Three Major Ethical Theories Essay

917 Words Sep 21st, 2012 4 Pages
(A) Business ethics is the critical structured examination of how people and institutions should behave in the world of commerce. In particular it involves examining appropriate constraints on the pursuit of self interest, or for firms profit maximisation when actions of individuals or firms affect others.
There are many notable theories that have been put down trying to form a guideline on how to solve the problem of what is right or wrong good or bad, below are three theories I have listed:
1. Utilitarianism Ethical Theory: J. S Mill
The view of this theory is among competing alternatives one ought to do that which produces the greatest happiness overall for all concerned. A key aspect in this view is that no person’s pain or pleasure
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3. Virtue Ethics: Aristotle
This approach deemphasises rules, consequences and particular acts and places the focus on the kind of person who is acting. What makes an action right or wrong is that it reflects or leads to virtue or vice. The primary thing is whether the person acting is expressing good character (moral virtues) or not. Virtue ethics claims that the main task of ethics is to give us knowledge of what is the right type of person, or what is a good person, not to supply us with rules for what is the right type of action, or what is a good action. Aristotle stated that a morally good person is one who constantly and habitually acts the way a human being should. He goes to say moral virtues follow from our nature as human beings; virtues enable human beings to act in accordance with our human nature. Virtues are those traits which enable us to act according to reason. We act in a reasonable fashion when we choose to act in a way that neither goes to excess nor deficiency. Using the example of the cement plant above, virtue ethics seek to find out what kind of people, in this case management is, management should be compassionate, value lives and just. It will be morally wrong not go and build this factory at the cost of residents in this small

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