Midterm Review

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University of Toronto Scarborough
Management (MGS)
Konstantine Zakzanis

Ethics Defn: discipline dealing with good and bad with morals Morality: beliefs of man, ideals, rights, motives, and wrong Corporations: make goods and services, ROI to shareholders, improve society, provide jobs, pay tax, support society and environment Why ethics? Environment, fairness, poor judgement, stakeholder activism, economic pressure, greed, transparency, laws Change form profit-only mandate to CSR, legal liability to directors, employee empowerment, manage risk and protect reputation Hypernorms: honesty, fairness, integrity, compassion, predictability, responsibility Determinants of reputation: credibility, trustworthiness, reliability, responsibility Aristotle: goal of life is happiness and happiness is achieved by leading a virtuous life in accommodating with reason Immanuel Kant: ethical when people are not used opportunistically John Stuart Mill: max happiness or min pain; same as society John Rawls: fair distribution of rights and benefits, inequalities, should be to everyone’s advantage 3 basic philosophical approaches to ethical decision making  Consequentialism: EDM must have good consequences  Deontology: depends on duty, rights, and justice involved  Virtue ethics: if it demonstrates the virtues expected by stakeholders and participants Modified Moral Standards Approach: whether it provides net benefit to society, fair to stakeholders, it is right, expected virtues by stakeholders Factors of EDM  religion, relationships, self-perception Self-interest and economics Thomas hobbes – motivates to form peace, Adam Smith – leads to economic cooperation Utilitarianism: one that produces greatest amount of pleasure
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