PHILOS 2N03 Lecture Notes - Lecture 8: Triple Bottom Line, Consumer Confidence, Deontological Ethics
30 Oct 2018
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Try to elaborate/write as much as possible. Advice: prepare for the first two midterm questions as they are very similar. Discuss stakeholder vs shareholder theory in opposition to one another. Theories discussed in class: consequentialism, deontology, character (virtue) More recent theories discussed in class (best approach) Shareholders are responsible to the stakeholders, government, environmentalists. Business have people who have something at stake, that businesses should take that into account. Is not restricted to the 3 categories of the triple bottom line. Emphasizes the idea that you would never put one interest above another. Does not treat the environment as a stakeholder, treats people as stakeholders and the environment is treated through that. Management is only accountable to the goals of shareholders being profit. Friedman: businesses only duty is to its shareholders, to generate profit. People who support this view do see that it will lead to ethical decision making. Confidence that unethical decisions will have effect on the bottom line.
