Chapter 2: Ethics and Corporate Responsibility
Chapter 2: Ethics and Corporate Responsibility BLAW
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This 2 page Class Notes was uploaded by Alex Lazo on Saturday February 6, 2016. The Class Notes belongs to BLAW at University of Texas at Dallas taught by Matthew Polze in Summer 2015. Since its upload, it has received 45 views. For similar materials see Business and Public Law in Business Law at University of Texas at Dallas.
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Date Created: 02/06/16
Chapter 2: Ethics and Corporate Responsibility o Ethics: How people should behave o Laws may permit behavior that some feel is wrong and may criminalize acts that some feel are right The Role of Business in Society o Should the main focus be on the shareholders (owners of the company) or the stakeholders (employees, customers, etc)? Problems occur when companies put the shareholders before the stakeholders Why Be Ethical? o It builds trust o People tend to pay more for products that are ethically produced o Unethical behavior = unproductivity Main Theories of Ethics o Utilitarian Ethics (Mill): A correct decision maximizes overall happiness and minimizes pain, thus producing a greater benefit o Deontological Ethics: It’s important to do the right thing no matter what o Categorical Imperative (Kant): You should not do something unless you would be willing to have everyone else do it too o John Rawls: Believed that our personal situations can be attributed to luck Believes everyone should have opportunity for wealth Rawlsian Justice: We should think about rules for a society we might want if we did not know our place in it o Front Page Test: How would you feel if your actions went viral? Ex. McKinney police officer Moral Universalism vs. Moral Realism o Moral universalism: Some acts are always right or always wrong o Moral realism: A decision may be accepted if it complies with one’s own ethical standards Cultural- right and wrong depend on society’s norms Individual- when you develop your own ethical rules for justification Ethics Traps o Money o Competition o Rationalization o Conflicts of Interest gifts create bias o Conformity o Following Orders: Includes fear of punishment, intimidation, trust in authority, etc. o Euphemisms (Another form of rationalization) o Getting lost in a crowd Main Points o Understand the various theories of ethics and their meanings o Be able to determine the difference between moral universalism and moral realism o Grasp the importance of ethics and recognize the numerous ethics traps
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