Business Ethics

• Capitalism

  An economic system based on the private ownership of how things are made and sold, in which businesses compete freely with each other to make profits
• Common good

  A state of affairs in which everyone can flourish effectively
• Consumerism

  A set of social beliefs that put a high value on acquiring material things
• 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
• Encyclical

  Originally a circular letter sent to all the churches of a particular area in the ancient Roman church
• Ethos

  The characteristic spirit of a culture, era or community that can be observed in its attitudes and aspirations
• Fraternity

  Brotherhood; the belief that we should treat everyone as our brothers and sisters
• Globalisation

  With the growth of communication, movement of people, trade and so on the phenomenon of economic and cultural movements across boundaries to the world level
• Human dignity

  People are valuable by virtue of them being human, not because of their usefulness
• Integrity

  The quality of being honest and having strong moral principles that you refuse to change
• Natural law

  A system of right or justice held to be common to all humans and derived from nature rather than from the rules of society
• Neo-colonialism

  The economic and political policies by which a great power indirectly maintains or extends its influence over other areas or people
• Reciprocity

  Giving to everyone what is due and being willing to do more than strict justice requires
• Second form of the categorical imperative

  So to act as to treat people always as ends and never as means only
• Shareholder

  A person who has invested money in a business in return for a share of the profits
• Solidarity

  People are interdependent, needing each other and responsible for each other, especially in the less privileged
• Subsidiarity

  The belief that decisions should be made at the lowest level compatible with efficiency
• Sustainability

  The belief that we are responsible for maintaining Earth and its resources for ourselves and future generations
• Transnational corporations

  An enterprise that is involved with the international production of goods or services, foreign investments, or income and asset management in more than one country
• Utilitarianism

  The moral doctrine that one should always seek the greatest balance of good over evil
• Virtue

  A good moral quality in a person, or the general quality of being morally good - from Aristotle, what we need, in order to live well, is a proper appreciation of the way in which such goods as friendship, pleasure, virtue, honour and wealth fit together as a whole
• Whistle-blowing

  This occurs when a member of an organisation reports misconduct by a superior or co-worker