LAW-2150 Lecture Notes - Lecture 5: Corporate Social Responsibility, Categorical Imperative, Making False Statements
Document Summary
Ethics: the study of right and wrong behavior; whether an action is fair, right or just. Business ethics: the application of moral and ethical principles to the marketplace and workplace. Application of right and wrong to the marketplace. Traditionally, the only goal or duty of a corporation was to maximize profits. Profit maximization: the most efficient allocation of scarce resources to generate income. Today, many people view this idea as greedy or inhumane and this gave rise to the concept of. Spending your resources what is the most efficient way to make money. Be more concerned then just making profit and profit maximization. They owe more to the world then just making money which goes to the triple bottom line. The rise of corporate citizenship: many investors and others now consider a corporation"s triple bottom line its profits (how much money you are making, its impact on people, and its impact on the planet.
