Business Law- Chapter 3: Business Ethics, Social Forces, the Law
Flashcard maker : Lily Taylor
branch of philosophy dealing with values that relate to the nature of human conduct and values associated with that conduct.
balancing the goal of profits with the values of individuals and society
Positive (codified) Law
test of whether an act is legal is a common moral standard
imposes higher standard of behavior than those required by positive law and they must be followed even if those higher standards run contrary to codified law (i.e. slavery)
(refusal to obey laws) remedy natural law proponents use to change positive law.
Kant’s categorical imperative
you cannot use others in a way that gives you a one-sided benefit.
Theory of justice (social contract)
no rules at all, blank slate and universal rules would apply (rational people would think through the results and consequences if there were no rules, and would develop rules that would result in fairness.
Rights theory (entitlement theory)
1) everyone has a set of rights, 2) it is up to the governments to protect those rights.
we all act in our own self-interest and that we should limit our judgment to our own ethical egos and not interfere with the exercise of ethical egoism by others.
most good for the most people
resolve ethical dilemmas according to time and place
businesses have different constituencies (voters), stakeholders, with conflicting goals for business
measures the impact of a decision on a various groups and then asks whether public disclosure of that decision is defensible.
adherence to one’s values and principles despite the costs and consequences
Conflict of interest
conduct that compromises that loyalty
primum non nocere
“above all, do no harm” (selling a product)