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    Ethical Issues: Various Theories and Concepts

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    Details: Discuss the following theories/concepts: Utilitarianism, Rights and Justice, The Market System, Cost-Benefit Analysis, Kantianism, Egalitarian Theory, Libertarianism, and Virtue Ethics. Summarize and analyze these theories/concepts.

    Objective: Describe basic ethical issues facing today's society.

    Explain the prevalent theories and definitions in ethics.

    Defend a personal position on ethical issues.

    Use case studies to evaluate and apply theories in support of a personal position on ethical issues.


    Corporations commonly utilize groups to accomplish goals. Groups are able to add diversity and resources for improved effectiveness. With this in mind, the skill of effectively working in groups will continue to be of importance in your professional life.

    You recently applied for a position within a multinational corporation and have been offered a position. However, this position requires a multitude of group work. You are aware that groups are not static or all the same, but rather that groups vary. Groups and teams also change and development over time. In the past, you have had both positive and negative experiences of group work.

    As you begin your new task (with a strict deadline) as a group, the group determines to divide the work among the group members and then collaboratively compile the work to complete the report. You soon become aware that not everyone is completing the same amount of work or applying the same efforts. You are faced with the dilemma of confronting the team member or completing his/her share of the work.

    If you choose to voice your position, you risk the chance of confrontation possibly affecting the cohesiveness of the group and even heighten the chance for the group to fail the completion of the task. If you choose to remain silent about the issue, you will be doing more than your share of the work, but the group as a whole will succeed in completing the goal.

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    Solution Preview

    The meaning of following theories and concepts is:

    1. Utilitarianism: Utilitarianism is the theory in which the main objective is to explain the nature of ethics and morality. It is an ethical theory which is based upon utility, or doing the activity which produces the greatest happiness (Utilitarianism V. Kantianism, 2004).

    2. Rights and Justice: Duties act as a link between rights and justice. The concept of rights and justice are somehow related to each other or we could say that the concept related to them is not distinct, but the usage of both the terms, i.e. right and justice, emphasizes different dimensions.

    3. The Market System: The market system is a process which is organized and systematic in nature. This system enables the players of the market to propose and ask the question so that the bidders and sellers could interact and make deals (Allis, 2003). The market system generally relies on the assumptions on which the market players are constantly involved.

    4. Cost-Benefit Analysis: Cost Benefit Analysis is an economic tool to support social decision-making. To evaluate the desirability of a given intervention in markets, it is used by governments (Reh, 2008). In cost benefit analysis, the benefits as well as the negative costs of a project are calculated. The difference between the benefits and the cost indicates that the planned action is advisable or not in future (Reh, 2008).

    5. Kantianism: According to the theory of Kantianism, what a person should do and what a person want to do are totally different (Maccarelli, 2006). Doing anything of choice gives a greater satisfaction/happiness, but in the long run the person may not be benefited. In contrast, doing the activity which the person should actually do may cause pain and anxiety ...

    Solution Summary

    This solution is provided in about 941 words with references. The given discussion paper is based on several theories and principles of business ethics. In the first section of the discussion, the meaning and concepts of different theories are explained in a detailed format. The next section of the discussion paper includes a brief analysis of these theories. In this section, the purpose of the ethics in business is also described. This solution provides a very thorough response.