ADM 1301 Lecture Notes - Lecture 5: Retributive Justice, Procedural Justice, Distributive Justice

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Ethics of business - rules, standards, codes, or principles that provide guidelines for morally right behavior and truthfulness in specific situations. Value judgement - subjective evaluations of what is considered important. Moral standards - the means by which individuals judge their actions and the actions of others. Employees: hiring; firing; wages; privacy; discrimination; honesty; conflicts of interest; insider information. Influence becomes the basis for an individual"s value judgements and moral standards that determine behavior. Influences on individuals: corporate or organizational influences, economic efficiency influences, government and legal system influences, societal influences. Seven commonly-cited principles (+2 bonus: self-interest (ethical egoism) Individuals or corporations set their own standards for judging the ethical implications of their actions; only the individual"s values and standards are the basis for actions: personal virtues ethic. Give attention to specific individuals or stakeholders harmed or disadvantaged and their particular circumstances - golden rule: do unto others as you would want done to you: utilitarian ethics.

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