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Exam 1 Study Guide

The document provides an overview of 7 key moral standards that are important to study for a business ethics exam: 1) universal values/core ethical values, 2) relativism, 3) egoism, 4) utilitarianism, 5) Kantianism, 6) moral rights, and 7) justice/fairness. It defines each standard and provides examples to illustrate how each standard could apply to business ethics situations. The standards represent different philosophical approaches to ethics, such as duty-based theories like Kantianism versus consequence-based theories like utilitarianism.

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130 views

Exam 1 Study Guide

The document provides an overview of 7 key moral standards that are important to study for a business ethics exam: 1) universal values/core ethical values, 2) relativism, 3) egoism, 4) utilitarianism, 5) Kantianism, 6) moral rights, and 7) justice/fairness. It defines each standard and provides examples to illustrate how each standard could apply to business ethics situations. The standards represent different philosophical approaches to ethics, such as duty-based theories like Kantianism versus consequence-based theories like utilitarianism.

Uploaded by

Matt Maniscalco
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Business Ethics Exam 1 Study Guide

7 Moral Standards
1.
2.
3.
4.
5.
6.
7.

Universal values/ core ethical values


Relativism
Egoism
Utilitarianism
Kantianism
Moral Rights (part of Kantianism)
Justice/ Fairness (part of Kantianism)

Universal Values/ Core Ethical Values (4)


1

1. Trustworthiness
Includes:
o Honesty firms being honest with stakeholders
o Integrity act consistently with their values/ principles
o Promise keeping keeping promises and not making promises you
wont be able to keep
o Loyalty acting in the best interests of ones firm
o Transparency sufficient, relevant information must be disclosed on
a timely basis
Example: Lack of full disclosure of known potentially harmful impacts (i.e.
tobacco industrys deception to the public regarding health impacts)
2. Caring
People are acting in a caring manner if they (1) avoid unnecessary harm,
(2) do good when it is of little cost to themselves or the firm, and (3) are
sensitive to others feelings
Criticism: Difficult to establish what constitutes unnecessary harm
Example: Not avoiding harm Failure to recall vehicle or disclose
dangerous fuel tank defect (i.e. Ford Pinto); Doing good Selling AIDS/ HIV
drugs in Africa at cost (instead of for profit)
3. Responsibility
People are being responsible if they do what theyre supposed to do, are
accountable for actions, accept fault, apologize, and dont blame others
Example: Blaming supplier for faulty product and failing to take
reasonable steps to ensure the problem is corrected
4. Citizenship
People are being good corporate citizens if they (1) obey the law, (2)
protect the natural environment, and (3) assist the community
Criticism: Could lead to abiding by unethical laws
Example: Engaging in recycling, community assistance, or fair trade (i.e.
The Body Shop)

Relativism

When in Rome, do as the Romans do.


Values vary from culture to culture
Values are relative to time, place, culture, etc.
Does the majority of the group of individuals (the reference point) believe
that the action in question is morally acceptable?
Relativism rejects the view that there are single, universal standards or rules
Criticisms:
o Moral judgments can easily change based on time, circumstance, or
culture
o It becomes almost too easy to justify ones actions, because as long as
the majority agrees, then the argument ends
o Can lead to certain results that might be problematic (i.e. if the
majority of the people accept genocide or murder)

Ethical Egoism

What is perceived to maximize the long-term best self-interest of the


individual is the morally appropriate action
Milton Friedman
o Believes the only responsibility of corporate executives is to maximize
profit BUT
1. Must stay within the law
2. Must stay within moral standards
3. Cannot coerce or deceive people (i.e. cannot fail to inform
consumers of product defects)
o People need to be as free as possible, economically -> less
government interference
o Self-interest moves the marketplace toward optimal efficiency
o People should be as much concerned with the bottom line as can be
o Friedman believes CEOs who engage in socially responsible behavior
= taxation without representation. This is an example of CEOs who
spend money to do a public good (which is essentially a tax) and
decide what the money should be spent on. This is wrong in principle
(coercing people by not giving them a say) and in consequence.
o Civic decisions should be left to civic bodies like the government
Criticisms:
o Could lead to socially irresponsible or unethical actions of individuals or
firms
o If everyone believed they were obligated to act only in their own selfinterest, self-sacrifice would become unacceptable in society

Utilitarianism (Consequentialist Theory)

Action is ethical if it achieves the greatest net good or benefit for all those
affected
The greatest good for the greatest number of people
Jeremy Bentham
o The right thing to do is whatever brings the most pleasure for the most
people
o ALL pleasures are equal!! NO distinction between high and low
pleasures
o * Hedonistc Theory a way of calculating happiness to maximize
happiness
Intensity
Duration
Certainty
Remoteness how far away is the hoped for pleasure?
Repeatability is it a repeatable pleasure?
Purity how much pain will accompany the pleasure?
Extent how many people will be affected?
John Stuart Mill
o Distinguishes between HIGHER and LOWER pleasures!!
o But agrees with Bentham in that the right thing to do is what brings
the most pleasure to the most people, but NOT in that all pleasures are
equal, qualitatively
o High pleasures = intellectual
o Low pleasures = eating, sleeping, sex (physical)
Who is a competent judge of pleasure? Someone whos experienced BOTH
pleasures/ someone who is well-versed
Criticisms:
o Difficulties in measurement (i.e. how does one put a value on life or
health?)
o Doesnt support justice or fairness
o Some actions can be unethical/ bad consequences dont nearly
outweigh the benefits of what would appear to be wrong conduct

Kantianism (aka Deontology)

Duty based
You have certain duties that you cannot default on
Applies to humans, we can govern ourselves in accordance with principles
The moral worth of an action is based on the reasons or motive for acting (i.e.
ones good will)
Duty/ action must be based on Categorical Imperative
Categorical imperative cannot be rejected -> Because you are human, you
have this duty
1. Universalizability universal maxim without contradiction; not selfdefeating; to make an exception for yourself would be immoral (i.e.
promise keeping, contracts, etc.)
2. Reversibility whether one would be willing to have others act towards
them in the same way; you should act as if you were a member of a
kingdom of ends in which you were both subject and sovereign at the
same time. Rules that govern an organization must be rules that can
be endorsed by everyone
3. Respect everybody has ends and we cant treat people as merely a
means to an end; Respect for Persons Principle (i.e. not exploiting
employees)
Positive freedoms = freedom to develop ones human capacities
(i.e. in business, companies should provide meaningful work)
Negative freedoms = freedom from coercion and deception
Perfect duties = ALWAYS applies
Imperfect duties = do things SOME of the time (charity, kindness, etc.)
Hypothetical Imperative If you want X, do Y
Criticisms:
o Conflicting rights (i.e. a smokers right to smoke outside might come
into conflict with the non-smokers right to a healthy environment)
o Too demanding?

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