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Ethics:

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Accepted principles of right or wrong that govern the conduct of a person, the members of a profession, or the actions of an organization

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Business Ethics:

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Accepted principles of right or wrong governing the conduct of businesspeople

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Ethical Strategy:

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Strategy, or course of action, that does not violate these accepted principles

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Many ethical issues are due to the fact that?

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Political systems, law, economic development and culture vary significantly from nation to nation

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In an international business setting the most common ethical issues involve?

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1. Employment practices 2. Human rights 3. Environmental regulations 4. Corruption 5. Moral obligations of multinational corporations

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Sullivan Principles:

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1. Leon Sullivan - GM Black BOD 2. Co's should not obey apartheid laws 3. Cos should promote abolition of apartheid laws

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Name 4 countries whose human rights laws are a question of ethics in multinational Western companies?

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1. South Africa - 1970-1994 2. China 3. Myanmar (Bruma) - Unocal chose to stay 4. Nigeria - Royal Dutch Shell PG 127

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Tragedy of the Commons:

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1. Occurs when individuals overuse a resource held in common by all, but owned by no one resulting in its degradation 2. Named by Garett Hardin 16th cent England PG 128

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Foreign Corrupt Practices Act:

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1. Lockheed Case 2. 1977-Passed 3. Outlawed pymt of bribes to foreign gvmnt officials to gain bzns

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Facilitating Payments:

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1. AKA-Speed Money, Grease Money 2. Amendment to Foreing Corrupt Pract. Act 3. Not pymts to secure contracts 4. Not pymts to obtain preferential tx 5. Pymts to ensure receiving the standard tx that a bzns out to receive from a foreign gvmt, but might not be due to the obstruction of a foreign official PG 130- why excluded as an illegal act

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Convention on Combating Bribery of Foreign Public Officials in International Business Transactions:

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1. 1997 trade and finance minsters from the member states orgzxn OECD + US 2. 1999 3. Obliges member states and other signatories to make the bribery of foreign public officials a criminal offense 4. Excludes facilitating pymts made to expedite routine gvmt axn from the convention

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The power of multinational corporations that comes from their control over resources and ability to move production are constrained by what?

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1. Laws + regulations 2. Discipline of the market 3. Competitive process

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Social Responsibility:

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1. The idea that businesspeople should consider the social consequences of economic actions when making business decisions, and that there should be a presumption in favor of decisions that have both good economic and social consequences 2. Right way for businesses to behave

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Noblesse oblige:

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1. Refers to honorable and benevolent behavior considered the responsibility of people of high (noble) birth. 2. Business setting - benevolent behavior that is the responsibility of successful enterprises 3. Recognized by many bznsppl resulting in cos giving to society and making social investments designed to enhance the welfare of the communities in which they operate.

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Ethical Dilemmas:

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Situations in which none of the available alternatives seems ethically acceptable PG 132

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Personal Ethics:

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Generally accepted principles of right and wrong governing the conduct of individuals

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Personal Ethical code comes from?

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1. Parents 2. Schools 3. Religion 4. Media

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What are 5 determinants of ethical behavior? Roots of unethical behavior?

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1. Personal Ethics 2. Organization Culture 3. Unrealistic Performance Goals 4. Decision-Making Processes 5. Leadership

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Organization Culture:

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Refers to the values and norms that employees of an organization share

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Values:

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Abstract ideas ab what a group believes to be good, right and desirable

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Norms:

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Social rules and guidelines that prescribe appropriate behavior in particular situations

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Leadership:

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Helps to set the culture of an organization and set the example that others follow.

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List the 4 Straw Men approaches to ethics:

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1. The Friedman Doctrine 2. Cultural Relativism 3. The Righteous Moralist 4 Naive Immoralist

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The Friedman Doctrine:

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1. Milton Friedman 2. Only social responsibility of bnsz is to increase profits, so long as the co stays w/in the rules of the law PG 136

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Cultural Relativism:

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1. The belief that ethics are nothing more than the reflection of a cx 2. All ethics are cxlly determined 3. A firm should adopt the ethics of the cx in which it is operating PG 137

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Righteous Moralist:

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Claims that a multinational's home-country standards of ethics are the appropriate ones for cos to follow in foreign countries

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Naive Immoralist:

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Asserts that if a manager of a multinational sees that firms form other nations are not following ethical norms in a host nation, that manager should not either AKA-The drug lord problem PG 138

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Utilitarian Approaches:

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1. Hold that the moral worth of actions or practices is determined by their consequences 2. Action is judged desirable if it leads to the best possible balance of good consequences over bad consequences 3. Committed to the maximization of good and the minimization of harm 4. Focuses on the need to weigh carefully all of the social benefits and costs of a bzns axn and to pursue only those axns where the benefits outweigh the costs

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Drawbacks of Utilitarian philosophy are?

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1. Measuring the benefits, costs, and risks of a a course of axn. 2. Omits the consideration of justice PG 139

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Kantian Ethics:

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Hold that ppl should be treated as ends and never purely as means to the ends of others.

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Rights Theories:

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1. Developed in 20th century 2. recognize that human beings have fundamental rights and privileges that transcend national boundaries and cxs. 3. Rights establish a min. level of morally acceptable behavior 4. Fundamental human rights form the basis for the moral compass that mgrs should navigate by when making dcns that have an ethical component

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Universal Declaration of Human Rights:

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Notion that there are fundamental rights that transcend national borders and cxs was the underlying motivation for the UN 1. has been ratified by almost every country 2. Lays down basic principles that should always be adhered to irrespective of cx. PG 140

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Justice Theories:

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1. Focus on the attainment of a just distribution of economic goods and services 2. One that is considered fair and equitable 3. John Rawls: PG141

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John Rawls:

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1. Valid principles of justice are those w/which all persons would agree if they could freely and impartially consider the situation 2. Impartially is guaranteed by a conceptual device called the Veil of Ignorance

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Veil of Ignorance:

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1. Principle 1 - each person is permitted the maximum amt of basic liberty compatible w/a similar liberty for others 2. Principle 2 - once equal basic liberty is assured, inequality in basic social goods, such as income, wealth distribution and opportunities, is to be allowed only if such inequalities benefit everyone.

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Difference Principle:

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Which is the inequalities are justified if they benefit the position of the least advantaged person

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