Ethical Theories Essay

It is vital for businesses to to a lower placestand the greatness of morals in this dynamic environment. Organizations that be committed to long term winner recognize and realize that creating a coating where respectable behaviors ar rewarded and encouraged is the net key to survival and growth. match to Joseph 2003, business morals refers to clear standards and norms that help employees to break obligation from wrong behavior at work, while in the contrastive chip in honourable theories atomic number 18 theories that involve culture what is safe and wrong and doing the decent affair moreover the f shape that the right fri terra firma uply occasion is not straight forward brings in the subject of ethical dilemmas. Normally ethical theories posterior be broken up into deuce separate groups, teleological and deontological. teleological theories tactile strait-lacedty to the rightness of actions and ar dictated by the descend of slap-up consequences t hey receive and focus on outcomes that argon establish on ends. In teleological theories these actions are erectified by the justness of what the actions achieve, kind of than round feature of the actions themselves.In other words, decisions that eudaimonia the overall goal and/or objective is incarnately believed as a way to justify what is right or wrong. The philosophy of utilitarianism is 1 of the more or little normally utilize and accepted ethical theories in the teleological group and is linked to Jeremy Bentham and seat S Mills. According to Crane and Matten (2010) utilitarianism is be as an action which is morally right if it results in the greatest nitty-gritty of good for the greatest amount of multitude affected by the action. This principle focuses solely on the consequences of an action and it weighs the good results against the bad results. It alike encourages the action that results in the greatest amount of good for all people involved. Utilitariani sm is genuinely powerful in business since it puts at the centre of the moral decision a variable which measures the value of an action. Deontological by air to teleological, consequences are irrelevant when determining what is right and wrong. Deontological speculation states that people should adhere to their obligations and duties when analyzing an ethical dilemma. This means that a somebody get out follow his or her obligations to some other various(prenominal) or society be arrive at up retention ones duty is what is con fontred ethically correct. For instance, a deontologist pass on always keep his promises to a accomplice and bequeath follow the honor.A individual who follows this scheme will produce genuinely consistent decisions since they will be establish on the individuals slump duties. Deontological ethical systems are concerned with the nature of an action that is universe judged, whereas teleological resolve the consequences of the act rather than the act itself. Founded by Immanuel Kant, Kantian moral philosophy is the iconic bureau of deontological theories. Kantianism emphasizes the principles behind actions rather than an actions results. Acting rightly thus requires being motivated by proper universal proposition principles that treat e reallyone with respect. When youre motivated by the right principles, you overcome your animal instincts and act ethically. Until the great mass of the people shall be filled with the sense of responsibility for each others welfare, social justness after part never be attain (Helen Keller). buns Rawls, an Ameri fecal matter moral and insurance policy-making philosopher, whose major work, A Theory of Justice, had a profound impact on ethics and semi governmental theory, believed there essential be an alternative notion of judge than the view of the Utilitarianism where the action that benefits the greatest is the outdo. Rawls believed that the principles of justness and judge among individuals mustiness be fair.John Rawls, social justice theory seeks to create a society where the principles of justice and fairness are fork outd and to ensure the protection of personify recover to liberties, rights, and opportunities, as well as fetching care of the least advantaged members of society. The concept is found around a social contract, which is the automatic agreement among people with each some other and the government which results in an organized society. On the other hand, the philosophy of virtue ethics, which principally deals with the ways in which a person should live, has puzzled philosophers from the beginning of age. Recognized as one of the greatest philosophers in the world, Aristotle explains virtue as a character singularity that manifests itself in habitual action. This theory claims that virtues are traits of character that you must practice actively so that they sire a better of you and shapes you into becoming a gross(a) ethic al person. So when you are a virtuous person, you will lead a well-heeled fulfilled life. Since there are umteen a(prenominal) contrasting interpretations regarding a precise interpretation of virtue, Aristotle theory argues that the individual needs concrete wisdom, which is what a person needs in order to live well.On the confounding side there is Milton Friedman, who is known as one of the greatest and around powerful economists and public intellectuals in theworld. He was a firm believer of free- grocery store capitalism which would in turn contribute and adequately make out wealth throughout the nation. Conservative economists, much(prenominal) as Milton Friedman, claim that business is most responsible when it makes profit efficiently, not when it misapplies its efficacy on social projects, Friedman locates that it is in the best interests for firms to maximize profits. With this Friedman is invoking a deontological, not consequentialist, theory. A consequentialis t reading Friedmans work would look to identify an ends justifies the means sense of reasoning. Friedman notwithstanding makes clear the means of achieving the ends are important, as profits need to be maximized inwardly the regulatory environment and main focus. along the same steps as Friedman we constitute Friedrich Hayek, who follows the libertarianism theory. Libertarianism is a set of related policy-making philosophies that uphold liberty as the highest political end.This includes emphasis the primary of individual liberty, political freedom, and voluntary association. This theory and Hayek stress that the market will take care of itself, the elevated market is self-regulating and it limits government interpolation and/or involvement in the marketplace. Libertarianism expresses that people restrain certain natural rights and privation of those rights is immoral. The entitlement theory just like Hayek, overly supports a market system with modest to none government int ervention, this theory of justice is known by Robert Nozick. Nozicks entitlement theory is based on the following threesome principles one, a person who acquires a attribute in accordance with the principle of justice in acquisition is authorize to that belongings second, a person who acquires a holding in accordance with the principle of justice in transfer, from someone else authorise to the holding, is entitled to the holding and third, no one is entitled to a holding except by repeated applications of 1 and 2 (Anarchy, State, and U baksheeshia 1974, p.151). According to the entitlement theory, people should only possess what they are actually entitled to jibe to these principles. numerous of these theories are seen throughout the moorages from the book Ethics and the Conduct of Business by John R. Boatright. Case 3.2 Exporting Pollution is perfective aspect example that includes incompatible perspectives and insights into such theories.The case summarizes as follows, Re bbeca Wright, an assistant to the vice chair of environmental affairs at Americhem, savors the probability to apply hertraining to public policy analysis that her bon ton faces. She is convinced that cost-benefit analysis, her specialty, provides a rational decision-making tool that cuts through ain feelings and lays bare the hard economic realities. Jim Donnelly, Rebeccas boss, started her with a draft of a memorandum that she thought would create a furore if it were ever made public. Jim is preparing a memo of where to establish the companys spic-and-span location of their chemical ingraft. The main difficulty is that atmospheric pollutants caused by the fix will produce a persistent fog and some of the particles birth been known to cause liver crabmeat in a small portion of people exposed. tetrad main points about this location are further discussed of what would happen if this new-made innovationt opened. Milton Friedmans, Kant, and deontological ethics can be s een in this case.Friedmans perspective for this case would have Rebecca to follow her duties because this would be doing what would bring the most profits and doing what the stakeholders would want. For deontological and Kants perspective on the other hand, it may be argued two ways. Rebecca must follow her duties regardless of the consequences she is running(a) towards, because she has a specific duty she must perform. If she follows the rules she would benefit herself, the company, and all the stakeholders. At the time Kantian ethics still implies that one must follow moral law regardless of the consequences. So because this new plant may cause liver cancer and inflict pain on others, Rebecca can disagree with the companys decision on manufacturing the new plant. For this case, it depends on which side Rebecca wishes to stand as to what is ethical or not. Whether to support or not the body structure of the new plant has ethical attributes with both benefits and consequences.Lav ish Pay at Harvard is other example great example that applies to some of the theories explained. goof R. Meyer, the head of Harvard Universitys $20 billion endowment fund was under pressure to change the stick outment plan for the funds top investment managers imputable to the high amount of endowment the top five employees were receiving. A few Harvard alumni protested, their collective concern was that they thought the amount of cash being paying to those folks was obscene. The requital of the endowment fund managers far exceeded the salaries of Harvard capability member and administrators, including the president, who made around fractional a million dollars. Also, the 5% acclivity n tuition for Harvard students in 2004 was equalto the $0 million p encourage to the two highest earners. Although Harvard has the self-aggrandisingst university endowment, the salaries and bonuses compensable to the managers greatly exceeded the compensation paid at any other school. In response to the critics, Mr. Meyer noted that the alumni failed to recognize that the amount of bonuses paid does not add up to the value they are giving the university.The schools large endowment was used in many ways to benefit students such as the coverage of 72% financial aid for undergraduate students, no tuition for families earning less than $60,0000, and it also enable the school to subjoin the faculty in growing areas and to pad facilities. In the end, Harvard decided to cap the compensation of fund managers. The result was that Jack Meyer and his group of managers left to start their own investment companies, at which many could earn 10 times than they did at Harvard. Teleological and Utilitarianism theories are two great theories that can be applied to this case. With both of these theories we can argue that the amount of money that was being used to pay these managers/employees was a reasonable pay due to what they were giving back to the college. Millions of students and faculty were benefiting from Mr. Meyer and his team, which thats the main focus on both of these theories actions are right if they are useful or are for the benefit of the majority and the end justifies the means. Although they were getting paid large amounts of money their return on the student population had a high impact. Some of Nozicks beliefs can be seen in Case 3.4 A mucilaginous Situation. Kent Graham is an circular manager for Dura-Stick estimate Products, which has a well-deserved reputation for quality, technical knowledge, and operate that enables the company to command a exchange premium price for its products in a very competitive market.Kent has been with Dura Stick for 2 years and his accomplishments have been going downward-sloping and fears his time with company may end leaving his wife and children to provide for. Kent calls Jack Olson at Spray-On Inc. about landing a large account. Jack informs Kent of a new product of theirs they would need labels fo r, which Jack promises they can do. Although, Kent later finds out Dura-Stick cannot make the want products so must use another company and mark up the prices so Dura-Stick can still make profit. Kent uses the companys image as leverage to convince Jack to take the deal. This government agency can be argued in different ways for Kent and Dura Stick. Kent knows that he has to land a big timeaccount and he knows he must do so in order to provide for his family. Though he does lie to customer, he isnt doing anything illegal. Nozicks belief of just acquisition is an excellent example in this situation. As long as the seller had rightful ownership, the transaction is just and proper, but if not, then possession is not proper and victims have to be compensated or transaction undone.In contradictive of Nozick, Aristotles theory of virtue would argue that this case is incisively what a person with virtuous ethics shouldnt do. Virtues are traits of character that you must practice activel y so that they become a part of you and shapes you into becoming a virtuous ethical person. Because of his actions, Kent is putting in jeopardy his honesty, loyalty, self-control virtues, shaping him in the wrong ethical approach. These theories emphasize different aspects of an ethical dilemma and lead to the most ethically correct resolution according to the guidelines within the ethical theory itself. plenty can use these theories and the wisdom of these philosophers to determine what is ethical and what is not. Though all decisions have their advantages and disadvantages, by applying this knowledge one can come closer to making the right ethical decision.