Moral Responsibility In Business Analysis

1894 Words 8 Pages
The world is changing at an accelerated pace. Change driven by technological development, globalization, economic instability, and social transformation. The pace of change is speeding up, influencing social structures and entities that form society. These changes present new challenges for individuals and businesses alike, requiring a new analysis of moral and ethical frameworks to help the many moral agents navigate the shifting social landscape. The notion of moral responsibility and business has been expanding congruently with this change. The central question now emerges, do businesses have a moral responsibility?
Moral responsibility concerns action and consequences. It refers to the duty that businesses have to act in accordance with the moral principles that are important to social communities and society as a whole. Business is concerned with what is important to people’s lives, this is fundamentally a moral activity. One could argue this makes them moral agents. This implies that business, like people, should then be held to moral standards. However, there are many nuances that must be understood to dive deeper into the notion of moral responsibly (Ferrell, p. 187).
Businesses are no longer isolated social enterprises. They are important social entities that
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Utilitarianism commands that a decision to act or not to act should be directed towards producing the greatest good for the greatest number of people. Occasional injury to individuals is therefore an acceptable risk. This is the crux of cost-benefit analysis, which encourages one to consider the cost/benefit of an action in terms of greatest social utility (Sinnot-Armstrong, 2015). This kind of analysis leads to systematic thinking about decision-making. It could be useful for some decisions, but may also create an ethical slippery slope (Armstrong, 2015). Wouldn’t focusing on highest social utility ignore many ethical dimensions of an

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