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33 Cards in this Set

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Ethical duties

The duties you believe to owe other people based upon your rational thought process

Aristotle’s universal principle

Applicable to all and understood by all

General philosophy

The study of rational thought and conduct— how people think about important issues

Moral philosophy

The study of proper thought and conduct — how people should normatively think about important issues

Principle of self interest

Never take any decision or action that is not in the long term self interests of yourself and the organization to which you belong in order to avoid future retribution and harm from others

Principle of personal virtues

Never take any decision or action that is not open, honest, and truthful, and that you would not feel proud to have reported on the front pages of national newspapers

The principle of religious injunctions

Never take any action that is not kind and compassionate towards others, and that does not forward a sense of true community, all should work jointly towards common goal

Principle of government requirements

Never take any action that violates the law because those minimal moral standards set for our society must be observed by all to maintain the peace among all and advance their well being

Principle of utilitarian benefits

Never take any action that does not result in greater net benefits than harms for the full society

Principle of universal duties

Never take any action that you would not be willing to see others also be free or encouraged to take, never treat others as a means to your own ends.

Principle of distributive justice

Never take any action that harms the least among us, least income, education, wealth, competence, influence, or power.

Principle of contributive liberty

Never take any action that interferes with the rights of others to develop and improve their skills, this interference would deny the rights of all to pursue our self interests through voluntary exchanges

Philosophy

The study of thought and conduct

Normative philosophy

Study of PROPER thought and conduct

Morality

Standards of behavior

Ethics

System of beliefs

Ethical relativism

Morality is relative to the norms of ones culture

Elements of utilitarianism

Results-based approach, interested in consequences of actions, the ends of an action justify the means

Utilitarianism

Greatest good for the greatest number of people

Elements of Universalism

Rules-based approach, interest in “motivations” of doing an action, the means justify the ends of an action

Virtue ethics

Virtuous habits lead to moral character — ask: what kind of persons do my actions make me?

Limitations of ethical duties

Aggregate over individual, conflicting duties, attainability of virtue

Four benefits of business ethics

Employee commitment, investor loyalty, customer satisfaction, and profits

Four drivers of corporate social responsibilities

Maximize stakeholder wealth, follow laws, comply with ethical norms, engage in philanthropy

Domini 400 social index

Used by investors that want to invest in ways that are compatible with their values

Exclusionary screen

Businesses usually either have a negative impact on planet and/or people. Investors exclude businesses that see people as a means to an end.

Qualitative Screen

Reputations of companies to pay fair wages, doing good by its customers, attentive to recalls, fair in pricing and return policies

Micro finance

Small loans to low income people, used for productive purposes, 90% of loans repaid

Base of the pyramid

Affordable, acceptable, available

6 Rationale for sustainable development

Self interest, long term strategy, cost savings, competitive advantage, risk management, unmet potential

Natural resources funnel

Diminishing resources, increasing demand

Economic growth— take-make-waste model

Raw materials collected, made into products that are used until discarded as waste

Sustainable development — cradle-to-grave model

Life cycle assessment, seek to lessen waste as much as possible