. Furthermore, literature on the concept of stakeholder perspectives is reviewed, extending the discussions in Chapters 3, 4 and 5 on corporate social responsibility for organisations as … For the business to have a positive appreciation and an enhanced brand value in the market, it is quite imperative for the management and the employees to understand the Importance of Business Ethics.And once the ethics are followed as business objectives and fundamentals, they become the DNA of the brand in the most integrated manner.. And when we look at it drawing a larger picture, … When people are doing ethics, they need to support their beliefs and assertions with sound reasoning; in Utilitarianism, business ethics and the Ford Pinto case present a dilemma, as the theory appears to be one of moral strength and a good guideline for ethical business choice. Figure 1.1 Each of us makes innumerable decisions every day. The PowerPoint PPT presentation: "Theories of Ethics" is the property of its rightful owner. World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. This is the table of contents for the book Business Ethics (v. 1.0). Ethical theories such as relativism, utilitarianism, egoism, deontology, the divine command theory, and the virtue ethics, are all products of Western understanding of what ethics are and how they are applicable to help one’s decision-making process. of Business Ethics began in 1982 publishing semi-annual issues. 5. Normative theories propose some actions or principles for distinguishing right actions from The Issue' Asurvey of contemporary business ethics literature leads one to believe that the primary ethical questions facing businesses today concern topics such One of the oldest influential theories was Aristotle’s theory of eudaemonia. THEORIES OF BUSINESS ETHICS. main moral duties: the basic duty of (a) complying with the terms of the sales contract, and the. Here is a revision summary of business ethics by Peter Baron. Deontology is the science of duty . Ethics is an active process rather than a static condition, so some ethicists use the expression doing ethics. Organizational culture and leadership To foster ethical behavior, businesses need to build an organization culture. Ethics comes from the Greek word ethos which means character. (credit: modification of “business paper office laptop” by “rawpixel”/Pixabay, CC0) Countless philosophers and economists have examined the topic, from Aristotle and his concept of justice to Karl Marx's attack on capitalism. Ch 3. One definition of business ethics is “a set of principles that guides business practices to reflect a concern for society as a whole while pursuing profits” (Kilcullen & Kooistra, 1999). Several theories covering business ethics are reviewed by focusing largely on contemporary business issues. 1 Introduction - Business Ethics | OpenStax. Integrative Social Contracts Theory is a theory of business ethics originated by Thomas Donaldson and Thomas Dunfee, and is heavily influenced by the social contracts theories of political philosophers such as Thomas Locke and John Rawls. Business Ethics Chapter # 2 Normative Theories PPT. 2.1 Normativity of Ethical Theories 2.2 Traditional Ethics 2.3 Contemporary Ethics 3. One of the largest influences of modern business ethical principles is Kantian theory, which is a type of norm theory. The most well-known of these ethical theories is virtue ethics.Virtue ethics shifts the analytical emphasis away from rule-based decision-making (of deontological ethics) or of the consequences of an action (eg in utilitarianism) towards the ethics of individuals and the ethics of human character. How does this work? (See the Bioethics Center for an example of activities in the area Medical Ethics). Ethical Egoism: The ethical egoism is a teleological theory that posits, an action is good if it produces or is likely to produce results that maximize the person’s self-interest as defined by him, even at the expense of others. AF4513 CSR Evaluating Business Ethics: Normative A few different business ethics theories exist, such as the utilitarian, rights, justice, common good and virtue approach. Categorical Imperative of Immanuel Kant Kantianism is an ethic of duty . The first issue of the Journal of Business Ethics appeared in February 1982; the first issue of the Business Ethics Quarterly in January 1991; and the first issue of Business Ethics: A European Review in January 1992. Traditionally, ethics has been viewed as the study of what kinds of actions are right and wrong, how the world is and how it ought to be, what kinds of decisions are made and what kinds of decisions ought to be made. The field of ethics, along with aesthetics, concern matters of value, and thus comprise the branch of philosophy called axiology.. Theories of Ethics • Four major theories of ethics in the Western world – Utilitarianism: net benefits – Rights: entitlement – Justice: fairness – Egoism: self-interest 15 16. Ethical Theories Of Business. Ethics is a branch of philosophy and is considered as normative science because it is Stakeholder Theory and the Business Case for Business Ethics ethical theories and moral development. They also dispute on how we should value humans in … /. Company Loyalty. I introduce moral philosophy, meta-ethics, moral theories, and apply philosophical thought to many moral issues concerning business ethics. Most virtue theories owe a lot to Aristotle and his conception of ethics based on the virtues and modern virtue theory is notably Aritotelian in its nature. 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