PHIL 118 Lecture Notes - Lecture 9: Fiduciary, Due Diligence, Business Ethics
28 Jun 2018
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Department
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Poker
Bluff: pretend to have a good hand
Done so others are afraid will fold
Chances of winning with bluffing very low
Good poker face
Business like poker:
Bluffing is a game strategy (p. 172)
Bluffing not an issue if no one expects truth to be told
Business ethics = game ethics
Not the full truth
Question of honesty
Pressure to Deceive:
Need to persuade people
Refuse to bluff, lose opportunities to profit
Possible ethical conflict between personal and professional life
In corporations, no longer a private citizen
Corporations are not private citizens. So normal ethical rules do not apply
In capacity as worker in corporation, person no longer has to follow the ethical norms
Government should serve as external sanction to prevent unethical business actions
Corporations are self-interested
Businesses focused on profit and long term consequences
Therefore, will not hazard relations with others
Self-regulated from self-interest
Individuals are also self-interested
oDo not care about business
If everyone does
Bluff can be detrimental
oLie affects parters
oHurt competition
Spectrum of bluffing > depends on situation
oGrey area between lying and bluff
The blur between reasons & actions
oEx: housing crash > lie under pretense of opinion
Fiduciary duty to profit
Accept business
Will affect on personal level
Dog eat dog
Due diligence > individual responsibility to research
Closeness of personal relationship
Question of intent to harm
oIf it actually happens
Question of competition
oOpportunity lost
oProfit from harm
find more resources at oneclass.com
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Document Summary
Bluff: pretend to have a good hand. Done so others are afraid will fold. Chances of winning with bluffing very low. Bluffing is a game strategy (p. 172) Bluffing not an issue if no one expects truth to be told. Refuse to bluff, lose opportunities to profit. Possible ethical conflict between personal and professional life. In corporations, no longer a private citizen. In capacity as worker in corporation, person no longer has to follow the ethical norms. Government should serve as external sanction to prevent unethical business actions. Businesses focused on profit and long term consequences. Therefore, will not hazard relations with others. Individuals are also self-interested: do not care about business. Spectrum of bluffing > depends on situation: grey area between lying and bluff. The blur between reasons & actions o. Ex: housing crash > lie under pretense of opinion. Due diligence > individual responsibility to research.
