MGSC14H3 Study Guide - Midterm Guide: Procedural Justice, Justice As Fairness, Distributive Justice

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Published on 3 Nov 2011
School
UTSC
Department
Management (MGS)
Course
MGSC14H3
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 everyones 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
Weakness: cant quantify, timing, no motivation, involvement
Hedonism: focuses on individual pleasure, epicurus said goal of life is to secure lasting pleasure
Niccolo Machiavelli: ends justify the means, assumes there is 1 mean to 1 end
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Document Summary

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. 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. 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. Deontology: depends on duty, rights, and justice involved. Virtue ethics: if it demonstrates the virtues expected by stakeholders and participants.

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