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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.
In business ethics, Ethical decision-making is the study of the process of making decisions that engender trust, and thus indicate responsibility, fairness and caring to an individual. To be ethical, one has to demonstrate respect, and responsibility. [ 1 ]
The Potter Box is a model for making ethical decisions, developed by Ralph B. Potter, Jr., professor of social ethics emeritus at Harvard Divinity School. [1] It is commonly used by communication ethics scholars. According to this model, moral thinking should be a systematic process and how we come to decisions must be based in some reasoning.
This article concerns ethical dilemmas in the strict philosophical sense, often referred to as genuine ethical dilemmas. Various examples have been proposed but there is disagreement as to whether these constitute genuine or merely apparent ethical dilemmas. The central debate around ethical dilemmas concerns the question of whether there are any.
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.
Principlism is an applied ethics approach to the examination of moral dilemmas centering the application of certain ethical principles. This approach to ethical decision-making has been prevalently adopted in various professional fields, largely because it sidesteps complex debates in moral philosophy at the theoretical level.
Some ethical considerations which may become apparent in the durability of contracts are cultural relativism and moral relativism. Grace and Cohen (2005, 200) describe cultural relativism as the extent to which different societies and cultures have different values and ethical standards in the fields of business and organisational life.
Utilitarian Jeremy Bentham discussed some of the ways moral investigations are a science. [9] He criticized deontological ethics for failing to recognize that it needed to make the same presumptions as his science of morality to really work – whilst pursuing rules that were to be obeyed in every situation (something that worried Bentham).