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Chapter 2
book notes BLAW 2200
| Question | Answer |
|---|---|
| Business ethics requires a | thought process that weighs the benefits of a decision compared to its harm, consideration of the duties we owe other human beings, the characteristics possessed by a virtuous person, and the care we have for the well-being of those affected by business d |
| Ethical Conservation is | less about finding the one and only right thing to do than it is about finding the better thing to do |
| To think about the ethics of a decision requires us to have a language that accelerates consideration of what is | good and right |
| Business ethics is full of dilemmas such as | the extent to which short-term profits can be achieved at the cost of reduced safety for employees. |
| is the study and practice of decisions about what is good or right. Ethics guides us when we are wondering what we should be doing in a particular situation | Ethics |
| is the application of ethics to the special problems and opportunities businesspeople experience | Business Ethics |
| is a problem about what a firm should do, for which no clear, right decision is available. Reasonable people can expect to disagree about optimal solutions to ethical dilemmas. | ethical dilemma |
| The expectations that a community places on the actions of firms inside that community’s borders. | The Social responsibility of business |
| social responsibility of business These expectations must be honored to a certain extent, even when a firm wishes to ignore them, | because firms are always subject to the implicit threat that legislation will impose social obligations on them. So, if the community expects businesses to obe |
| the definition of business ethics refers to _______ of business conduct | standards It does not result in a set of correct decisions. Business ethics can improve business decisions by serving as a reminder not to simply choose the first business option that comes to mind or the one that enriches the firm in the short run. |
| Experienced managers know that assembling the facts is just the beginning of a thoughtful business decision. Next, it makes sense to | to ask, Is it legal to go forward with this decision? |
| the minimal standard that must be met. But the existence of that minimum standard is essential for the development of business ethics. | The Legality of the decision |
| Law and business ethics serve as an interactive system— | informing and assessing each other. For example, our ethical inclination to encourage trust, dependability, and efficiency in market exchanges shapes many of our business laws. |
| The principles of contract law, for instance, | facilitate market exchanges and trade because the parties to an exchange can count on the enforceability of agreements. Legal rules that govern the exchange have been shaped in large part by our sense of commercial ethics. |
| , different ethical understandings prevail in different countries. Thus, | ethical conceptions shape business law and business relationships uniquely in each country. |
| Increasingly, business leaders require sensitivity to | the differences in legal guidelines in the various countries in which they operate. These differences are based on somewhat different understandings of ethical behavior among business people in diverse countries. |
| business ethics does not yield one | correct decision |
| A set of ethical guidelines that urges us to consider whom an action affects, the purpose of the action, and how we view its morality. | WH Approach (to ethical decision making) |
| A simple tool that helps determine whether an action is moral. | ethical guideline |
| are positive abstractions that capture our sense of what is good or desirable. They are ideas that underlie conversations about business ethics. We derive our ethics from the interplay of values. Values represent our understanding of the purposes we will | Values |
| American Express Core Values | Customer Commitment Quality Integrity Teamwork Respect for People Good Citizenship Will to Win Personal Accountability |
| If we think about the definition of values for a moment, we realize two things. | First, a huge number of values pull and push our decisions. Second, to state that a value is important in a particular situation is to start a conversation about what is meant by that particular value |
| Sometimes, staying true to a company’s values can mean making decisions that do not necessarily seem good for business. For example, | For example, the pharmacy chain CVS considers itself in the business of health care and prides itself on “helping people on their path to better health.” However, CVS also sold cigarettes—a product long known to cause serious health problems. So, in 2014, |
| balancing values and ethics is never easy | but it can be integral to running a successful business. |
| To act without restriction from rules imposed by others To possess the capacity or resources to act as one wishes To escape the cares and demands of this world entirely | Freedom |
| To possess a large-enough supply of goods and services to meet basic needs To be safe from those wishing to interfere with your property rights To achieve the psychological condition of self-confidence to such an extent that risks are welcome | Security |
| To receive the products of your labor To treat all humans identically, regardless of race, class, gender, age, and sexual preference To provide resources in proportion to need To possess anything that someone else is willing to grant you | Justice |
| To maximize the amount of wealth in society To get the most from a particular output To minimize costs | Efficiency |
| Value priorities can stem from many sources | Tradition, family, culture, reasoning about the consequences of alternative choices, and a sense of duty or obligation can all fuel the value priorities we bring to an ethical dilemma. |
| A useful set of ethical guidelines requires the recognition that managerial decisions must meet the following primary criteria | The decisions affect particular groups of stakeholders in the operations of the firm. The pertinent question is, thus, whom would this decision affect The decisions must meet the standards of action-oriented business behavior. Managers need a doable se |
| W—WHO (Stakeholders): | Customers Owners or investors Management Employees Community Future generations |
| H-How (Guidelines): | Public disclosure Universalization Golden rule |
| of a firm are the many groups of people affected by the firm’s decisions. | Stakeholders |
| Any given managerial decision affects, in varying degrees, the following stakeholders: | Owners or shareholders. Employees. Customers. Management. The general community where the firm operates. Future generations. |
| Managers should make sure they | consider all relevant stakeholders when they engage in ethical reasoning. |
| The Golden Rule | The idea that we should interact with other people in a manner consistent with the way we would like them to interact with us has deep historical roots. Both Confucius and Aristotle suggested versions of that guideline. |
| One scholar has identified six ways the Golden Rule can be interpreted: Do to others as you want them to gratify you. Be considerate of others’ feelings as you want them to be considerate of yours Treat others as persons of rational dignity like | Extend brotherly or sisterly love to others, as you would want them to do to you. Treat others according to moral insight, as you would have others treat you. Do to others as God wants you to do to them. |
| Regardless of the version of the Golden Rule we use, | this guideline urges us to be aware that other people—their rights and needs—matter. |
| The focus on others that is the foundation of the Golden Rule is also clearly reflected in a second ethical guideline: | the public disclosure test. |
| to view it as a ray of sunlight that makes our actions visible rather than obscured. The public disclosure test is sometimes called the television test, for it requires us to imagine that our actions are being broadcast on national television | Public Disclosure Test Definition |
| The Premise behind the public disclosure test | that ethics is hard work, labor that we might resist if we did not have frequent reminders that we live in a community. Given our role as a member of a community, our self-concept is tied, at least in part, to how that community perceives us. |
| The ethical guideline that urges us to consider, before we act, what the world would be like if everyone acted in this way. | Universalization Test |
| Applying the universalization test causes us to wonder aloud | “Is what I am about to do the kind of action that, if others followed my example, makes the world a better place for me and those I love? |
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