Ethical principles in business
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Here are the key points a utilitarian would have to consider in evaluating the arguments made in this case: - A utilitarian would have to accept the premise that actions should be evaluated based on their overall costs and benefits to society. Maximizing overall utility is the goal. - However, a utilitarian could reject arguments that ignore long-term or indirect costs/benefits. Simply focusing on short-term monetary costs misses important factors. - A utilitarian could also reject claims that some people's lives are less valuable just because they are poorer or live shorter lives. All individuals should equally count in the utility calculation. - Non-monetary costs like health impacts and environmental degradation also need to be properly considered and
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CHAPTER 2 (ETHICAL PRINCIPLES IN BUSINESS)
This document discusses several approaches to ethical evaluation in business, including utilitarianism and rights-based approaches. It provides examples and definitions of key concepts. The central questions posed are how to determine the morally right action, how to weigh costs and benefits, and how rights and justice relate to utilitarian analysis. It also discusses contractual rights and duties as they apply to business ethics.
Corporate Social Responsibility(CSR)
Corporate social responsibility (CSR) is defined as businesses behaving ethically and contributing to economic development while improving quality of life for employees, local communities, and society. Businesses depend on society for infrastructure, workforce, consumers, and more, so they have a responsibility to give back. CSR can be implemented through adopting strong values, generating stakeholder intelligence, and responding positively to stakeholder issues. It provides benefits like improved reputation, sales, employee retention, and risk management. CSR addresses issues like community assistance, health/welfare, education, human rights, and the environment. Responsibilities include product quality, reasonable prices, ethical advertising, and supporting community programs.
Corporate Social Responsibility
Corporate Social Responsibility Definition, CSR, Corporate Social Responsibility Scope, Scope of Corporate Social Responsibility, Scope of CSR, CSR Scope, Activities Under Corporate Social Responsibility, Activities under CSR, Difference Between Corporate Social Responsibility and Charity, Difference Between CSR & Charity
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Corporate Social Responsibility (CSR) refers to companies taking responsibility for their impact on society and the environment. CSR involves companies engaging in activities like supporting social causes, employing sustainable practices, and donating to charity. CSR can benefit companies through improved public image, increased customer and employee engagement, and cost savings. Common types of CSR include environmental responsibility, ethical responsibility, philanthropic responsibility, and economic responsibility.
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This seminar presentation discusses business ethics and corporate social responsibility with case studies of Coca-Cola and the Tata Group. It introduces the concepts of business ethics and CSR, outlines their importance, and describes the CSR models and initiatives of Coca-Cola and Tata in areas like water, energy, health, communities and economic development. It also discusses some obstacles faced by Coca-Cola and their responses. The presentation concludes that many businesses are actively engaging in CSR to improve people's livelihoods.
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This document discusses the differences between business ethics and corporate social responsibility (CSR). Business ethics deals with moral principles that guide decision making and behavior within organizations. CSR focuses on a corporation's responsibilities and obligations to external stakeholders in society. While business ethics covers all ethics issues throughout a company's functions, CSR specifically concerns corporate responsibility to the community. The document provides examples of the Tata Group and Ultratech Cement carrying out CSR projects in India like community programs, women's empowerment, education, and environmental conservation.
CSR
This document discusses corporate social responsibility (CSR). It defines CSR as aligning a company's activities with stakeholder expectations regarding social, economic, and environmental impacts. The document outlines a company's responsibilities to society, government, shareholders, employees, and consumers. It discusses benefits of CSR like winning new business and enhancing reputation. The document also presents arguments both for and against companies taking on CSR initiatives.
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Recommended
CHAPTER 2 (ETHICAL PRINCIPLES IN BUSINESS)
This document discusses several approaches to ethical evaluation in business, including utilitarianism and rights-based approaches. It provides examples and definitions of key concepts. The central questions posed are how to determine the morally right action, how to weigh costs and benefits, and how rights and justice relate to utilitarian analysis. It also discusses contractual rights and duties as they apply to business ethics.
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Corporate social responsibility (CSR) is defined as businesses behaving ethically and contributing to economic development while improving quality of life for employees, local communities, and society. Businesses depend on society for infrastructure, workforce, consumers, and more, so they have a responsibility to give back. CSR can be implemented through adopting strong values, generating stakeholder intelligence, and responding positively to stakeholder issues. It provides benefits like improved reputation, sales, employee retention, and risk management. CSR addresses issues like community assistance, health/welfare, education, human rights, and the environment. Responsibilities include product quality, reasonable prices, ethical advertising, and supporting community programs.
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This seminar presentation discusses business ethics and corporate social responsibility with case studies of Coca-Cola and the Tata Group. It introduces the concepts of business ethics and CSR, outlines their importance, and describes the CSR models and initiatives of Coca-Cola and Tata in areas like water, energy, health, communities and economic development. It also discusses some obstacles faced by Coca-Cola and their responses. The presentation concludes that many businesses are actively engaging in CSR to improve people's livelihoods.
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CSR
This document discusses corporate social responsibility (CSR). It defines CSR as aligning a company's activities with stakeholder expectations regarding social, economic, and environmental impacts. The document outlines a company's responsibilities to society, government, shareholders, employees, and consumers. It discusses benefits of CSR like winning new business and enhancing reputation. The document also presents arguments both for and against companies taking on CSR initiatives.
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The obstructive approach prioritizes profits over social responsibilities and can involve polluting, deceiving customers, or exploiting employees. The defensive approach focuses on legal compliance rather than social ethics.
The accommodating approach believes CSR is as important as profits by meeting ethical standards in addition to legal requirements. A proactive company makes CSR a priority by instituting new programs, giving employees living wages and benefits, and donating profits to charity to remain ahead of social responsibilities. Examples of each approach are provided.
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chapter02
The document discusses several ethical principles and theories of business ethics, including utilitarianism, rights-based approaches, virtue ethics, and care ethics. It provides an overview of the key aspects of each approach, such as how utilitarianism evaluates actions based on their costs and benefits to society, and how rights-based theories establish moral rights that protect individual interests and autonomy. The document also outlines some common criticisms of each approach.
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The obstructive approach prioritizes profits over social responsibilities and can involve polluting, deceiving customers, or exploiting employees. The defensive approach focuses on legal compliance rather than social ethics.
The accommodating approach believes CSR is as important as profits by meeting ethical standards in addition to legal requirements. A proactive company makes CSR a priority by instituting new programs, giving employees living wages and benefits, and donating profits to charity to remain ahead of social responsibilities. Examples of each approach are provided.
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1) The meaning of ecology and ecosystems, and how business impacts the environment.
2) Traditional business views of the environment as unlimited and views of pollution costs.
3) The ethics of environmental protection and debates around who should pay pollution costs.
4) Approaches to environmental goals like regulations, incentives, and pricing mechanisms.
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Theories
Virtue Ethics
Virtue ethics is distinct from both utilitarianism and deontology. Rather than focusing on the consequences of the act we wish to evaluate, or the reason or rule that guides the action, we look at the character of the person performing the act. Virtue ethics, thus, seeks to determine not what makes an act good but what makes a person virtuous.
Deontology
Rather than looking at the consequences of an act, deontology looks at the reason for which an act is done, and the rule according to which one chooses to act. Deontology doesn't deny that acts have consequences; rather, it insists that those consequences should not play a role in our moral evaluation of such acts.
Definition of Deontology
Utilitarianism is sometimes called a consequentialist theory because it evaluates whether an act is right or wrong in terms of the act's consequences. In contrast to consequentialist theories, a number of different approaches suggest distinct ways of evaluating the morality of an act. Perhaps the most famous of these is deontology. Coming from the Greek deon, which means "duty," deontology (sometimes referred to as duty ethics) focuses on what we are obligated to do as rational moral agents. It is particularly important to see that the deontologist does not say that actions do not have consequences; rather, the deontologist insists that actions should not be evaluated on the basis of the action's consequences.
Utilitarianism
A natural way to see whether an act is the right thing to do (or the wrong thing to do) is to look at its results, or consequences. Utilitarianism argues that, given a set of choices, the act we should choose is that which produces the best results for the greatest number affected by that choice.
We should also see that part of this calculation is to minimize pain or suffering; a choice that maximizes utility may often be one that produces the least harm, given the options available. Utilitarianism is the theory that people should choose that which maximizes the utility of all those who are affected by a given act. At thispoint, however, we see the basic utilitarian principle and how to apply it. Now we can start to make it a bit more precise. According to utilitarianism, one should always act in a way that produces the greatest good for the greatest number of people relative to any other way one might act, or act in a way that maximizes the utility of all affected by an act, relative to any alternative to that act.
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Emotivism offers a perspective on our ethical claims that eliminates much of the traditional kind of argument based on reason. Emotivism, instead, sees our moral evaluations as simply the expression of whether we respond to a given act by liking it or not liking it. Something is good, on this view, if it is something about which we feel good; something ...
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The document discusses several concepts related to market failures including externalities, public goods, imperfect information, and social choice. It defines key terms like marginal social cost, private choices and external effects, and internalizing externalities. It also explains the characteristics of public goods like being nonrival and nonexcludable, which can lead to free-rider and drop-in-the-bucket problems requiring public provision. Issues with social choice like Arrow's impossibility theorem and voting paradoxes are also covered.
2011: Externalities and Solutions (by Joyce and Vicky)
An externality is the uncompensated impact of one person's actions on another person's well-being. There are two types: negative externalities, which have adverse effects, and positive externalities, which have beneficial effects. Government policies like subsidies, pollution taxes, and tradable pollution permits can help internalize externalities and achieve more efficient market outcomes. Private solutions through contracts, cooperation, and social norms can also address externalities in some cases.
When Disaster Strikes, What can Government Do?
This document discusses what role governments can play when disasters strike. It covers several key concepts:
1. Incentives and how people respond rationally to costs and benefits. Governments can alter incentives to change behavior.
2. Public goods that are non-excludable and non-rival, like national defense, may be underprovided by the private market. Governments can provide these.
3. Public choice theory holds that politicians, bureaucrats, and voters act rationally in their own self-interest. Special interests can influence government more than the general public. Government disaster relief risks serving political rather than victim needs.
Apa style essay corporate social responsibility
The document discusses corporate social responsibility across three parts. Part one analyzes whether capitalism can lead to human happiness. Both the advantages of private ownership and competition are discussed, as well as the potential disadvantages. Part two examines the issue of managing risks associated with derivatives. The final part discusses whether price gouging should be regulated, outlining arguments on both sides of the issue. Overall, the document provides a nuanced look at different aspects of corporate social responsibility and considers arguments from multiple perspectives.
3.7 UTILITARIAN THINKINGIn its broadest sense, taking a utilit.docx
3.7 UTILITARIAN THINKING
In its broadest sense, taking a utilitarian approach in addressing moral problems
requires us to focus on the idea of bringing about ‘‘the greatest good for the greatest
number.’’ However, there is more than one way to attempt this. We consider three
prominent ways.
The Cost–Benefit Approach
How are we to determine what counts as the greater good? One approach that has
some appeal from an engineering perspective is cost–benefit analysis: The course of
action that produces the greatest benefit relative to cost is the one that should be
chosen. Sometimes this is a relatively straightforward matter. However, making
this sort of determination can present several difficulties. We consider three here.
First, in order to know what we should do from the utilitarian perspective, we must
know which course of action will produce the most good in both the short and the
long term. Unfortunately, this knowledge is sometimes not available at the time decisions must be made. For example, we do not yet know whether permitting advertising
and competitive pricing for professional services will lead to some of the problems suggested by those who oppose it. Therefore, we cannot say for sure whether these are
good practices from a utilitarian perspective. Sometimes all we can do is try a certain
course of action and see what happens. This may be risky in some circumstances.
Second, the utilitarian aim is to make choices that promise to bring about the
greatest amount of good. We refer to the population over which the good is maximized as the audience. The problem is determining the scope of this audience. Ideally,
it might be thought, the audience should include all human beings, or at least all
human beings who might be affected by the action to be evaluated. Perhaps the audience should even include all beings capable of experiencing pleasure or pain. But
then it becomes virtually impossible to calculate which actions actually produce the
most good for so large an audience. If we limit the audience so that it includes
only our country, our company, or our community, then we face the criticism that
others have been arbitrarily excluded. Therefore, in practice, those with utilitarian
sympathies need to develop acceptable ways of delimiting their range of responsibility.
A third difficulty with the utilitarian standard is that it seems sometimes to favor
the greater aggregate good at the expense of a vulnerable minority. Imagine the following: A plant discharges a pollutant into the local river, where it is ingested by fish.
If humans eat the fish, they experience significant health problems. Eliminating the
pollutant will be so expensive that the plant will become, at best, only marginally
profitable. Allowing the discharge to continue will save jobs and enhance the overall
economic viability of the community. The pollutant will adversely affect only a relatively small proportion of the population—the most economically deprived member ...
3.7 UTILITARIAN THINKINGIn its broadest sense, taking a utilit.docx
This document discusses three approaches to utilitarian thinking: the cost-benefit approach, the golden rule approach, and the self-defeating approach.
The cost-benefit approach attempts to quantify costs and benefits in monetary terms to determine the option with the greatest net benefit. However, there are difficulties in quantifying all relevant costs and benefits, particularly those involving human life, health, or the environment.
The golden rule approach requires considering whether an action could be universally applied by asking if one would be willing to experience the same action. However, determining what is acceptable can vary depending on one's own values and perspective.
The self-defeating approach examines whether an action could be universally followed by asking if the principle itself
Apa style essay corporate social responsibility
The document discusses corporate social responsibility across three parts. Part one analyzes whether capitalism can lead to human happiness, outlining both advantages like economic growth and opportunities, and disadvantages such as inequality. Part two examines managing risks of derivatives, discussing both supporting and opposing issues. Part three debates whether price gouging should be regulated, and also presents both supporting and opposing perspectives. The document provides a balanced analysis of these complex topics related to corporate social responsibility.
Uni of Melbourne POPH90229 Health Economics 1 Topic 1
Economics is the study of how scarce resources are allocated among competing ends. Health economics applies economic principles to the health sector. It examines how individuals and societies choose to spend limited healthcare resources. Key concepts for health economists include:
1. People face trade-offs and reveal preferences through their choices. More medical care means less spending on other goods.
2. Opportunity costs must be considered - the forgone benefits of the next best alternative use of resources.
3. Incentives, both intended and unintended, influence behavior. Policies should consider how individuals respond to incentives.
While economists generally agree on analytical methods, there are ideological differences in views on issues like the appropriate role of government in
Microeconomics Ch1
This document provides an overview of economics. It defines economics as the study of how individuals, businesses, governments, and societies make choices with scarce resources. It distinguishes between microeconomics, which studies individual and business decision-making, and macroeconomics, which studies overall economic activity and performance. Two key economic questions are examined: what goods and services are produced, how they are produced, and who receives them. The concept of incentives, tradeoffs, and opportunity costs are introduced as part of the "economic way of thinking."
Similar to Ethical principles in business (20)
Externalities, Public Goods, Imperfect Information, and Social Choice
Externalities, Public Goods, Imperfect Information, and Social Choice
TheoriesVirtue EthicsVirtue ethics is distinct from both uti.docx
TheoriesVirtue EthicsVirtue ethics is distinct from both uti.docx
2011: Externalities and Solutions (by Joyce and Vicky)
2011: Externalities and Solutions (by Joyce and Vicky)
3.7 UTILITARIAN THINKINGIn its broadest sense, taking a utilit.docx
3.7 UTILITARIAN THINKINGIn its broadest sense, taking a utilit.docx
3.7 UTILITARIAN THINKINGIn its broadest sense, taking a utilit.docx
3.7 UTILITARIAN THINKINGIn its broadest sense, taking a utilit.docx
Uni of Melbourne POPH90229 Health Economics 1 Topic 1
Uni of Melbourne POPH90229 Health Economics 1 Topic 1
Ethical principles in business
- 1. Ethical Principles in Business Chapter 2 Section 2.1 Ganesh Jayakumar
- 2. Utilitarianism : Weighing Social Costs and Benefits
- 3. Case on Ford Motors (1970)
- 4. Cost-Benefit analysis No of cars = 12.5 million Cost of repair/car = $11 Total cost to be incurred = $137 million 180 burn deaths * $200,000 180 severe burns * $67,000 2100 burned vehicles * $700 Total = $ 49.15 million
- 5. Utilitarianism A general term for any view that holds that actions and policies should be evaluated on the basis of the benefits to the society.
- 6. Utility The inclusive term used to refer to any net benefits produced by an action.
- 7. Traditional Utilitarianism Jeremy Bentham and John Stuart Mill An action is right from an ethical point of view, iff, the sum total of utilities produced by that act is greater than the sum total of utilities produced by any other act the agent could have performed in its place. • -Utilitarian principle
- 9. Mistake 1 When the U.P. says that the right action for a particular occasion is the one that produces more utility than any other action, it doesn‟t mean most utility for the person performing the action, instead for all persons affected by the action.
- 10. Mistake 2 U.P. not only requires us to consider the direct and immediate consequences of our actions but also all foreseeable future costs and benefits that each alternative will provide for each individual, as well as any significant indirect effects.
- 11. Mistake 3 (most important) U.P. doesn‟t say that the right action is the one in which its own benefits outweigh its own costs, rather it says that, the right action is the one whose combined benefits and costs outweigh the combined benefits and costs of every other action the agent could carry out. To determine the morally correct action, we must compare the utility of all actions that one could carry out in that situation; only then can we determine which action will produce more utility than the others.
- 12. Utilitarianism Advocates maximizing utility Matches well with moral evaluations of public policies Appears intuitive to many people Helps explain why some actions are generally wrong and others generally right Influenced economics
- 13. Measurement Problems How can the utilities, diff actions have for diff ppl be measured and compared ? There are certain costs and benefits that seem almost impossible to measure ,eg: health, life. It is unclear as to what should count as a benefit and what as a cost… The utilitarian assumption that all benefits are measurable implies that all benefits can be traded for equivalents of each other i.e., we should be willing to trade any one good for some quantity of another good.(noneconomic goods concept)
- 14. • Utilitarianism is the system that holds the action on the benefits and costs they will impose on society. • Rights is an Individual entitlements to freedom of choice and well – being. • Justice is distributing benefits and burdens fairly among people.
- 15. Case… Should Companies Dump Their Wastes In Poor Countries?? Its best for every one if pollution is shipped to the country where its health effects will have the lowest cost. So it best to dump wastes in lowest wages countries. Transferring pollution into a clean environment where it will disappear rather than pollution the same place.
- 16. Pollution will cause more harm to people who have „long life span‟ rather than where people who die young, so if we dump waste in poor country we can reduce the disease in the countries where people have long life span. Pollution can cause “aesthetic” damage, such as dirty-looking air that may have very little direct health impact, this will enhance welfare enhancing between countries.
- 20. Questions?? Explain which parts of the reasoning in this memo a utilitarian would have to accept and which parts a utilitarian could reject? Do you agree or disagree with the conclusion that those wastes in rich countries should ship to poor countries?