2 - Contextualising the Ethics of Business Flashcards
(11 cards)
What is ethics?
The study of principles, reasons and rules by which we determine right from wrong.
How the world ought to be, not how it is.
What is virtue ethics (Aristotle)
Morally right actions come from actors with virtuous character. Virtue is developed through habitual practice in a community.
Pros of applying virtue ethics to business?
- encourages long term thinking
- community well being
- builds brand trust
Cons of virtue ethics in business?
- lacks clear rules
- conflicts with corporate norms like hierachy and profit maximisation
What are tradition-informed ethics?
Ethics grounded in relgious/moral traditions. Business may be moral if it serves collective values (Charity, service)
According to Aristotle, what is the word for flourishing into a virtuous character?
Eudaimonia
What is the difference between world rejective and tradition of difference perspectives?
- World-rejecting: Business tolerated only for necessity, avoids material attachment
- Tradition of difference: Promotes moral duties like charity without rejecting material world
Pros of tradition-informed ethics for business today?
- Clear moral codes
- Deep commitment and belonging
- Long-term, values-based thinking
- Builds reputation and stakeholder trust
What are the challenges of applying tradition-informed ethics in business?
- Ethics vary widely across traditions (e.g., conflicting moral codes)
- World-rejecting views may conflict with capitalism
- Relevance of religious ethics in secular, pluralistic settings is debated
Why might tradition-based ethics clash with contemporary capitalism?
Virtue and collectivist moral goals often oppose profit-driven models. Traits like generosity or temperance may be discouraged in competitive environments.
How does ethical character influence decision-making?
Morally correct actions arise from virtuous individuals. Ethical behaviour cannot be divorced from personal moral development.
