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Ethics - 1 Key Definitions Moral: “relating to principles of right and wrong” Ethics: “the discipline of dealing with what is good and bad and with moral duty and obligation” Ethics - 2 Study of Ethics Process of determining what is and is not a reasonable standard of moral conduct. Process of problem-solving to resolve situations in which there is actual or potential harm to an individual or group. Ethics - 3 BUSINESS ETHICS The study of morality as applied to business Aims at developing reasonable moral standards for business conduct Ethics - 4 STAGES OF MORAL DEVELOPMENT Lawrence Kohlberg Preconventional – Self 1. Obey or Pay 2. Self-Satisfaction Conventional – Group 3. Group Approval 4. Law and Order Postconventional – Universe 5. Standards of Society 6. Logical Moral Principles Ethics - 5 BUSINESS ETHICS Levels of Analysis Individual – Role of individual – Impact on individual Organizational – Impact of organization – Decisions, policies, structures Systemic – Social systems – Economic and political institutions Ethics - 6 Stakeholder Analysis Any individual, group or item that can affect or is affected by an organization’s decisions. Government Financial Community Suppliers Creditors Employees Firm Investors Media Competitors Environmentalists Labor Unions Ethics - 7 APPROACHES TO MORAL REASONING Utilitarianism – Examines net welfare produced for all stakeholders Rights – Emphasizes rights and duties of stakeholders Justice – Focuses on fair processes and equitable distribution of the benefits and burdens imposed by an action or policy on stakeholders Ethics - 8 UTILIARIANISM CRITERIA “Greatest Good for the Greatest Number” 1. Identify alternatives Which one do I choose??? 2. Determine costs and benefits of each alternative for each primary stakeholder 3. Select alternative that produces greatest net good for greatest number of stakeholders Ethics - 9 RIGHTS APPROACH “Action is correct if it respects the rights of stakeholders affected by the action” Moral entitlements by virtue of being human Rights independent of being members of social institutions Ethics - 10 RIGHTS APPROACH Moral Duties Duty Not to Interfere Duty to Protect Rights Ethics - 11 JUSTICE APPROACH Equal Treatment – Stakeholders treated the same except when they differ in relevant ways Consistent Administration of Rules – Policies and procedures, job descriptions, salary negotiations should be administered fairly and evenhandedly Restitution – People should be accountable for injustices they commit except for those which are uncontrollable Ethics - 12 SEVEN-STEP PROCEDURE Moral Decision Making What are the facts? What are the ethical issues? What are the alternatives? Who are the primary stakeholders? What are the ethics of the alternatives? What are the practical constraints? What actions should be taken? Ethics - 13 MISCONCEPTIONS ABOUT BUSINESS ETHICS Business ethics = an oxymoron Proper ethical analysis = clear cut solutions Ethics = Legal compliance Ethical analysis = an “ivory tower” approach Good ethics = good “business”