Business Ethics History

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Questions and Answers

What is the primary objective of identifying philosophies in business?

To illustrate the application of classical philosophies in today's business setting

To identify business principles and practices (correct)

To understand the history of ethics in business

To prepare for a pre-test

What is the significance of Confucius' philosophy in business ethics?

It rejects the concept of moral judgment in business decisions

It highlights the need for corporate social responsibility

It emphasizes the importance of profit over ethics

It promotes a simple and uncomplicated approach to life and business (correct)

What is the underlying assumption of the Golden Rule in business ethics?

That moral judgment is irrelevant in business decision-making

That businesses prioritize profit over social responsibility

That business decisions are driven by personal interests

That ethical principles are universal and applicable across cultures (correct)

What is the role of classical philosophies in business ethics?

To inform business principles and practices Signup and view all the answers

What is the significance of understanding business ethics in different cultures?

It promotes a universal understanding of ethical principles Signup and view all the answers

What is the primary focus of business ethics in the context of corporate social responsibility?

Prioritizing social responsibility Signup and view all the answers

What is moral judgement connected with?

Values and decision-making Signup and view all the answers

What is the main idea behind ethics being universal?

Companies should obey the same ethical rules everywhere they operate Signup and view all the answers

What are the three levels of analysis in business ethics?

System of free enterprise, corporation, and individual Signup and view all the answers

What is the starting point for business ethics?

Basic ethical norms Signup and view all the answers

What is an example of a basic norm necessary for the conduct of business?

Keeping promises and honouring contracts Signup and view all the answers

What is the relationship between moral reasoning and choice of action?

The level of moral reasoning is related to the choice of action Signup and view all the answers

Who wrote about the ethics of trade, and usury as part of the ethics of the household?

Aristotle Signup and view all the answers

What was Karl Marx's main critique of capitalism?

That most of the benefits are reaped by the few Signup and view all the answers

What did John Locke argue was a natural right?

The right to private property Signup and view all the answers

Who wrote 'A Theory of Moral Sentiments'?

Adam Smith Signup and view all the answers

What is a universal ethical principle that is widely accepted?

Do unto others as you would have them do unto you Signup and view all the answers

What is the name of Aristotle's work that discusses justice and trade?

Nicomachean Ethics Signup and view all the answers

Study Notes

Ethics in Business

There is a general consensus that issues like extortion and gross bribery are wrong, despite being prevalent and tolerated in some countries.
The history of ethics in business has been influenced by various ethical doctrines, including the idea of equal exchange and justice.

Historical Figures and Their Contributions

Aristotle wrote about justice being the exchange of equals for equals and discussed the ethics of trade, usury, and the household.
John Locke developed a defense of private property as a natural right based on labor.
Adam Smith wrote about the ethics of the development of the free-enterprise economic system.
Karl Marx developed a critical attack on capitalism, arguing that it benefits only a few individuals.

Organizational Ethics

Organizational ethics can be understood as elaborations of pre-existing broader moral principles, designed to respond to specific dilemmas.
Moral judgment is connected to values and decision-making, and is not a value-neutral or purely cerebral style of intellectualizing.

Universal Ethical Rules

Companies should obey the same ethical rules whenever they operate, including respecting workers' rights, not engaging in bribery, protecting the environment, and not undermining local culture.

Levels of Analysis in Business Ethics

There are three levels of analysis: (1) the system of free enterprise, (2) the corporation, and (3) the individual within the corporation.

Basic Ethical Norms

Basic norms necessary for conducting business include keeping promises, honoring contracts, telling the truth, and respecting the lives and integrity of those involved in business.

Philosophies of Business Practices

Classical philosophies can be reflected in business practices, such as the Golden Rule by Confucius, which emphasizes the importance of treating others with respect and kindness.

The Golden Rule

Confucius' philosophy emphasizes the importance of simplicity, respect, and kindness in business and personal relationships.

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Description

Explore the historical roots of business ethics, from ancient principles of equal exchange to modern-day doctrines. Learn how philosophers like Aristotle shaped the morality of business. Test your knowledge of ethics in business!