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Ethics and Business: An Introduction

Bill Grant

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Published in Ethics And Business: An Introduction (Cambridge Applied Ethics)

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Ethics is the study of right and wrong, and how we should live our lives. It is a branch of philosophy that seeks to understand and evaluate the moral principles that govern our behavior. Business ethics is a specific branch of ethics that applies ethical principles to the world of business and commerce.

Ethics and Business: An Introduction (Cambridge Applied Ethics)

by Kevin Gibson

4 out of 5

Language	:	English
File size	:	989 KB
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Print length	:	274 pages

Business ethics is a complex and challenging field, as it must take into account a wide range of factors, including the interests of shareholders, employees, customers, suppliers, and the community at large. In recent years, business ethics has become increasingly important, as businesses have come under fire for their role in environmental degradation, labor abuses, and financial scandals.

Key Concepts in Business Ethics

There are a number of key concepts that are central to business ethics. These include:

Corporate social responsibility: This is the idea that businesses have a responsibility to do more than just make a profit. They also have a responsibility to behave in a way that is ethical and sustainable, and to contribute to the well-being of society.
Stakeholder theory: This theory argues that businesses should take into account the interests of all of their stakeholders, including shareholders, employees, customers, suppliers, and the community at large. By balancing the interests of all stakeholders, businesses can create a more sustainable and ethical business model.
Utilitarianism: This is an ethical theory that argues that the right action is the one that produces the greatest good for the greatest number of people. In business ethics, utilitarianism is often used to justify decisions that benefit the majority of stakeholders, even if they harm a minority.
Deontology: This is an ethical theory that argues that the right action is the one that follows a moral rule or duty. In business ethics, deontology is often used to justify decisions that are based on principles such as honesty, fairness, and justice.
Virtue ethics: This is an ethical theory that argues that the right action is the one that is performed by a virtuous person. In business ethics, virtue ethics is often used to justify decisions that are made by people who are honest, trustworthy, and compassionate.

Challenges in Business Ethics

There are a number of challenges that businesses face in trying to behave ethically. These include:

The profit motive: The profit motive is a powerful force in business, and it can lead businesses to make decisions that are not in the best interests of their stakeholders. For example, a business may decide to cut corners on safety in order to increase profits, or it may decide to sell a product that it knows is harmful to consumers.
Competition: Competition is another powerful force in business, and it can lead businesses to engage in unethical behavior in order to gain an advantage over their competitors. For example, a business may decide to bribe a government official to win a contract, or it may decide to spread false rumors about a competitor.
Globalization: Globalization has made it easier for businesses to operate in multiple countries, and this has created a number of new ethical challenges. For example, a business may decide to outsource its production to a country where labor costs are low, even if it knows that the workers in that country are being exploited.
Technological change: Technological change is also creating new ethical challenges for businesses. For example, the rise of social media has made it easier for businesses to spread misinformation and to target consumers with personalized advertising campaigns.

Business ethics is a complex and challenging field, but it is also an essential one. By understanding the key concepts and challenges involved in business ethics, businesses can make better decisions that are in the best interests of all of their stakeholders.

Ethics and Business: An Introduction (Cambridge Applied Ethics)

by Kevin Gibson

4 out of 5