Ethics Midterm (Mel)
Ethics
deals with individual character and with the moral rules that govern and limit out conduct
Business ethics
the study of what constitutes right and wrong, or good and bad, human conduct in a business context
Business
any organization whose objective is to provide goods or services for profit
Businesspeople
those who participate in planning, organizing, or directing the work of business
Organization
a group of people working together to achieve a common purpose
Moral standards
concern behavior that is of serious consequence to human welfare, that can profoundly injure or benefit people
Etiquette
the norms of correct conduct in polite society or, more generally, to any special code of social behavior or courtesy
Statutes
laws enacted by legislative bodies
Administrative regulations
legislatures often set up boards or agencies whose functions include issuing detailed regulations covering certain kinds of conduct
Common law
the body of judge-made law that first developed in the English-speaking world centuries ago when there were few statutes
Constitutional law
court rulings on the requirements of the Constitution and the constitutionality of legislation
Professional code of ethics
the rules that are supposed to govern the conduct of members of a given profession
Divine command theory
if something is wrong, then the only reason it is wrong is that God commands us not to do it
Ethical relativism
the theory that what is right is determined by what culture or society says is right
Paradox of hedonism
people who are exclusively concerned with their own interests tend to have less happy and less satisfying lives than those whose desires extend beyond themselves
Normative theories
propose some principle or principles for distinguishing right actions from wrong actions
Consequentialist theories
the moral rightness of an action is determined solely by its results
Nonconsequentialist theories
contend that right and wrong are determined by more than the likely consequences of an action
Egoism
the view that equates morality with self-interest
Hedonism
the view that pleasure (or happiness) is the only thing that is good in itself, that it is the ultimate good, the one thing in life worth pursuing for its own sake
Psychological egoism
people are, as a matter of
fact, so constructed that they must behave selfishly
Utilitarianism
the moral doctrine that we should always act to produce the greatest possible balance of good over bad for everyone affected by our actions
Act utilitarianism
we must ask ourselves what the consequences of a particular act in a particular situation will be for all those affected
Business egoism
the view that it is morally acceptable for individuals to pursue their economic interests when engaged in business
Good will
Kant believed that their goodness depends on the will that makes use of them
Moral worth
when we act from a sense of duty
Categorical imperative
we should always act in such a way that we can will the maxim of our action to be a universal law
Maxim
the subjective principle of an action, the principle (or rule) that people in effect formulate in determining their conduct
Hypothetical imperatives
they tell us what we must do on the assumption that we have some particular goal
Universal acceptability
you can embrace something as a moral law only if all other rational beings can also embrace it
Prima facie obligation
an obligation that can be overridden by a more important obligation
Supererogatory actions
actions that would be good to do but not immoral not to do
Legal right
your right to drive under certain conditions is derived from our legal system
Moral rights
derive from special relationships, roles, or circumstances in which we happen to be
Human rights
moral rights that are not the result of particular roles, special relationships, or specific circumstances
Negative rights
reflect the vital interests that human beings have in being free from outside interference
Positive rights
reflect the vital interests that human beings have in receiving certain benefits
Capitalism
an economic system that operates on the basis or profit and market exchange and in which the major means of production and distribution are in private hands
Socialism
an economic system characterized by public ownership of property and a planned economy
Worker control socialism
a hybrid economic system advocated by some socialists
Mercantile capitalism
capitalism that is based on mutual dependence between state and commercial interests
Industrial capitalism
with the Industrial Revolution, industrialists replaced merchants as the dominant power in a capitalist economy
Financial capitalism
characterized by pools, trusts, holding companies, and the interpenetration of banking, insurance, and industrial interests
State welfare capitalism
government plays an active role in the economy, attempting to smooth out the boom-and-bust pattern of the business cycle through its fiscal and monetary policies
Globalized capitalism
new stage or level of capitalist development
Profit motive
implies and reflects a critical assumption about human nature: that human beings are basically economic creatures, who recognize and are motivated by their own economic interests
Laissez faire
to let people do as they choose
Capital
money that is invested for the purpose of making more money
Natural right to property
a common defense of capitalism is the argument that people have a fundamental, natural right to property and our capitalist system is simply the out come of this right
Invisible hand
each person's individual and private pursuit of wealth results--as if guided (in Smith's famous words) by an invisible hand--in the most beneficial overall organization and distribution of economic resources
Oligopolies
a concentration of property and resources, and thus economic power, in the hands of a few
Corporate welfare
assists business and protects it from competition
Alienation
the separation of individuals from the objects they create, which in turn results in one's separation from other people, from oneself, and ultimately from one's human nature
This concept can be applied to the workplace, where employees may feel disconnected from their contributions and colleagues, leading to decreased morale and productivity.