introduction
application of Kantian ethics n utilitarianism to business
key ideas:
corporate social responsibility
describes the concept that corporations should be accountable for impacts they have on ppl n the environment
whistle-blowing
when an employee of a business chooses to make public their belief that their employer has acted unethically
when w-bers don’t believe the problem will be internally remedied
w-bers could be seen as individuals with high ethical standards, do the right thing before personal comfort
good ethics is good business
belief that customers relate positively to the businesses that do the right thing and will become more successful
globalisation
has created a highly-connected global economy
opportunity to move production to low-wage countries around the world has enabled transnational corporations to dominate int’l n national economies
key scholars:
milton friedman
immanuel kant
jeremy bentham
john stuart mill
key terms:
capitalism: an economic system based on the private ownership of how things are made and sold, in which businesses compete freely with each other to make profits
shareholder: a person who has invested money in a business in return for a share of the profits
corporate social responsibility: a sense that businesses have wider responsibilities than simply to their shareholders, including the communities they live n work in and to the environment
whistle-blowing: when an employee discloses wrongdoing to the employer or the public
globalisation: the integration of economies, industries, markets, cultures n policy-making around the world
stakeholder: a person who is affected by/involved in some form of relationship with a business
consumerism: a set of social beliefs that put a high value on acquiring material things