BU231 Lecture Notes - Lecture 1: Class Action, Corporate Social Responsibility, Foodborne Illness
Document Summary
Business decision making must include 3 components (corporate social responsibility): legal , ethics difference between ethics vs law is the universality of the principle, both very subjective. However most ethics as they grow develop commonalities. Ethics drive the law, not the other way around (law is very slow to change because we have to come to accept it): economics . **ideally you want a balance of all 3, but that is not always possible. Sources of law (where does it come from: government, court room (where the physical law suits happens) Risk management a business risk with legal implications steps to deal with it. 1: evaluate the size and likelihood of the risk, decide on action plan. 4: regularly review and update the plan. **laws must be popular because there are not enough jails to put even 10% of the population in it (ex. prohibition didn"t last because it was not accepted) as societal views change, law changes.
