Business ethics ETHICS

• Should businesses base their decisions on ethics?

  Yes, businesses should consider ethics in their decisions.
• What is capitalism?

  Capitalism is an economic system based on private ownership and competition for profit.
• Who is a shareholder?

  A shareholder is a person who invests money in a business for a share of the profits.
• What does corporate social responsibility entail?

  Corporate social responsibility involves businesses having responsibilities beyond their shareholders, including to communities and the environment.
• What is whistle-blowing?

  Whistle-blowing is when an employee discloses wrongdoing to the employer or the public.
• What is globalisation?

  Globalisation is the integration of economies, industries, markets, cultures, and policymaking around the world.
• Who is considered a stakeholder?

  A stakeholder is a person affected by or involved in a relationship with a business.
• What is consumerism?

  Consumerism is a set of social beliefs that values acquiring material things highly.
• What are the key ideas related to corporate social responsibility?

  • Businesses have responsibilities beyond shareholders.
  • They should consider the impact on communities and the environment.
  • Whistle-blowing is a mechanism for accountability.
• What was Milton Friedman's view on the social responsibility of businesses?

  Friedman believed that the social responsibility of business is to increase its profits.
• How do businesses today view social responsibilities compared to Friedman's perspective?

  Many businesses today accept social responsibilities beyond legal requirements, unlike Friedman's view.
• What are some examples of corporate social responsibility practices?

  Examples include using sustainable materials and not testing products on animals.
• What challenges does globalisation pose for businesses regarding ethics?

  Globalisation creates competition that may pressure businesses to act unethically to reduce costs.
• What is the impact of unethical practices on businesses?

  Unethical practices can damage a business's reputation and lead to customer backlash.
• What is the slogan that reflects the relationship between ethics and business success?

  "Good ethics is good business."
• Why do businesses take on corporate social responsibilities?

  Businesses take on social responsibilities to improve their image and prevent stricter regulations.
• How do stakeholders influence business decisions?

  Stakeholders can pressure businesses to adopt corporate social responsibilities even when not legally required.
• What are ethical responsibilities of businesses according to Crane and Matten?

  Ethical responsibilities oblige businesses to do what is right, just, and fair, even without legal compulsion.
• What is the challenge of balancing stakeholder interests for businesses?

  Stakeholder interests often conflict, making it difficult for businesses to satisfy everyone.
• How does Kant's ethics apply to business ethics?

  Kant's ethics emphasize treating people as ends in themselves, respecting their dignity and autonomy.
• What are businesses being forced to accept due to public opinion?

  Social responsibility for the well-being of their suppliers in low-wage countries
• How can business ethics be described?

  As a process
• What does Kant's ethics emphasize regarding people?

  They should be treated as ends and not just means
• What is the significance of human autonomy and rationality in Kantian ethics?

  It emphasizes the dignity and worth of individuals
• How does excessive control over employees relate to Kantian ethics?

  It shows a lack of respect for their dignity
• What would a Kantian perspective say about unsafe working conditions?

  They would view it as using employees for ends other than their interest
• What does utilitarian ethics focus on?

  The consequences for the greatest good
• How might whistle-blowing be defined?

  As disclosing wrongdoing to the employer or the public
• What legal responsibility might employees have regarding whistle-blowing?

  To report wrongdoing that affects the public interest
• What protects whistle-blowers in the UK?

  The Public Interest Disclosure Act (1998)
• What is the equivalent act to the Public Interest Disclosure Act in the US?

  The Sarbanes-Oxley Act (2002)
• How are whistle-blowers treated under UK law?

  As witnesses, not required to provide evidence
• Why is anonymity in whistle-blowing sometimes problematic?

  It can make investigating the claim more difficult
• What is a potential downside of whistle-blowing?

  It may violate a prima facie duty of loyalty to one’s employer
• What does Norman Bowie suggest about whistle-blowing?

  It is more ethical to resolve issues through complaints procedures first
• What does Kantian ethics emphasize in relation to whistle-blowing?

  The importance of honesty and promise-keeping
• How might a Kantian view a company breaking rules?

  As a failure to treat people as ends
• What do utilitarians consider when evaluating whistle-blowing?

  The balance of good or harm for all stakeholders
• What is the relationship between good ethics and good business?

  Good business decisions are likely to also be ethical
• How can good ethics impact customer relationships?

  It can lead to increased trust and revenue