Business Ethics Chapter 3

What is fairness?

Justice is often used to mean fairness. Justice frequently concerns the fair treatment of members of groups of people or else looks backward to the fair compensation of prior injuries. Question of justice focuses on fairness, equality, desert, or rights.

What is economic distribution based on?

Pure equality, need, effort, social contribution, or merit

What is libertarianism?

The libertarian theory identifies justice with liberty, which libertarians understand as living according to our own choices, free from the interference of others. They reject utilitarianism’s concern for total social well-being.

What is the entitlement theory?

You are entitled to your holdings if you have acquired them without violating other people’s rights.

What is laissez-faire economics?

A theory advocating for minimal government intervention in the economy, allowing businesses and markets to operate with little to no regulation.

What is Rawl’’s theory of justice?

Rawls’s strategy is to ask what principles people would choose to govern their society if they were in the “original position”, everyone is on the same level.

What is the Veil of Ignorance?

The veil of ignorance eliminates bias and makes the original position a fair way of choosing principles.

What is the maxim rule?

Maximize the minimum you will receive, you should select the alternative under which the worst that could happen to you is better than the worst that could happen to you under any other alternative.

What is the difference principle?

It states that inequalities are justified only if they work to the benefit of the least-advantaged members of society. By “least-advantaged,” Rawls simply means those who are least well-off.