Abstaining from cheating customers, defrauding clients, lying, and murder are fairly objective ethical values; the reason for making any exceptions must be carefully laid out. 129 20 8 WebChapter 9. The classified documents contained information proving that generals and other top-level government administrators were lying to the public about the actual status of the United States in the Vietnam War. This is especially the case when facts are not available and there is no objective external jurisdiction of the state or federal government. Only the individuals self-interest and values are relevant for judging his or her behavior. The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo Many leaders character and actions serve as examples of how character-based virtues work. then you must include on every physical page the following attribution: If you are redistributing all or part of this book in a digital format, <>/Border[0 0 0]/Contents(scholar@valpo.edu)/Rect[350.833 72.3516 427.21 82.8984]/StructParent 8/Subtype/Link/Type/Annot>> Applying this principle is related to a quick test before acting or making a decision by asking, What would my best self do in this situation? Others ask the question inserting someone they know or honor highly. Corruption is expensive: According to the World Economic Forum, no less than $2 trillion is lost each year worldwide as a result of corruption, a staggering waste not just of resources but of credibility for business in general.28. In the ideal case, the organizations culture never allows the latter, because scandals not only damage reputations but they make companies and countries much less attractive to investors. v a l p o . CONCEPTS & THEORIES OF BUSINESS ETHICS VALUES Basic convictions that a specific mode of (Classical) Maximalism: A right action produces the greatest good consequences and the least bad. This principle is grounded in both legal and moral rights. This book uses the Dec 12, 2022 OpenStax. [133 0 R 134 0 R 135 0 R 136 0 R 137 0 R 138 0 R 139 0 R 140 0 R] | Creative Commons Attribution License A hallmark of any profession is the existence of ethical guidelines, often based on values like honesty, integrity, and objectivity. Vol. This does not deny the need for profit and financial success. 0000003198 00000 n 0000000016 00000 n So, universalist ethical principles may present difficulties when used in complex situations, but such principles can also save lives, protect the integrity of a nation, and stop meaningless destruction. According to Mel & Snchez-Runde (2013), Universal ethics can be perceived as a form of moral constitution which is expressed as a set of specific ethical trailer Countries and cultures that follow this orientation can result in dictatorships and absolutist regimes that practice different forms of slavery and abuse to large numbers of people. They abdicate personal responsibility by assigning blame elsewhere. 132 0 obj To put this question another way, is there a set of universal values that all can endorse? are not subject to the Creative Commons license and may not be reproduced without the prior and express written This, as with all these principles and approaches, is broad in nature and seemingly rather abstract. Business, too, is about relationships. Compliance can be an immense task for industries like aerospace, pharmaceuticals, banking, and food production, due to the large number of employees involved, the certification of them that sometimes is necessary, and the requisite record keeping. There are some limitations to this ethic. But Limitations here also show that using this principle may not always prove realistic or practical in all situations. Ethical principles are different from values in that the former are considered as rules that are more permanent, universal, and unchanging, whereas values are subjective, even personal, and can change with time. For example, the famous Warren Buffett stands as an icon of good character who demonstrates trustworthy values and practical wisdom. For example, although what constitutes ethical behavior in Islamic society is strongly linked to religious values, secular philosophers can endorse a highly developed commitment to commercial ethics, too. Therefore, utilitarianism goes by the rule that an action is evaluated to be ethical based on a set of rules or principles that can bring the retreat usefulness to the greatest amount of people (Mill, 2006). WebUniversalism. If not, and if ethical standards are relative, are they worth having? 3 Howard Schultz, founder of Starbucks; co-founder Jim Sinegal at Costco; Sheryl Sandberg, chief operating officer of Facebook; and Ursula M. Burns, previous chairperson and CEO of Xerox have demonstrated setting effective ethical tones at the top of organizations. > WebUniversalism: broadmindedness; wisdom; social justice; equality; a world at peace; a world of beauty; unity with nature; protecting the environment; inner harmony Benevolence: helpfulness; honesty; forgiveness; loyalty; responsibility; friendship Tradition: accepting one's portion in life; humility; devoutness; respect for tradition; moderation are licensed under a, Ethical Principles and Responsible Decision-Making, Major Characteristics of the Manager's Job, How the Brain Processes Information to Make Decisions: Reflective and Reactive Systems, Administrative and Bureaucratic Management, External and Internal Organizational Environments and Corporate Culture, The Internal Organization and External Environments, Organizing for Change in the 21st Century, Ethics, Corporate Responsibility, and Sustainability, Dimensions of Ethics: The Individual Level, Leadership: Ethics at the Organizational Level, Ethics, Corporate Culture, and Compliance, Emerging Trends in Ethics, CSR, and Compliance, Cultural Stereotyping and Social Institutions, Characteristics of Successful Entrepreneurs, Trends in Entrepreneurship and Small-Business Ownership, Strategic Analysis: Understanding a Firms Competitive Environment, Gaining Advantages by Understanding the Competitive Environment, A Firm's External Macro Environment: PESTEL, A Firm's Micro Environment: Porter's Five Forces, Competition, Strategy, and Competitive Advantage, The Strategic Management Process: Achieving and Sustaining Competitive Advantage, The Role of Strategic Analysis in Formulating a Strategy, Strategic Objectives and Levels of Strategy, Planning Firm Actions to Implement Strategies, Measuring and Evaluating Strategic Performance, An Introduction to Human Resource Management, Influencing Employee Performance and Motivation, Talent Development and Succession Planning, Benefits and Challenges of Workplace Diversity, Situational (Contingency) Approaches to Leadership, Substitutes for and Neutralizers of Leadership, Transformational, Visionary, and Charismatic Leadership, Opportunities and Challenges to Team Building, Factors Affecting Communications and the Roles of Managers, Managerial Communication and Corporate Reputation, The Major Channels of Management Communication Are Talking, Listening, Reading, and Writing, Formal Organizational Planning in Practice, Management by Objectives: A Planning and Control Technique, The Control- and Involvement-Oriented Approaches to Planning and Controlling, MTIIts Importance Now and In the Future, External Sources of Technology and Innovation, Internal Sources of Technology and Innovation, Management Entrepreneurship Skills for Technology and Innovation, Managing Now for Future Technology and Innovation, https://openstax.org/books/principles-management/pages/1-introduction, https://openstax.org/books/principles-management/pages/5-3-ethical-principles-and-responsible-decision-making, Creative Commons Attribution 4.0 International License. Read the article Panama Papers FAQ: All You Need to Know About The 2016 Investigation on the Panama Papers and how journalists might hold the corporate world to account in cases of fraud and corruption for a detailed explanation. (2) Is it right? WebFor forty years, successive editions of Ethical Theory and Business have helped to define the field of business ethics. A major limitation when using this principle is, Who determines what the common good is in situations where two or more parties differ over whose interests are violated? In individualistic and capitalist societies, it is difficult in many cases for individuals to give up their interests and tangible goods for what may not benefit them or may even deprive them. Theories of Business Ethics. 5 terms. Also needs of individuals involved in a %%EOF Feelings may come and go, but the solidarity that people have with each other and the care they take with one another define them as human beings (Figure 5.8). About Webmoral relativism theory or more similar to the moral universalism theory and if there are any differences between the arguments. Time: 3 Hours Total Marks: 100 Note: Attempt all Sections missinganyIf data;requ suitably choose SECTION A. Attemptall questions in brief. BUSG 210 Practice Final Exam. <<77326D38A9B4B2110A000018C493FC7F>]/Prev 592216>> Still, the U.S. Constitutions Bill of Rights, ratified in 1791, was designed as and remains the foundation of, which is based on freedom and justice to protect the basic rights of all. Ethical Principles and Responsible Decision-Making, 10. %PDF-1.7 % Textbook content produced by OpenStax is licensed under a Creative Commons Attribution License . Some of the principles presented here date back to Plato, Socrates, and even earlier to ancient religious groups. Grounded in good character, motives, and core values, the principle is best exemplified by those whose examples show the virtues to be emulated. Profiles of leaders and organizations policies, practices, perks, diversity, compensation, and other statistics regarding employee welfare and benefits can be reviewed. The main principles of business ethics are based in academia and on academic writings on proper business operations. WebUniversalism in ethics may be identified with claims about the form, scope or content of ethical principles, or with the very idea that ethical judgment appeals to principles, rather than to particular cases. These programs are effective for their ability to help individuals act on their principles. One distinctive understanding of universalism in ethics is that ethical principles are principles for everybody. OpenStax is part of Rice University, which is a 501(c)(3) nonprofit. B. what ethical behaviors should be expected of company personnel in the course of doing their jobs. (5) Do I/we want to assume responsibility for the consequences? We might argue that it is not the business of business to form people in their conscience, but the result of not doing so has become expensive for everyone concerned.32. then you must include on every digital page view the following attribution: Use the information below to generate a citation. 0000000696 00000 n Using creativity is also important when examining difficult moral decisions when sometimes it may seem that there are two right ways to act in a situation or perhaps no way seems morally right, which may also signal that not taking an action at that time may be needed, unless taking no action produces worse results. The following section discusses how ethical leadership at the top and throughout organizations affects ethical actions and behaviors. Ethical relativism holds that people set their own moral standards for judging their actions. Use of this principle generally applies when resources are scarce, there is a conflict in priorities, and no clear choice meets everyones needsthat is, a zero-sum decision is imminent, Universalism is a principle that considers the welfare and risks of all parties when considering policy decisions and outcomes. The Worlds Most Ethical Companies also provides examples of workforce and workplace legal and moral rights. This is even more important in industries like banking that are more susceptible to unethical behavior because of the great sums of money that change hands.
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