Ethics Final

Front 1

Commensurable

Back 1

Capable of being measured by a common standard

Front 2

Hobbes Ethical View

Back 2

Through social contracts, social institutions can channel individual egoism to the social good

Front 3

Adam Smith's Invisible Hand Argument

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The collective good is maximized when each individual is allowed to pursue his/her own self-interest within the law

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John Rawl's Veil of Ignorance

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The suggestion that one should promote a society in which he/she would want to live regardless of his/her status at birth

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Egalitarianism

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The view that a society should promote the equal treatment of every citizen

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Karl Marx's dictum

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From each according to ability, to each according to need

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Socialism

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The view that government, not the market is responsible for job creation and how society's resources are to be allocated

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Communism

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The view that for socialism to work, government must also direct individual career choices

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Primary Goods

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The basic needs for life as it should be

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Libertarianism

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The view that individuals should as much as possible be free of government and social initiatives

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John Locke's Theory of Rights

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Rights are grounded in those things one would posses were there is no government

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Robert Nozicks entitlement theory

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The distribution of goods should be made not by a principle but by a validity based upon antecedents events

Front 13

Pareto Optimality

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That point in free markets where the exchange of goods is so efficient that one more exchange would make someone feel worse off

Front 14

Cost benefit analysis

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A decision method for choosing from among possible outcomes when investment parameters are fixed

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Shadow pricing

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The comparing of free market purchasing practices in order to assign dollar values to quality of life goods or even to life itself

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Teleological ethics

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The view that one owns it to oneself and others to achieve his/her full potential

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Telos

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Destiny

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Teleology

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The study of purpose in existence

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Plato’s ethical view

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Ethics should not lead one to altruism but to enlightened self interest and the role of ethics is to show an individual his/her own self interest

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Altruism

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Generosity without reward

Front 21

Ronald Duska’s interpretation of loyalty

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A willingness to sacrifice to maintain a relationship of mutual enrichment

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Deontology

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The formal perspective that duty and a fidelity to accepted rules, not outcome should determine whether or not an action is acceptable

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Kant’s categorical imperative

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A maxim which states that one should only do which one would wish to become a universal law

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Categorical

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Without exception

Front 25

Kant’s Ethical perspective

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Mortality is to be found in the way the mind makes sense of things

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Moral Intellectualism

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Morality is inherently rational and objective

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Voluntarism

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Morality is conditional and subjective

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Virtue

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A socially accepted personal characteristic which h either causes one to excel in a particular activity or be admired by others

Front 29

Virtue and ethics

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The ethical study which seeks a full account of the personal traits an individual should have

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Supererogate

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To do more than required

Front 31

Stakeholder Theory

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The view that producers should act so as to balance the competing claims of all the affected by its activities

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At-will-employment

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A working contract which stipulates that a job may be discontinued by the free will of either the employer or the employee

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Strict product liability

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The idea that a product manufacturer should be held accountably for any harm done by a product thought its life even if not at fault

Front 34

Dependence effect

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A term from John Kenneth Galbriath’s 1958 work, the affluent society, suggesting some manufacturers create the market demand they serve

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Sustainability

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The capacity to meet the needs of the present with out compromising the ability of future generations to meet their own needs

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Fungible

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Self-perpetuating

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Anthropocentric Environmentalism

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The view that nature should be modeled to conform to the needs of man

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Egocentric environmentalism

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The view that nature should be preserved in accordance with its own history

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Disparate Impact

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This is created by the common business practices that negatively impacts minorities

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Compensation Theory

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The view that women and minorities should be hired not on the basis of qualification but to correct past wrongs

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Merit Argument

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The view that only qualifications for a job should be considered in hiring

Front 42

The reasonable persons standard

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A guideline used by courts in determining fairness

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Comparable worth

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The principle that a salary should be based on a point system for job content rather that supply and demand skills involved

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Ebling vs Masco Corp

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Established the principle that a company’s policy manual constitutes a contract with the employee

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Privity

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A relationship between two parties solely defined by implicit agreements

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Milton Friedman’s View

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Corporate officials who do not try to make as much money for their stockholders as possible with in the law undermine the foundations of our free society

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Market Failure

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The inability of a sales transaction to include the full cost of a good or service

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Neo-Classical model of corporate social responsibility

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The pursuit of profit is constrained by an obligation to do no harm to others

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Social Institution Theory

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The view that producers are best understood as social creations organized to serve social goals

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Contractual Theory

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The view that businesses are best understood as markets where investors, managers, workers, buyers suppliers, government, and others came together

Front 51

Shark Repellant

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A general term for any device used by a firm to prevent a hostile take over

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Golden parachute

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A clause in an executives contract which assumes a substantial severance bonus in the event of a hostile take over

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Green mail

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A form of extortion where a corporate raider offers to back off in return for a profitable buyback of his/her shares already acquired