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15 Cards in this Set

  • Front
  • Back

Libertarianism

Ethical theory rooted in personal liberty. Morality coincides with the maximization ofpersonal freedom. Justice and fairness, right and wrong are measured not by equality of results (such as wealth) for all, but from ensuring equal opportunity for all to engage in informed choices about their own welfare.

Trends in business toward ethics (1st fact)

Most big companies have voluntarily developed ethics codes; some providing rather detailed,“dos and don’ts” about employee conduct and others consisting of more generalized statements of principles. Section 406 of SOX requires publicly traded companies to adopt a code for senior financial officers or to explain why they have not done so.

Trends in business toward ethics (2nd fact)

Business Ethics – Measurement of business behavior based on standards of right and wrong.

Trends in business toward ethics (3rd fact)

Jean-Paul Sartre’s philosophy – standards of conduct cannot be objectively discovered orrationally justified. Individuals are responsible for their moral decisions. Existence precedes essence.

Trends in business toward ethics (4th fact)

Businesses are more transparent and accountable than ever before

Trends in business toward ethics (5th fact)

Pressure to cheat is cited as an evidence of an organization’s ethical culture

Trends in business toward ethics (6th fact)

Individual character and organizational culture influence corporate misconduct

Different ethical decision models (1st model)

Teleology – is concerned with the consequences of an act rather than the act itself.

Different ethical decision models (1st model)

Teleology – is concerned with the consequences of an act rather than the act itself.

Different ethical decision models (2nd model)

Deontology – derived from the Greek word meaning duty, is directed toward what ought to be,toward what is right. Why a crime was committed may be more important than the actual consequences of the crime. Principle is primary and consequences are secondary or irrelevant.

Types of Teleology (2 Types)

-Utilitarianism is where good is to be weighed against evil to reach an ethical decision.




-Act-Utilitarianism has a goal to identify consequences of an act to determine whether it is right or wrong.

Types of Deontology (2 Types)

Formalism – is measured on the rightness of an act and it depends little on the results of an act.




Categorical Imperative - Every person should act on principles that he or she would prescribe as universal laws

Foreign Corruption Practices Act (FCRA)

Is the chief federal weapon against bribery abroad, it wasenacted in 1977 in response to disclosure of widespread bribery by American firms. In brief, the FCPA provides that US nationals and businesses acting anywhere in the world, foreign nationals and companies acting in US territory, and foreign companies listed on a US stock exchange are engaging incriminal conduct if they offer or provide money or anything of value to foreign government officials to obtain or retain business or otherwise secure “any improper advantage.” It also requires vigorous internal accounting controls and careful recordkeeping to ensure that bribes cannot be concealed via slush funds and other devices. It, however, does not forbid grease payments to foreign officials or political parties where the purpose of payment is to expedite or to secure the performance of a routine governmental action.

The relationship of law to ethics

U.S. government struggles to curb corporate crime. Prevention orenhanced punishment creates new crimes and raises penalties. Requires publicly traded companies to: Establish internal control systems & disclose whether they have adopted an ethics code for senior financial management. Federal sentencing guidelines provide: Ranges within which judges are advised to impose sentences & greater predictability and consistency in punishment. Companies with effective compliance programs may receive reduced penalties in crimes.

Whistle Blowing: Name the two Acts involved and define.

False Claims Act > Rewards individuals who help stop fraud involving government contracts.




Dodd–Frank Wall Street Reform and Consumer Protection Act > Include a cash reward for information that leads to a recovery exceeding $1 million.




Whistle blowers are entitled to 10 to 30 percent of the recovery