Ethics and Moral Principles

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Questions and Answers

What do norms refer to in the context of ethics?

Enduring beliefs about what makes a preferable existence

The distinction of right and wrong

Moral laws that we adhere to because they have a rational appeal

Beliefs about what we find valuable and that tell us how we should act day-to-day (correct)

What is a limitation of the distinction of right and wrong in ethics?

It uses a logic that is able to offer compelling arguments against abuses

It is not able to offer compelling arguments against abuses (correct)

It is not reflexive and critical

It is difficult to resolve disputes because it assumes basic goods need to be protected in society

What is the primary responsibility of a corporation according to the Stakeholder Theory?

To increase its profits as much as possible (correct)

To prioritize the interests of its employees

To prioritize the interests of all stakeholders

To prioritize the interests of the environment

What is the purpose of stakeholder analysis in business ethics?

To handle complexity and criticism in performance achievement Signup and view all the answers

What is a characteristic of continental philosophers' approach to ethics?

They are skeptical of absolutist claims Signup and view all the answers

Why is business ethics not considered aporetic?

Because it provides answers to questions Signup and view all the answers

What do principles refer to in the context of ethics?

Moral laws that we adhere to because they have a rational appeal Signup and view all the answers

What is a limitation of the approach that assumes a distinction of right and wrong?

It assumes that there are no basic goods that need to be protected in society Signup and view all the answers

According to Bentham's moral arithmetic, what is the basis for moral judgement?

Objective assessment of pleasure and pain Signup and view all the answers

What is the main goal of Bentham's hedonistic calculus?

To maximize pleasure for the greatest number of people Signup and view all the answers

What does Bentham mean by saying 'It is better to be a human dissatisfied than a pig satisfied'?

It is better to strive for excellence than to be satisfied with mediocrity Signup and view all the answers

Who determines what constitutes 'higher' and 'lower' pleasures according to Bentham?

Competent judges Signup and view all the answers

What is a key characteristic of goods according to Bentham?

They are incommensurable Signup and view all the answers

What is the primary focus of Bentham's moral arithmetic?

Assessing the pleasure and pain of actions Signup and view all the answers

What is the role of competent judges in Bentham's moral arithmetic?

To determine the 'higher' and 'lower' pleasures Signup and view all the answers

What is the core idea behind Bentham's hedonistic calculus?

That all actions contribute to more or less happiness Signup and view all the answers

What is the primary task of business organizations in a society?

To create wealth Signup and view all the answers

Why is stakeholder theory considered dangerous?

Because it undermines democracy Signup and view all the answers

What is the role of politicians in a society according to the text?

To distribute wealth Signup and view all the answers

What is the main argument against stakeholder theory?

It is a form of socialism Signup and view all the answers

What is the main idea behind Friedman's point of view?

That businesses should focus on making a profit and let politicians distribute wealth Signup and view all the answers

What is the main idea behind the concept of reasonable pluralism?

That we need a plural perspective on the relation between business and society Signup and view all the answers

What is the separation fallacy?

The idea that the economy can be separated from all other domains of society Signup and view all the answers

What is the relationship between the economy and other domains of society according to the text?

They are influenced by and part of each other Signup and view all the answers

What is the main idea behind the concept of a 'natural contract'?

A contract that allows humans to reframe from violence with respect to nature Signup and view all the answers

Why does Serres argue that nature should become the object of fear?

Because nature does not punish humans for their actions Signup and view all the answers

What is the relationship between humanity and nature, according to Serres?

Humans are in a deadly struggle with nature Signup and view all the answers

What is the main concern of Serres in terms of human impact on nature?

Finding a way to live together with nature Signup and view all the answers

What is the instrumental view of nature, according to Serres?

Nature is a source of resources for humans Signup and view all the answers

What is the consequence of humans taking too much from nature, according to Serres?

Nature will take back from humans Signup and view all the answers

What is Serres' criticism of science?

Science has developed in a way that prioritizes experts Signup and view all the answers

How does Serres view the relationship between nature and culture?

Nature is deeply intertwined with culture Signup and view all the answers

What is the main approach of Freeman's perspective on business?

Prescriptive, wanting to prescribe actions for businesses Signup and view all the answers

What is the main difference between Freeman's and Friedman's approaches?

Freeman wants to prescribe actions, Friedman wants to let businesses decide Signup and view all the answers

What is the relevance of the stakeholder theory debate?

It is important for managers to know what society expects from them Signup and view all the answers

What is the underlying spirit of philanthro-capitalism?

Richesse oblige Signup and view all the answers

What is a criticism of the stakeholder theory?

It puts too much emphasis on powerful stakeholders Signup and view all the answers

What is a limitation of firm-centric models?

They are sham models Signup and view all the answers

What is a key aspect of moral responsibility?

The human face Signup and view all the answers

What is a flaw of the stakeholder theory, according to Levinas?

It is too focused on firms, not individuals Signup and view all the answers

Study Notes

Ethics

Ethics engages with concepts like norms, values, and principles to understand what society believes is right and wrong.
Values are enduring beliefs about what makes a preferable existence.
Norms are beliefs about what is valuable and guide our daily actions.
Principles are moral laws that we adhere to because they have a rational appeal.
The distinction between right and wrong can be used as a political tool to protect those in power from dissent and criticism.
Continental philosophers emphasize the need for contextual awareness, as what makes sense to one group may not be sensible to others.

Stakeholder Theory

Stakeholders have different perspectives on what firms should achieve.
Stakeholder analysis is a way to handle complexity, acknowledging that performance is never without criticism or negative aspects.
The stakeholder theory is criticized for undermining democracy, as it allows entrepreneurs to distribute wealth without being accountable to the public.
Friedman's view is that a corporation's sole responsibility is to increase profits within the boundaries of the law and moral beliefs.
Stakeholder theory is seen as a form of socialism, as it doesn't take democracy seriously.
Reasonable pluralism is needed to understand the relationship between business and society.
The economy cannot be separated from other domains of society, and is influenced by culture, ethics, and society.

Criticisms of Stakeholder Theory

The theory has theoretical flaws, such as too much emphasis on powerful stakeholders.
Firm-centric models are flawed, and thinking is not the same as acting.
The stakeholder theory is overly rational and bureaucratic, and does not consider the human face of moral responsibility.
Reading Levinas, it becomes apparent that the stakeholder theory is only concerned with firms, not individuals.

Bentham's Hedonistic Calculus

Hedonistic calculus is a scientific approach to morality, using numbers to evaluate the virtuousness of an action.
Bentham proposes a moral arithmetic, where moral judgment is based on objective calculations, not emotions.
The goal is to maximize pleasure for the majority of the group.
All actions, ideas, or values contribute to the sum of happiness.
Goods are incommensurable, and there is no common measure for them.

Serres' Natural Contract

The natural contract is necessary to reframe from violence with respect to nature.
Humanity's impact on nature is significant, and we need to find a way to live together with nature.
Nature is not just an instrumental source, but has value in and for itself.
Science has a role in delivering facts about the world, but experts should not be the sole decision-makers.
Nature is deeply intertwined with culture, and we must find a way to balance our relationship with nature.

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Description

Explore the concepts of ethics, norms, values, and principles that shape our understanding of right and wrong in society.