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Business Ethics and Personal Ethics

Terms in this set (10)

Peter Drucker: business ethics = personal ethics?
Yes.
- The same rules of individual behavior apply.
Casuistry
A leader thinks they must subordinate their own beliefs to do what is best for the company.
- Leads to very limited thinking.
- Similar to utilitarianism.
Prudence
Highly visible, lead by example.
- Can become obsessed with appearances, only because of job and authority.
Interdependence
Ethics are centered on individuals; the same rules apply to everyone regardless of position.
What are the 5 relationships of mutual obligation?
1. Master-servant (superior-subordinate).
2. Parent-child.
3. Spouse.
4. Siblings.
5. Friends.
Business purpose
- Create customers.
- Take care of the customer and shareholder value will follow.
Albert Carr: business ethics = personal ethics?
No.
- No one in business actually expects the truth.
- Pressure to deceive.
What game does Carr compare business to, and why?
Poker, because it's "all about bluffing".
What two things determine a right decision, according to Carr?
If it's legal and if it makes a profit, it's the right decision.
What are the two common denominators that lead us to make poor decisions?
Pride and money.
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