Ethical Theories and Moral Obligations

Ethical Theories: The Foundation of Moral Obligations

Ethical theories are attempts to provide a comprehensive account of what our ethical obligations are. They serve as a framework to understand what is right or wrong to do in any given situation by providing a single "story" about what we are obligated to do without directly referring to specific examples. In discussions of business ethics, ethical theories are often appealed to clarify moral dilemmas. Some of the most commonly used philosophical ethical theories include:

1. Utilitarianism: This theory holds that the right thing to do in any situation is whatever will produce the best outcomes for all concerned parties, taking into account the interests of everyone involved.
2. Kantianism (or Deontology more generally): This ethical theory emphasizes the importance of following absolute or nearly absolute rules, such as respecting people's privacy or their right to make decisions about their own lives.
3. Social Contract Theory (or Contractarianism): This theory suggests that ethical rules should be based on what rational beings would agree to in an ideal decision-making context.
4. Virtue Theory: This perspective emphasizes focusing on the types of people or organizations we want to be and the virtues we ought to exhibit.
5. Feminist Ethics: This complex set of interrelated perspectives emphasizes interpersonal concerns such as caring, interdependence, and the ethical requirements of particular relationships.

While some scholars attempt to use a single ethical theory to shed light on a specific topic or range of topics, a more typical approach is to draw insights from various ethical theories to analyze different aspects of a particular problem. This approach allows for a more nuanced understanding of ethical dilemmas by considering multiple ethical theories and their implications.

The role of ethical theory in business ethics is somewhat controversial. Some view it as an application of standard ethical theories to practical problems, while others see it as an attempt to gain theoretical insight by testing these theories against real-life problems. Regardless of the approach, ethical theories provide a foundation for understanding our moral obligations and guide us in making ethical decisions.