An analysis of business ethics
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1. Why is it important to study ethics in business, and what is the foundation and history of business ethics and theory?
2. Why were the three ethical examinations established in business ethics? Give examples of them.
3. What are the deontological and teleological frameworks of business ethics? Give examples of them in today's business environment.
4. Analyzing the ethical frameworks needed in decision making, which ones best align to the eight ethical principles of the Global Business Standards of Codex?
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Solution Summary
This very detailed solution answers four questions with examples and APA formatted reference in the Stanwick & Stanwick (2014) regarding why business ethics are important, historical and philosophical background, explains the three ethical examinations and the deontological/teleological frameworks (with examples of each!) and the ethical frameworks alignment to the Global Business Standards of Codex.
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1. Why is it important to study ethics in business, and what is the foundation and history of business ethics and theory?
It is important to study ethics in business to help one understand and establish their values in regard to particular actions and behavior. Studying ethics in business helps one construct a framework of acceptable and appropriate behavior. Our text defines business ethics "as the collective values of a business organization that can be used to evaluate whether the behaviors of the organization's collective members are considered acceptable and appropriate" (Stanwick & Stanwick, 2014, p. 3). Decision makers within businesses are subject to pressure from a variety of forces that may test his or her ethical beliefs. It is important to understand there are different types of ethical examinations that one can undergo to help guide his or her decision-making. Business ethics are founded upon different constructs, ethical egoism and utilitarianism. Ethical egoism is based on the concept that it is "always moral to promote one's own good" (Moseley, 2005) whereas utilitarianism focuses on benevolence and helping others. Henry Sidgwick determined there was common ground, and supported a dualism, which Adam Smith also supported. This argument supports that "the greatest good for the greatest number is achieved by individuals pursuing their own self-interests in the marketplace" (Stanwick & Stanwick, 2014, p. 8). In addition to these teleological frameworks, there are also deontological frameworks that focus on duty and obligation in deciding the fairness of actions.
2. Why were the three ethical examinations established in business ethics? Give examples of them.
Three ethical examinations established in business ethics according to Stanwick and Stanwick (2014) are descriptive ethics, analytical ethics, and ...
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