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Define Ethics
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Arguments for political participation by business-system invites many participants -economic stakes are high for firms -business counterbalances other social interests -business is a vital stakeholder of governmentArgument against business in politics-managers arent qualified to engage in political debate -business is too big/powerful -business too selfish to care about common good -business risks its credibility by engaging in partisan politicsStrategies and Tactics by which business may influence public policyPromote information strategy Promote Financial incentives Promote Constituency Building strategyInformation strategy-lobbying -direct communications -expert witness testimonyFinancial Incentivespolitical action committees -economic leverageConstituency building-Stakeholder coalitions -advocacy advertising -trade associations -legal challengesLevels of Political Environment1. Limited Organization Involvement 2.Moderate Organization INvolvement 3.Aggressive Organization InvolvementLimited Organization involvement-contribution to PAC -support of trade association or industry activitiesModerate Organization Involvement-Organizational lobbyist -employee involvement -stockholders and customers encouraged to be involvedAggressive Organizational Involvement-executive participation-managers involved in public policy -involvement in industry groups and task forces -public policy developmentMoralsBasic standards of right and wrongEthicsExpectations of behaviors that affect others focuses on behavior, not intentionWhy are ethics socially importantmakes behavior predictable makes it easier to interact contributes to common social identity may be effective in helping personal moralsNormative EthicsHighest standards of ethicsDescriptive ethicsstandards that we actually expect of othersLevels of ethical application1.Personal ethics 2.Civic ethics 3. Business and professional ethicsPersonal ethicsHow should a moral person treat others-ethics of humanityCivic ethicsEthics of community Civic responsibilitiesTypes of civic responsibilitiesCitizen to citizen citizen to community- individual responsibilites to whole community to citizen- collective responsibilities to individual citizenBusiness and professional ethicsethics of stakeholder relations- some stakeholders may be entitled to special consideration because of legal considerations, vulnerabililty, or mutual dependence.Professions are distinct because-current practitioners have control over who can practice -recognized to responsiblities that come before their own interest -have clear code of ethicsWhy is business differentno competency standards -no code of ethics, except some established in firm -on your own to figure out ethical responsiblitiesWhy should we care about ethicsPractical justifications and Personal justificationsPractical justification-people prefer to work for ethical firm -people prefer to do business with ethical firm -unethical businesses attract regulation -enemies accumulatePersonal justification-self image -personal valuesethical reasoningcharacter based ethics-virtues outcome- utilitarianism duty based ethics-rights, justicevirtue ethicspersonal qualities that are characteristic of a good personutilitarianismgoal of ethics is to maximize happinessdutyresponsibilities to others rights and justice, respect for dignity of individualrightsliberties-personal privelage of conscience or action that are inherent in ones humanity and should be respected entitlements- claims of value by law, contract, or custom which normally apply to some and require transfer of valuejusticefairness in allocation of good and bad outcomestypes of justiceprocedural retributive compensatory distributiveprocedural justicerules and procedures to protect individuall rights and ensure fairnessdistributive justiceequity in allocation of outcomescompensatory justicethose who suffered loss are entitled to compensationretributive justicethose who cause harm intentionally/recklessly should be punishedArgument in favor of virtue ethics-emphasizes individual/collective responsiblites -consensus on virtue/vice help social cohessiveness -meanigngful social consequences helps behavior controlproblems with virtue ethics-avoiding vices of excess and deficiency -assumes societal aggrement on good character -assumes people value good character in themselves and othersin favor of utilitarianismperception of fairness-considers interests of all parties perception of objectivity- treats all parties equally, without favoritismcriticisms of utilitarianismdefinition of "happiness" unclear -assumes equality of interest -assumes inclusiveness -assumes comparability -potential for rationalizationargument in favor of rightsemphasizes worth and dignity of individual -emphasizes responsbility to protect weak from strongproblem with rightsrequire responsiblity and tolerance -entitlements involves transfer of value, problems can occurRequirements of free marketassumptions-characters of market that must be met conditions- characteristics of social and political environments that must existassumptions-must be enough buyers and sellers to prevent either from fixing price -buyers and sellers must be free to exit and enter as they wish -buyers and sellers must be knowledgeable -buyers and sellers must act in prudent self interestconditions-private property must be repected -market must be allowed to set price -contracts must be enforced -government interference must be minimaldoes free market work?can work, many cases conditions arent strictly honoredcommon reasons why conditions arent honored-price fluctuations around equilibrium point can create public anxiety -public pressure to interfere with normal economic adjustments -desire by government, politicians, other to enhance personal and institutional powerDimensions that differentiate societieshow democratic is system? how free is economy to regulate itself?market economies- govs role focused on protecting competition and maintaining conditions for each growth -gov restraint in economic or regulatory interference in economydemocracieselections- functioning multiparty system,free of fraud/intimidation,peaceful transtition of power Legal and cultural tradition of respecting individual rightscompeting socioeconomics systems30s -70s planned command 70s up- market economiesfree market suposed to docreate wealth by directing labor and resources to activities that will maximize production of value