BA300-15: Ethical Decision Making in Business - Hance Final

Liberalism

Political philosophy for Nozick's rights

Confirmation Bias

Manager ignores negative feedback on top performing employees

John Rawl's Theory of Justice

Greatest benefit should go to the least advantaged

Negative rights

protects individuals from interference

Ethical Awareness

- Ethical language

- When we believe our peers think it's problematic

Utilitarianism

- The city uses wealthy taxpayer money to help poor areas. Bad for wealthy people

- Common good

- Welfare and happiness in economics

- Assigning values for the pros and cons

Setting Ethical Guidelines example

- Trevino and Nelson's production of Ford Pinto

Illusion of Superiority Bias

- thinking you're better for no reason

Principle of Nozick's theory of rights

-People should be free from fraud

-Only concerned with individual rights

Wilt Chamberlain's Example

- voluntary exchange can lead to inequality

- Basketball player from the 1970's, that everyone gives $1 to, to perform a dunk. Now, he's richer than everyone else in the arena

Ethical Judgement

- 8 steps

- Gather facts, define ethical issues, identify affected parties

- Nozick

- Is there a duty to hire this person?

Consequentialist and Non-Consequentialist Theory

- Want the best outcome

- Redistribute wealth

- Nozick

- Reflect how decisions affect character

- What would an ethical person do?

- If everyone knew what your decision was, how would that affect your analysis?

- What was your gut reaction?

- After walking through the steps, what changed?

Nozick's theory

Only concerned with individual rights

A challenge of ethics under the shareholder value approach

short-term profit maximization

Decision rule for stakeholder value approach

advance interest of stakeholders

Gift-giving is only ethical if...

The gift is an authentic local custom, like giving someone a small token.

Objectivism has to do with

personal ambitions, being all that you can be, and being rational

Decision rule for shareholder value approach

maximize profits with the law

Decision rule for ethics of care

prioritize relationships and personal responsibilities

Example of company implementing objectivism

They only hire competitive and independent people that want to work long hours

First step of whistleblowing

approach immediate manager

Corporate social responsibility

- actions beyond profits of the law

- stakeholder ownership orientation

Aristotle and virtue ethics

- Aristotle said we should be virtuous and operate in middle grounds

- Courage and cowardly

- Be individualist and selfish

International business uses the:

integrative social contract theory

Pros for objectivism

emphasizes personal responsibility

Carol Gilligan's theory says

ethics rise as a result of our relationships and how we interact

Basketball player keeping the money supports which theories?

Utilitarianism and Nozick's