Ethics: Business Ethics

Scholar for
Anita Roddick- body shop founder 'The business of business should not be about money. It should be about responsibility. It should be about public good, not private greed' body shop is an ethical business, against animal testing for products.
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scholar against
Milton Friedman- nobel prize for economics- believes business has no ethical obligation, just the role of making money for stockholders
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Friedman quote
'The business of business is business' to maximise profits for their shareholders. a business does not need to worry about being ethical, as long as it adheres to laws and makes the as much money possible.
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Usury
the practice of lending money at unreasonably high rates of interest. condemned as a sin in the nwe testament, qur'an and jewish scriptures.
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Corporate social responsibility
the belief that an organisation has ethical responsibilities both in its own conduct and to the wider community. the moral requirement applies corporately and not just to individuals
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Stakeholders
any individual or group affected by the activities of an organisation, including suppliers, customers and the wider community as well as shareholders and employees
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Free market economy
an economy in which prices, wages and so on are determined by the laws of supply and demand, with minimal government interference: the role of the government is simply to uphold honest dealing, enforcing contracts. a view held by Bentham
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What does it argue?
that the unregulated market ultimately is best for achieving the greatest general happiness.
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Kantian approach
'duty for duty's sake' the shopkeeper is honest not because it is good for business but because it is the right thing to do.
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whistle-blowing
thus occurs when a member of an organisation reports misconduct by a superior or co-worker.
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Whistle-blower case study Snowden 2013
Edward Snowden- leaked intel of the national security agency (NSA) recording and listening to peoples phone calls, messages and emails. this was huge as it was the biggest leak in the agency's history and showed a clear violation of right to privacy
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Case study- Ford Pinto
released 1971. faulty fuel tank was known but rushed into production. $45 million cost of deaths burns and cars. $137 million cost to fix all fuel tanks. so did not recall as would lose more money. bad ethics as 180 both dead and injured
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Case study- Coca cola
coca cola recalled 2.5 million bottles of coke after 41 school children fell ill after drinking it in belgium in 1995. this cost the company $103 million, but they decided that they could not allow millions of people to fall ill. good ethics
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Other cards in this set

Card 2

Front

scholar against

Back

Milton Friedman- nobel prize for economics- believes business has no ethical obligation, just the role of making money for stockholders

Card 3

Front

Friedman quote

Back

Preview of the front of card 3

Card 4

Front

Usury

Back

Preview of the front of card 4

Card 5

Front

Corporate social responsibility

Back

Preview of the front of card 5
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