Business Ethics

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  • Business Ethics
    • Business ethics considers the moral justification of economic systems + practices, the responsibilities of businesses, and rights of workers
    • ARISTOTLE approved of household trading as an essential, but considered trade for profit as devoid of virtue
    • SMITH + MARX
      • SMITH proposed a system of political economy to reach 'perfect liberty', which meant wages determined by the market + enterprise free from government control - moral sympathy towards others
        • SMITH believed - free market competition encouraged entrepreneurs + benefits would flow throughout community
      • MARX opposed capitalism as system that concentrated wealth in those would owned the means of production by exploiting workers
    • Christianity views:
      • Bible - no theory of economics, but discusses property
      • Jesus concerned with sharing wealth with poor and meeting needs
      • PROTESTANT - extolled virtues of thrift + enterprise - too individualistic to provide effective criticism


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