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Business ethics operates on the premise, for example, that the ethical operation of a private business is possible—those who dispute that premise, such as libertarian socialists (who contend that "business ethics" is an oxymoron) do so by definition outside of the domain of business ethics proper. [citation needed]
What makes an action valuable may in turn depend on the ethical values of the objects it increases, decreases, or alters. An object with "ethic value" may be termed an "ethic or philosophic good" (noun sense). [1] Values can be defined as broad preferences concerning appropriate courses of actions or outcomes.
Ethical codes are adopted by organizations to assist members in understanding the difference between right and wrong and in applying that understanding to their decisions. An ethical code generally implies documents at three levels: codes of business ethics, codes of conduct for employees, and codes of professional practice.
Business ethics examines the moral implications of business conduct and how ethical principles apply to corporations and organizations. [155] A key topic is corporate social responsibility, which is the responsibility of corporations to act in a manner that benefits society at large.
Ethics are the principles and values used by an individual to govern their actions and decisions. [1] An organization forms when individuals with varied interests and different backgrounds unite on a common platform and work together towards predefined goals and objectives. [ 1 ]
Potter was a theologian when he developed this moral reasoning framework. The Potter Box uses four dimensions of moral analysis to help in situations where ethical dilemmas occur: Facts, Values, Principles, and Loyalties as described below. The Potter Box consists of a few simple steps, which can be completed in any order.
Applied ethics – using philosophical methods, attempts to identify the morally correct course of action in various fields of human life.. Economics and business Business ethics – concerns questions such as the limits on managers in the pursuit of profit, or the duty of 'whistleblowers' to the general public as opposed to their employers.
Ethical leadership is leadership that is directed by respect for ethical beliefs and values and for the dignity and rights of others. It is thus related to concepts such as trust, honesty, consideration, charisma, and fairness. [1] [2] Ethics is concerned with the kinds of values and morals an individual or a society finds desirable or appropriate.