Questions and Answers
What is the primary objective of identifying philosophies in business?
To identify business principles and practices
What is the significance of Confucius' philosophy in business ethics?
It promotes a simple and uncomplicated approach to life and business
What is the underlying assumption of the Golden Rule in business ethics?
That ethical principles are universal and applicable across cultures
What is the role of classical philosophies in business ethics?
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What is the significance of understanding business ethics in different cultures?
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What is the primary focus of business ethics in the context of corporate social responsibility?
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What is moral judgement connected with?
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What is the main idea behind ethics being universal?
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What are the three levels of analysis in business ethics?
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What is the starting point for business ethics?
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What is an example of a basic norm necessary for the conduct of business?
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What is the relationship between moral reasoning and choice of action?
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Who wrote about the ethics of trade, and usury as part of the ethics of the household?
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What was Karl Marx's main critique of capitalism?
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What did John Locke argue was a natural right?
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Who wrote 'A Theory of Moral Sentiments'?
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What is a universal ethical principle that is widely accepted?
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What is the name of Aristotle's work that discusses justice and trade?
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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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