Organisation and Society Course Quiz

Deontological ethics emphasizes universal rules and duties, influencing economics by promoting both individual freedom and social justice.

Deontological ethics faces limitations as it struggles with moral dilemmas, conflicts between rules, and lacks flexibility for real-life situations.

Virtue ethics emphasizes the moral character of individuals, focusing on virtues developed through social relationships.

Virtue ethics is contextual, balancing reason and emotions, and acknowledging human vulnerability.

Virtue ethics aims to achieve the "good" through balance, distinguishing it from utilitarianism and deontology.

Virtue ethics embraces human fallibility and complexity, encouraging learning and community involvement.

Virtue ethics acknowledges that good intentions don't always lead to positive outcomes.

Virtue ethics, initially designed for individuals, faces challenges in adapting to global issues and marginalized groups.

A business approach that aims to create value for both the company and society, enhancing competitiveness by addressing social and environmental issues.

It encourages businesses to develop products and services that meet consumer needs while also addressing social problems.

It emphasizes improving the social, environmental, and economic performance of suppliers and other value chain members.

It involves working with local suppliers and institutions to achieve common developmental goals.

The ability to frame CSV activities in managerial terms that resonate with executives.

CSR (Corporate Social Responsibility) is seen as a separate concept from business strategy, whereas Shared Value integrates social responsibility into core business operations.

Shared Value shares similarities with existing ideas like Stakeholder Management and Social Innovation but offers a more strategic and integrated approach.

Shared Value advocates for government regulations that promote shared value creation and innovation.

A moral philosophy that judges the rightness or wrongness of an action based on its consequences. It seeks to maximize overall happiness or utility.

A moral philosophy that emphasizes duty and following universal moral principles, regardless of consequences.

A principle in welfare economics that states a redistribution of resources is only acceptable if it makes at least one person better off without making anyone worse off.

The view that markets and economic behavior require rules and norms, like property rights and free competition, to function efficiently and fairly.

The view that deontology has a broader role in economics, going beyond constraints and emphasizing human dignity, fairness, and addressing market failures like externalities, inequality, and exploitation.

The idea that ethical norms can promote greater individual freedom by ensuring a fairer distribution of resources and improving overall social well-being.

The argument that adhering to universal moral duties can actually benefit economic incentives by reducing negative externalities and fostering long-term productivity.

The understanding that both utilitarianism and deontology offer valuable perspectives on ethical considerations in economics, providing a framework for analyzing the implications of economic theories and policies.

CSR focused on donating to charities and social causes, going beyond profit making, and contributing back to society.

A criticism of CSR philanthropy, suggesting that it lacks a connection to the core business and its practices. It focuses on what a company spends its profits on, not how those profits are made.

CSR activities that aim to manage reputational and financial risks, like participating in social initiatives or supporting ethical practices.

A type of CSR activity that targets a company's trading partners (customers, suppliers) and aims to improve business practices within the supply chain.

A type of CSR activity that engages with a wider audience (society, stakeholders) to address broader social and environmental issues. These actions have a more insurance-like effect on a company's reputation.

A framework for evaluating a company's environmental, social, and governance performance, used by investors to assess their sustainability and long-term value.

The argument that CSR can improve a company's financial performance, suggesting that investing in social and environmental responsibility can contribute to positive business outcomes.

Studies that explore the relationship between a company's social performance and its financial performance. These studies can shed light on the potential benefits of integrating CSR into business practices.

Social innovation refers to developing new solutions and approaches to address social problems. This can involve creating new businesses, products, services or models to make a positive impact.

The idea that CSV (Creating Shared Value) fails to fully account for the tension between economic and social needs, potentially leading to overlooking negative impacts on stakeholders.

CSV may oversimplify complex social and environmental issues by not fully considering the investments and outcomes required to address them, potentially leading to greenwashing.

The critique that CSV focuses too narrowly on new product development and misses the broader responsibility of companies within their value chains. Companies may create products that are questionable social goods and have limited impact on the broader social landscape.

The concern that CSV overlooks the inherent difficulties of assuring social and environmental value in global supply chains, where complex ethical and practical challenges often arise.

The argument that CSV does not fully address how companies are embedded within society and their systemic responsibilities, potentially neglecting social impacts beyond immediate economic gain.

The concern that CSV is overly optimistic regarding businesses' commitment to compliance, potentially overlooking the challenges of adhering to regulations and norms.

In virtue ethics, morality is not fixed but changes based on the situation. It considers time, place, and social surroundings when evaluating behavior. It recognizes economic activities are shaped by both ethical motivations and factors like scarcity and uncertainty.

Virtue ethics sees economic practices as collaborations among people who aim to create value. It emphasizes shared values and cooperation over just individual profit seeking. Profit shouldn't overshadow ethical conduct.

Virtue ethics values ethical responsibility and commitment (intrinsic motivation) more than external rewards (extrinsic motivation). It argues that relying too much on external rewards can weaken moral responsibility and productivity.

Trust and reputation are essential for smooth economic interactions. Shared values build trust, while a lack of them can lead to opportunism and increased costs. Trust creates a foundation for cooperation.

Virtue ethics in economics emphasizes finding balance in economic practices. Too much focus on external rewards can lead to unethical behavior (like fraud). Ignoring external needs can threaten sustainability.

The Brent Spar case highlights how good intentions, reputation management, and environmental concerns can be combined to achieve an ethical outcome. Shell's decision to sink an oil platform was criticized, but ultimately led to an environmentally sound solution.

Aristotle's theory of virtue ethics was originally meant for close-knit communities, but critics argue that virtues can also exist in larger, more anonymous settings. People's trustworthiness and reputation can promote virtuous behavior even in vast environments.

While enforcing moral rules can be challenging in larger contexts, virtue ethics promotes intrinsic values, encouraging ethical behavior in social and economic relationships. Even without strict regulations, individuals can make moral choices.