BUS 223 Chapter 3: BUS 223 – Chapter 3- Philosophical Ethics and Business (p. 64-91)
15 Jan 2019
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Bus 223 chapter 3: philosophical ethics and business (p. 64-91) Utilitarianism decisions based on overall consequences of our acts. Consequentialist theories determine right and wrong by calculating the consequences of actions. Better consequences those that promote human well-being. The greatest good for the greatest number. Could potential argue why child labour is ethically permissible (p. 69) Pragmatic thinkers no type of act is ever absolutely right or wrong. Use of social science to make decisions. Adam smith free and competitive markets are the best means for attaining utilitarian goals. Voluntary transactions make people better off a system of transactions a free market is going to maximize benefit overall: promotes policies that deregulate private industry, allow free exchanges, encourage competition. Sympathetic to government regulation of business on the grounds that such regulation will ensure that business activities do contribute to the overall good. Two approaches to utilitarian theory market and administrative. Problem: the end justifies the means (contradicts some ethical principles)
