BUSINESS ETHICS

Jamia hamdard

Submitted to:Mr. Md. Shahnawaz Abdin.

Submitted on: 10-02-2012.

Presented by :Abdul Sharique,Abdul Moid,Ajay Malik,Amit Yadav.Abhishekh Kumar.

Topics covered :Introduction to : Ethics, Business Ethics, Morals & Values, Concepts of Utilitarianism & Universalism, Theory of rights, Theory of Justice , Virtue ethics , Ethics of care , Law and Ethics , The Nature of Ethics in Management Business

Standards and Values, Value Orientation of the Firm.

What is Ethics?

“ The values an individual uses to interpret whether any particular action or behavior is considered right or wrong.”

From where does society derive sense of what is right or wrong?

Laws

?

And from where lawmakers derive what is

good or bad ?

Religion?

Tradition?

Education ?

Common Sense ?

Subjective.What is right & wrong is always

Is it right or wrong for using corn to produce bio-fuels when 9 million people (5 million are children) die each year because of hunger?

Dow Chemical’s sponsorship of the London Olympics 2012 is right or wrong ?

Is this right to get work done by children ?

When only one percent of what the world spent every year on weapons was needed to put every child into school by the year 2000 and yet it didn’t happen.

Is this right to spend that much money on weapon ?

What is right & wrong is

Globally non-obligatory.

WHAT IS BUSINESS ETHICS?

Business Ethics is a specialized study of moral right and wrong.

It concentrates on moral standards as they apply particularly

to

business policies, institutions, and behavior.

We need to study business ethics to make better decisions for ourselves, the businesses we work for and the

society we live in.

WHY TO BOTHER WITH BUSINESS ETHICS?

Moral

“It is concerned with the principles of right and wrong behaviour and the goodness or badness of

human character.”

“Values are the rules by which we make decisions about right and wrong, should and shouldn't, good and bad. They also tell us which are more or less important, which is useful when we

have to trade off meeting one value over another.”

ValuesBusiness is a fair exchange of values

The utilitarian approach to ethical decision making focuses on taking the action that will result in the greatest good for the greatest

number of people.

UTILITARIANISM[Jeremy Bentham and John Stuart Mill]

The universalist approach to ethical decision making is similar to the Golden Rule.

UNIVERSALISM[Kant’s Theory]

What are Rights ?

A Right is an entitlement to something. A person has a right when

that person is entitled to act in a certain way or is entitled to

have others act in a certain way towards him.

Theory of Rights[Robert Nozick]

• Everyone has a set of rights; and • It’s up to the governments to protect those rights.

Justice

Justice is a the duty to treat all fairly distributing the risks and benefits equally.

Theory of Justice[Blame John and John Rawls]

• Greatest Liberty Principle Each person has an equal right to basic rights and liberties.

• Focus is on outcomes Are people getting what they deserve?

• Strength Basic premise - The protection of those who are least advantaged in society.

• Criticisms Doesn’t examine the costs of producing the equality.

Virtue

The quality of doing what is right and avoiding what is wrong.

Virtue ethics

• Virtue ethics is an approach that deemphasizes rules, consequences and

particular acts and places the focus on the kind of person who is acting.

• The issue is not primarily whether an intention is right, though that is

important; nor is it primarily whether one is following the correct rule; nor is

it primarily

• whether the consequences of action are good, though these factors are not

irrelevant.

“A man named Rahul considers whether or not to steal a drug which he cannot afford to buy in order to save the life of his mother.”

• Rahul predicament(difficult situation).• The mother’s disease.• The druggist’s refusal to lower his price.

Should Rahul steal the drug?

The reason for and against stealing are then explored through a series of questions that vary and extend the parameters of the dilemma in a way design to reveal the underlying structure of moral thought.

Ethics of care

This is a theory about what makes actions right or wrong. It emphasize universal standards and impartiality, ethics of care

emphasize the importance of relationships.

LawA law is as we know a government rule, any written or positive rule or collection of rules prescribed under the authority of the state or nation, as by the people in its constitution.

Legal ethics encompasses an ethical code governing the conduct of persons engaged in the practice of law

and persons more generally in the legal sector.

Legal ethics

Legal ethics encompasses an ethical code governing the conduct of persons engaged in the practice of law

and persons more generally in the legal sector.

Legal ethics