Midtern Flashcards
(19 cards)
Utilitarianism
Definition: Greatest good for greatest # of people
A consequentialist ethical theory that evaluates actions based on their outcomes. maximizes overall happiness or utility.
* John Mill
ACT Utilitarianism:
The morality of an action is determined by the usefulness to the people
Morality is the effect of the good action that benefits most people
Consequences are on the action
Utilitariansism strengths
- Practical for business decision-making
- Encourages data-driven analysis
- Aligns with maximizing shareholder or stakeholder value
Utilitarianism Drawbakcs
- Ignores individual rights (can justify harming a few for many)
- Measurement problems (not all impacts are quantifiable)
- Potential to justify unethical actions if ends seem to justify the means
7 Principles of Deontology
Brave Nurses Fight Real Giant Slimy Jellyfish
Beneficence
Nonmaleficence
Fidelity
Reparation
Gratitude
Self Improvements
Justice
Deontology
Something is right/wrong based on moral rules and motive, not the outcome
Beneficence
Promote others’ well-being
What values are we bringing to our partners/ stakeholders
Nonmaleficence
Avoid harming others
What are the major risks for carrying out this plan? Who is affected? How do we minimize liability? Unintended Externalities?
Fidelity
Keep promises, be loyal
Are we following the contractual/ legal obligations?
Repartition
Make up for past wrongs
What was the cost to the injured party? Who is responsible?
Self-improvement
Improve oneself (morally, intellectually)
Kinds of professional development available?
Gratitude
Repay Kindness
Where can we build win-win partnerships? How do we should support?
Justice
Act Fairly, give people what they deserve
How are we ensuing market access?
Deontoglogy Complication
Deontological duties are prima facie (i.e., generally binding unless outweighed by a stronger duty).
Sometimes, duties conflict, and judgment is required to prioritize them.
→ Prima facie duties are not absolute. They guide behavior, but when they conflict, you must use moral judgment to decide which takes priority.
Deontology isn’t blind rule-following — it acknowledges ethical complexity.
Disruptive Justice
Definition: How does this affect the least advantaged?
An action is ethical when it address social, economics inequality by creating the greatest benefit to the least advantages
Are we creating a system that allows fair & equal opportunities
Haas (Stakeholder Model)
Consumers care about how products are made and how they’re marketed.
Consumers want more than growth and shareholder value from business = They
expect good corporate citizenship.
Great businesses are built through 2 things continuously
Superior products and services
Earning the trust of consumers, employees and the communities in which they operate.
= This is the formula for sustained business success.
Friedman (Shareholder Model)
Best interest of the firm
To maximize shareholder value
Thus CSR worth pursuing only if it maximizes shareholder value
“The only social responsibility of businesses is to use its resources and engage in activities that are designed to increase profits so long as it says within the rules of the game and engages in open and free competition without deception and fraud
Supporting CSR
Public Image = Attract employees and consumers
“With power comes great responsibility:
Most social problems caused by companies → social responsibility to fic them
Social Contract
Opposing CSR
- CSR not clearly defined
- Taking responsibilities from the gov gives MORE power to corp
- Reduces competitives advantages/ global competitiveness
- Increasing profits is socially responsible (Friedman)
