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33 Cards in this Set
- Front
- Back
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Ethical duties |
The duties you believe to owe other people based upon your rational thought process |
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Aristotle’s universal principle |
Applicable to all and understood by all |
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General philosophy |
The study of rational thought and conduct— how people think about important issues |
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Moral philosophy |
The study of proper thought and conduct — how people should normatively think about important issues |
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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 |
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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 |
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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 |
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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 |
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Principle of utilitarian benefits |
Never take any action that does not result in greater net benefits than harms for the full society |
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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. |
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Principle of distributive justice |
Never take any action that harms the least among us, least income, education, wealth, competence, influence, or power. |
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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 |
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Philosophy |
The study of thought and conduct |
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Normative philosophy |
Study of PROPER thought and conduct |
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Morality |
Standards of behavior |
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Ethics |
System of beliefs |
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Ethical relativism |
Morality is relative to the norms of ones culture |
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Elements of utilitarianism |
Results-based approach, interested in consequences of actions, the ends of an action justify the means |
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Utilitarianism |
Greatest good for the greatest number of people |
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Elements of Universalism |
Rules-based approach, interest in “motivations” of doing an action, the means justify the ends of an action |
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Virtue ethics |
Virtuous habits lead to moral character — ask: what kind of persons do my actions make me? |
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Limitations of ethical duties |
Aggregate over individual, conflicting duties, attainability of virtue |
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Four benefits of business ethics |
Employee commitment, investor loyalty, customer satisfaction, and profits |
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Four drivers of corporate social responsibilities |
Maximize stakeholder wealth, follow laws, comply with ethical norms, engage in philanthropy |
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Domini 400 social index |
Used by investors that want to invest in ways that are compatible with their values |
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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. |
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Qualitative Screen |
Reputations of companies to pay fair wages, doing good by its customers, attentive to recalls, fair in pricing and return policies |
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Micro finance |
Small loans to low income people, used for productive purposes, 90% of loans repaid |
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Base of the pyramid |
Affordable, acceptable, available |
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6 Rationale for sustainable development |
Self interest, long term strategy, cost savings, competitive advantage, risk management, unmet potential |
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Natural resources funnel |
Diminishing resources, increasing demand |
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Economic growth— take-make-waste model |
Raw materials collected, made into products that are used until discarded as waste |
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Sustainable development — cradle-to-grave model |
Life cycle assessment, seek to lessen waste as much as possible |
