4. Business ethics: utilitarianism
- Created by: Alasdair
- Created on: 23-06-17 15:41
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- 4. Business ethics: utilitarianism
- Bentham (Act)/consequentialism
- Greatest amount of pleasure for the greatest amount of people (hedonism)
- It's logical to argue that financial stability makes the majority more happy
- Sustainability/CSR would be seen as good because it makes more people happy
- Sweatshops can be justified?
- It's logical to argue that financial stability makes the majority more happy
- It's logical to argue that financial stability makes the majority more happy
- Greatest amount of pleasure for the greatest amount of people (hedonism)
- The use of the hedonistic calculus translates well to cost-benefit analysis (Bentham)
- However, this does not always lead to ethical business practices
- E.g Ford Pinto design fault that would cause fuel tank to explode upon collision
- A cost benefit analysis showed that a recall would be more costly than paying out compensation to those affected (injury or death)
- Ford didn't recall the cars
- E.g Ford Pinto design fault that would cause fuel tank to explode upon collision
- However, this does not always lead to ethical business practices
- Criticisms of Bentham
- Can justify the majority exploiting the minority
- Human life is measured against profit
- Can allow for theft/corruption if it benefits more people (e.g. shareholders) than it harms
- Mill
- Money/profit is a lower pleasure
- Doing what i best for others/society is a higher pleasure
- Singer (preference)
- A fair trade approach would benefit the most amount of people
- Bentham (Act)/consequentialism
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