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36 Cards in this Set
- Front
- Back
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What is the Definition of Ethics? |
A system of moral principles, quality, or practice. |
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What do ethics study and what do they deal with? |
Ethics is the study of what is right and good for humans. It deals with moral duty, acting according to a set of moral beliefs. |
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What three platitudes express a statement of the idea that "good ethics make good business"? |
1)"Unethical companies rarely prosper, whereas 'good ethics make good business. 2)"Honesty is the best policy" 3)"You always want to be cautious that people aren't driven to business objectives that are inconsistent with good, moral, ethical behavior and conduct |
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What are the consequences of misbehaving as a corporation? |
-Bad reputation -Stock market woes -Poor employee performance -Loss of business/profits -Criminal Prosecution -government penalties |
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Which makes more money, Bad Business or Good Business? |
Good Business. Research shows that in the long run. ethnically sensitive companies make more money. |
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What two things are wrong with the assertion that "Good ethics make good business"? |
1) It is often not true 2) It has nothing to do with ethics and all to do with business. |
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Identify 5 consequences of the idea that "Unethical behavior breeds cynicism" |
1) Trust is lost when a person behaves badly 2) Lies tend to weaken our confidence in others 3) Every act tends to infect the whole group 4) One bad can lower everyone's moral 5) Loses business because others don't to associate. |
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If people behave differently than they know to be right, What's it that psychologists say they would be prone to suffer? |
You suffer from 'cognitive dissonance' |
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What does the maintenance of high ethical standards measure? |
Our sympathy with fellow humans. The idea that we exist to serve more that ourselves. |
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RULE OF LAW: THE GOLDEN RULE |
We must treat others as we wish others to treat us. Proclamation of the parliament of the worlds religions 1993. |
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Who is Milton Friedman? What does he equate with economic freedom? |
He is a famous economist from the University of Chicago. Equated economic freedom with political freedom. |
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What does Friedman think is a 'fundamental misconception of the charter and nature of a free economy'? |
Corporate officials and labor leaders have a 'social responsibility' that goes beyond serving the interest of the stockholders or members. |
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What does Friedman state is the 'one and only social responsibility of business'? |
To use its resources and engage in activities designed to increase its profit so long as it stays within the rule of the game, which is to say engage in open and free competition, without deception or fraud. |
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What objective is there to Friedman's idea? |
That it has been tried and found wanting |
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What is the problem with the assertion that 'the business of business is money'? |
It tends to focus attention on one effect of business, the money making effect. Bad things happen when that is the only aspect you focus on. |
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what three things does business affect and what does failure to take all three into account lead to? |
1) Economy 2)Society 3)Environment Failure to take all three into account leads to serious dislocation. |
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When the goal of business is to make as much money as possible, who is the main interested party? |
-The Shareholder is the main interested party -Other interested parties are stakeholders |
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What does a company using the stakeholder model consider shareholders? |
consider shareholders as among the interested parties, but it also recognizes other concerns |
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What type of profit do such companies seek to make in the stakeholder model. |
A Satisfactory Profit.
This is no less than the total return they could earn if they were to incest somewhere else with comparable risk. |
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What are two critiques of the stakeholder Model from the political left and the political right. |
1) Political Right: that business people using the Stakeholder Model get distracted into doing something other than what business is for: Making Money 2) Political Left: It doesn't go far enough, it fails to acknowledge many stakeholders and so it fails to compel the business to honor the interest |
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Who is Abraham Maslow and what concept did he develop? |
He is an American Psychologist who developed the concept of humans' 'hierarchy of needs' |
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Five Levels of Hierarchy of Needs |
1)Physiological 2)Safety 3)Social 4)Esteem 5)Self-Actualization |
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What is the 'construction of social reality' that business reinforces ans how does it project it? |
Business promoting that consumption is a good thing. The mechanism by which social reality and projects itself into our lives is primarily advertising. |
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What is broadly protected by the First Amendment |
Advertising (Commercial Speech) |
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What did the 20th century bring about in the United States? |
A new social order, overwhelmingly based on the principle of national commercial exchange. |
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Beginning about 1842, what legal tool was used when labor disputes threatened? |
Equitable Injunction |
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How did the court grant the use of equitable injunction, what did they order, and what choices were left to employees who were subject to such orders. |
they granted it without notice, hearing or trial, on the sat-so of only the employer it ordered employees either to go back to work or go away. |
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when was the American Federation of Labor Created and who created it? |
Samuel Gompers |
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When was the congress of Industrial Organization born? |
1935 |
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When did the AFL and the congress of Industrial Organization merge? |
1955 |
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The Railway Labor Act |
-1926 -The First Successful statute addressing the rights of laboring men. -The right of each side to select representatives without 'interference, influence or coercion'. -Outlawed the 'yellow dog' contract |
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The Norris-LaGuardia Act |
-1932 -adopted on the last days of Hoovers term -Divest the courts of injunction powers in labor dispute accept if life or property were at risk -passed in 1940 |
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The Wagner Act |
~1935 ~Roosevelt Administration (1) It gives employees the right to form unions and bargain collectively (2) It forces employers to 'deal' (treat) with unions and stop interference. ~Created the National Labor Relations Board to implement the provisions. |
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The Taft-Hartley Act |
~1948 ~ Labor Management Relations Act (1) encourage dispute resolution (2) Outlawed 'Closed Shop' but not 'Union Shop' (3) Made it illegal to 'Refuse a bargain in good faith' (4) Creates a new category of unfair labor practices. |
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Difference between 'Closed Shop', 'Union Shop' and 'Right to work states'. |
Closed Shop - When employers could only choose from a pool of applicants put forward by the union Union Shop - All employees must eventually join the union Right to Work State - no employee can ever be compelled to join a union (18 States) |
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The Landrum-Griffen Act |
~1959 ~ |
