PHIL 322 Lecture Notes - Lecture 33: Business Ethics, Moral Hazard, Fiduciary

• School: University of Arizona
• Department: Philosophy Main
• Course: PHIL 322
• Professor: ALL

Document Summary

A certain amount of trust, or moral constraint, is required in these relationships. Contracts usually specify goals and obligations in very general terms, and the person supplying the services is expected to use his or her own judgment to decide how best these terms should be satisfied. These sorts of associations are especially important in professions where the only people competent to evaluate a particular individual"s performance are other members of that same profession. The existence of a professional association, a certification system, a common body of accepted knowledge, and a shared ethics code, are sometimes treated as the distinguishing marks of a genuine profession. The nature of the managerial role is such that they need to be both trusted and trustworthy. Thus my criticism of the stakeholder approach to business ethics is not that it is false or incoherent.