The Market System And The Need For Ethics

This paper is going to discuss Ethics and Ethical Theories. It will include an introduction to ethical theories, virtue ethics, and care ethics. There will be sections discussing absolutism versus relativism, consequentialism versus deontological ethics, and lastly, free will versus determinism. It will also include a discussion about the study of morality and identify which of the approaches (Scientific, Philosophical, or Theological/Religious) are closest to my own personal beliefs. There will be a discussion regarding the three sources of ethics

When talking about ethics it is hard to distinguish between ethics and morality. It is also hard to distinguish exactly what realm of ethics contributes to my everyday decisions. Ethics can be defined as “well-founded standards of right and wrong that prescribe what humans ought to do, usually in terms of rights, obligations, benefits to society, fairness, or specific virtues [and] ethics refers to the study and development of one's ethical standards” (Andre, Shanks, & Velasquez, 2010, para. 8-9). According to Psychology Today (2013) morality is, “ethics, evil, greed, sin, and conscience” (para. 1). “Morals can vary from person to person and culture

What Money Can’t Buy; The Moral Limits of Market by Michael Sandel argues the relationship between markets and our morality. His central concern is the influence of money on the sphere of life traditionally governed by nonmarket norms such as rights as a citizen, care for others, and civic duties. He demonstrated that market is responsible for destroying our sense of morality by placing monetary value to it. This paper will argue the relationship between market and morality through demonstrating the type of goods corrupted by money, the flaws in the market system that causes such problems, and the political solution for this problem as suggested by Michael Sandel respectively.

The author Robert Solomon argues that ethics has to an integral part with regard to business management. He does not believe that business management must include unethical or illegal methods to be able to succeed. Solomon preaches that business management is not as simple as obtaining revenue. “Businesses need to abide by fair policies and their owners have to be ethical in dealing with their customers” (Shaw p. 37). The author acknowledges that while illegal practices in business management could bring positive results at first, eventually the business is bound to fail. This is why Solomon recommended eight important policies that can help businesses in integrating ethics into their operations.

Ethics are concerned with the fundamental concepts and principles of decent human conduct; which is having a sense of what is right and wrong. Utilitarianism

The theories of virtue, utilitarianism, and deontology are similar in some aspects but for the most part are very different. Each of the theories will be explained to show their differences and the type of person that would gravitate towards that theory. Through the explanations one would also be able to consider where there morals or ethics may lie but can also see themselves in each theory.

Using at least two (2) of the foundational ethical theories studied in Module 2, you should answer the following questions. With each answer, you should discuss the issues and set forth and defend a clear position on whether or not any constraint ought to be placed on the freedom of a business to:

Under this task I will explain the ethical issues that business needs to consider in its operating activities and how a business they could improve the ethical of their operations and also I will evaluate the influence of stakeholders exert in one company.

Ethics and virtue have been a very contentious issue facing society for centuries. Many argue over the merits of various theories, each with its own philosophies and assumptions. It is this argument that has given rise to many popular and followed theories of ethics and virtues. The theories discussed primarily in this document include the virtue theory, utilitarianism, and deontological theory. Each is very distinct to the others in regards to its principles and assumptions regarding human behavior. Each however, has merit in regards to question of ethics and virtue, and how it should subsequently be valued.

This will be an over view of ethics as it relates to business in our society. Concepts from Philosophy will seek to describe the correlation between actions that are classified as morally right or ethical in our dealings with each other as human beings. Clear and concise examples will be given as well as ways in which to improve upon business ethics.

Ethical universalism and ethical relativism are two types of meta-ethical views, meaning the two theories attempt to understand the reason behind ethical properties, attitudes, boundaries and judgements. Ethical universalism can be viewed as an ideal world, while ethical relativism explains a more realistic perspective on why different cultures can view the same actions differently. The two delve more into the essential meaning of a theory rather than just simply labeling actions as right or wrong.

Ethical standards in business are important for every leader to know and understand. The book Ethics 101: What Every Leader Needs to Know by: John C. Maxwell discusses ethics in the world today. When people make unethical choices, the reason they do because of three main pitfalls. People do what is most convenient to them, people tend to do what they must do to win, and people rationalize their choices with relativism. In this summary, Maxwell’s definition of business ethics will be framed, examples of ethical standards and guidelines, the meaning and contrast of ethical thinking and ethical behavior, and how to avoid these major pitfalls to live an ethical life. The

Ethics are moral principles that can be used to help guide peoples decisions. We are all different and therefore our beliefs and opinions differ. There are many ethical theories, and according to Panza and Potthast (n.d.) the following are some that are widely used. Virtue ethics is one theory which states that personality is the most important thing. Living an ethical life, acting right, requires that one develops and demonstrates the quality of courage, compassion, wisdom, and temperance. It also requires that greed, jealousy, and selfishness is avoided. Utilitarianism states that the amount of happiness and suffering created by a person’s actions is what matters the most. As a result, acting rightly includes maximizing the amount of

Morals are the intrinsic beliefs developed from the value systems of how we 'should' behave in any given situation. Ethics, on the other hand, are how we behave in the face of difficult situations (Bottorff, 2005).

Business ethics and values are closely related, their effect and application in business activities correlate and they make one to ask very important questions that may or may not guide an individual in an organisation to make an ethical decision.