...What are Business Ethics? Meaning Ethics is a branch of social science. It deals with moral principles and social values. It helps us to classify, what is good and what is bad? It tells us to do good things and avoid doing bad things. So, ethics separate, good and bad, right and wrong, fair and unfair, moral and immoral and proper and improper human action. In short, ethics means a code of conduct. So, the businessmen must give a regular supply of good quality goods and services at reasonable prices to their consumers. They must avoid indulging in unfair trade practices like adulteration, promoting misleading advertisements, cheating in weights and measures, black marketing, etc. They must give fair wages and provide good working conditions to their workers. They must not exploit the workers. They must encourage competition in the market. They must protect the interest of small businessmen. They must avoid unfair competition. They must avoid monopolies. They must pay all their taxes regularly to the government. In short, business ethics means to conduct business with a human touch in order to give welfare to the society. Need or Importance of Business Ethics Stop business malpractices : Some unscrupulous businessmen do business malpractices by indulging in unfair trade practices like black-marketing, artificial high pricing, adulteration, cheating in weights and measures, selling of duplicate and harmful products, hoarding, etc. These business malpractices are harmful to...
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...Unfortunately our hero lived in a Socialist society and he ended up fading into the background. Socialism, as defined by the Merriam Webster online dictionary, is "any way of organising a society in which the government takes control of major industries and distributes goods equally." Keep this in mind it will be important...
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...to discuss the basic theories within the scope of the tragedy of commons, especially from the ethics perspective. In addition, the paper also explicitly explores two possible ways to solve the tragedy of the commons, the free market solution and the socialism solution, and applies these ways to a real case of Euro’s Tragedy. In the end, referring to Elinor Ostrom’s theory in 2009, the paper recommends the collective agreement from the moral perspective to be the possible ideal solution to the tragedy of the commons. | | Contents 1. Introduction 1 2. Formation 2 2.1 Theoretical explain of the formation 2 2.2 Hardin’s grazing model 4 3. Ethics Involved 5 3.1 Ethical Egoism Theory 5 3.2 Utilitarian Theory 5 3.3 Moral Foundation Theory, Virtue Theory and Confucius 6 3.4 Right Theory 6 4. Solutions to the Tragedy 7 4.1 Free market solution 7 4.2 Socialism solution 9 4.3 Comparison of the Two Solutions 10 4.3.1 Attitude towards self-interest 11 4.3.2 Attitude towards common resources 11 4.3.3 Government Function 11 4.3.4 Incentive structures 11 4.3.5 Outcomes 12 5. Case of Euro’s Tragedy 12 5.1 How Euro’s Tragedy Happened 13 5.2 How it related to Tragedy of the Commons 14 5.3 Free Market Capitalism Solution and the Tragedy of Euro 14 5.4 Socialism Solution and the Tragedy of Euro 15 6. A Third Solution 17 6.1 Ethical Obligation 17 6.2 Cultivating Ethics 17 6.3 Elinor Ostrom’s Theory 18 7. Conclusion 20 Bibliography 21 Tragedy of the commons...
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...BMO5501 BUSINESS ETHICS AND SUSTAINABILITY Assignment 2 : Reflective Journal Page 1. Overview 2-3 2. Table of Contents a) Business Ethics 4-5 b) Sustainability 6-7 c) Capitalism 8 d) Corporate Social Responsibility 9-11 3. References 12 Overview The three main topics of the course, Ethics & Business Ethics, Sustainable Development and Corporate Social Responsibility (CSR) are very relevant in today’s business world. The phasing and sequencing of readings starting with Ethics, then to Sustainability and ending with CSR provides a good foundation to the business practices of CSR. Without the foundational understanding of Ethics normative theories and Sustainability phenomenon and issues, and the concepts of socialism, capitalism, corporate citizenship, the readings and eventual learning about the subject of CSR would be more superficial and spiritless. The 4 key normative ethical theories of Egoism, Utilitarianism, Kant’s, Rights have very different moral reasoning in judging what is right or wrong, good or bad. Egoism is very individualistic and consequentialist. Utilitarianism is also consequentialist but based upon the aggregated greatest number of well beings. The opposite of these two are non-consequentialist, one theory is based on the motives – Kant’s categorical imperative and second theory is based on Rights, human rights and natural rights. Each ethical theory has its valid...
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...Fairness in Hiring and Promotions, Employee’s Rights and Duties Business Ethics has been an issue for the past four thousand years. The Mesopotamian rulers attempted to create honest prices and the Aristotle discussed the vices and virtues of tradesmen and merchants. In the Old Testament there are discussions on the topic of fraud, theft, proper weights, and competition; in the New Testament business ethics as it relates to poverty and wealth are discussed (Hoffman, Frederick, & Schwartz, 2001, p. 3). In current times the discussions of Business Ethics is moving towards a different approach. There will always be organizations more concern about the financial interest of the shareholders than the consumer; however, there is now a growing interest among US companies to corporate social responsibility as a way to benefit both the community and the organization. This paper will briefly compare and contrast the various theories of economic Justice of Fairness, Distributive Justice, Utilitarianism, Capitalism and Morality, and Socialism; and reveal the one theory I believe to be the most practical; and the best theory of economic justice as it applies to the “fairness in hiring and promotions, and employees’ rights and duties.” Justice of Fairness includes components of the Principle of Liberty that every one deserve the right to basic liberties; and the Principle of Equality falls in line with the distributive justice for social...
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...his war against socialism, religion cannot be looked at as a dogma and instead should be a malleable doctrine that is subjective to history. II. Body b. Christian Doctrines iv. Fundamental guidelines v. Use of the bible 1. Hitler a Christian? vi. No rules in war c. Moral Ethics vii. Ethics of Conviction vs. Ethics of Responsibility viii. Rationality d. Just War Theory ix. St. Thomas Aquinas x. Guidelines for a Just War xi. Just War is applicable e. What about Christians and Pacifists? xii. “Put your sword away” xiii. No such thing as a “Just War” III. Conclusion f. Summary xiv. Thesis: As demonstrated by Bonhoeffer in his war against socialism, religion cannot be looked at as a dogma and instead should be a malleable doctrine that is subjective to history. g. So what? xv. Accomplishments xvi. Interpretation xvii. Cost-benefit analysis Dietrich Bonhoeffer was a Lutheran pastor and theologian living in Germany during the time of Nazi dictatorship. Originally moved by the exclusion of his fellow pastors after the early Law for the Restoration of the Professional Civil Service was passed, Bonhoeffer’s compassion began to turn to radical opposition of the Nazi regime. For the next decade, Bonhoeffer committed himself to the radical resistance of National Socialism and encouraged...
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...Due: 21/04/15 To what extent have socialists favoured the common ownership of wealth? (45) Amongst co-operation, equality and class politics, common ownership otherwise known as collectivism, is one of the core themes and goals that socialists strive to achieve. Socialism is traditionally linked with supporting the idea of common ownership of wealth. Common ownership is the idea that wealth is produced by the collective effort of human labour and should therefore be owned by the community, not private individuals When looking at how far socialists favour and have favoured the common ownership of wealth it is important to start with the beginnings of socialism. Socialism emerged as a reaction to social and economic conditions created by nineteenth century industrial capitalism. It was linked to the rise of a new class of industrial workers who experienced the poverty and degradation of early industrialism and was a critique of the liberal market society and capitalism. Socialists, after some time, were separated into the forms of revolutionary and parliamentary socialists. And it was the reformist socialists who came to accept capitalism was the best means of generating wealth. The core themes of Socialism all point to the idea of common ownership of wealth. Community, for example, stands for the idea that individuals are inseparable from society and therefore inseparable from one another. They believe humans are bound together by common bonds of sympathy and comradeship...
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...Higher norms are principles that must be learned when working in a foreign culture, do not violate them. Ethical Differences “The relationship among religion, ethics, and society is subtle and complex…religion may be defined as a system of shared beliefs and rituals that are concerned with the realm of the sacred. Ethical systems refer to set of moral principles, or values, that are used to guide and shape behavior. Most ethical systems of the world are product of religions.” (Hill, 2013, p. 109) Christianity, Islam, Hinduism, and Buddhism are the four most dominate religions among the thousands in the world today. Each one of these religions effect what ethics are accepted and rejected. The United States has much of its foundation in Judeo-Christian...
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...Socialism and Capitalism A Theory of Economics, Politics, and Ethics Hans-Hermann Hoppe The Ludwig von Mises Institute’s Studies in Austrian Economics Department of Economics University of Nevada, Las Vegas Kluwer Academic Publishers Boston/Dordrecht/London Distributors for North America: Kluwer Academic Publishers 101 Philip Drive Assinippi Park Norwell, Massachusetts 02061 USA Distributors for the UK and Ireland: Kluwer Academic Publishers Falcon House, Queen Square Lancaster LA1 1RN, UNITED KINGDOM Distributors for all other countries: Kluwer Academic Publishers Group Distribution Centre Post Office Box 322 3300 AH Dordrecht, THE NETHERLANDS Library of Congress Cataloging-in-Publication Data Hoppe, Hans-Hermann. A theory of socialism and capitalism : economics, politics, and ethics / by Hans-Hermann Hoppe. p. cm. Includes index. © 2010 by the Ludwig von Mises Institute and published under the Creative Commons Attribution License 3.0. http://creativecommons.org/licenses/by/3.0/ Ludwig von Mises Institute 518 West Magnolia Avenue Auburn, Alabama 36832 mises.org ISBN: 978-1-933550-73-2 Socialism and Capitalism Hans-Hermann Hoppe A Theory of Acknowledgements Three institutions assisted me while I wrote this treatise. As a Heisenberg Scholar I enjoyed the most generous financial support from the German Science Foundation (DFG) from 1982 through 1986. The present study is the most recent work I completed during this period. Additional support came from the...
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...Christian Ethics Project #2 1. From a Christian perspective, why did Marxist communism fail? From a Christian point of view, Marxism failed because of its atheistic qualities. Marx forbade and dismissed the practice of religion. Instead of allowing common religious beliefs to be incorporated or flow freely into Marxism, governments chose to censor religious practices, which of course brought about resistance from the people. This is one of the main reasons Marxism did not fair too well or even last. 2. Which is a more Christian form of government, democratic capitalism or democratic socialism? Democratic Socialism of late has been the more favored form of government. Democratic Socialism stands by the poor and does not blame them for their situation. Its goal is to protect the working class and weaken the power of large corporations. It aims to decrease the influence money has in politics, empower people to contribute to the economy, and have equal gender and cultural relationships. This views work better with the Christian perspective. 3. What functions does government have to undertake because of fallen human nature? Because of fallen human nature, government has to step in and take it upon themselves to enforce certain rule/laws for the protection of its citizens and land as a precaution to ensure safety and protect the earth God gave us. Because man has a sinful nature, we need laws to ensure the economic growth of our country. We can use the example...
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...Who is justified? Milton Friedman vs. Thomas Mulligan Social responsibility, business, shareholders, taxation, executive branches and socialism are not common words that we use in our daily routine life, unless you are in a business or administration scopes. Also, you may not aware about who is Milton Friedman, and why Thomas Mulligan has strong oppositions toward him. In this essay you are going to read a comparison of two different arguments by Thomas Mulligan and Milton Friedman. Their contentions are about corporate social responsibilities. What are responsibilities for executives and companies? Do they have to fulfill them or not? Are social responsibilities only for individuals? Wikipedia defines Social Responsibility as “an ethical framework which suggests that an entity, be it an organization or individual.” It means it is not only obligated for individuals or just companies. However, Milton Friedman doesn’t think so; and Thomas Mulligan has strong arguments against Friedman’s. Milton Friedman is an American economist that received Nobel Memorial Prize in Economic Sciences. He has lots of theories and doctrines about monetary policy, taxation and socialism. One and the most popular of his article published in New York Times Magazine at September 13, 1970. In his article, he approached to social responsibility of companies’ and stakeholders’. Briefly, he stands behind the view that "There is one and only one social responsibility of business to increase its...
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...Miranda Collins Dr. Jeff Kersh English 1010 March 10, 2016 Bernie vs Trump: A Contrast and Comparison of Capitalism and Socialism Getting the right ideas of how an economy should be run is a significant challenge. However, two systems can be used: socialism or capitalism. The United States continues to face this challenge. The current presidential campaign illustrates this important issue. Two candidates exemplify the two economic ideologies. Bernie Sanders adheres to the idea of democratic socialism, while Donald Trump follows capitalism. Capitalism is seen as a system that is mostly based on entrepreneurship, market allocation, and private ownership (Friedman 15). Socialism, on the other hand, is a structure where the control of factors of production is moved from individuals to the state. In light of these issues, below is a comparison and contrast between capitalism and socialism. While socialism helps to even out and equally distribute wealth in the society so that no particular person has control over production except the government, Capitalism does not allow for an evening out, and equal distribution of resources in the society. Also, the government has no control over production. According to Walter (7), Capitalism is “the economic system under which the ownership of goods and services are privately owned, and decisions concerning pricing, investments, and distribution are determined in a free-market system, primarily on the basis of competition among businesses”...
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...BUS100 Sample Exam 1 Student: ___________________________________________________________________________ 1. Which of the following organizations is an example of the goods-producing sector of the economy? A. Ford Motor Company B. Florida State University C. Children's Hospital D. H & R Block Tax Consulting 2. Which of the statements about demography is most accurate? Demographic studies: A. focus on factors that have great political relevance, but little relevance to business firms. B. suggest that the number of two-income families will decline in the future. C. provide business and individuals with insights into business and career opportunities of the future. D. are an important source of information about changes in weather and climate. 3. Public schools, charities and government agencies are not classified as businesses because they: A. have not been incorporated. B. do not seek to earn a profit. C. provide services rather than goods. D. do not have any stockholders. 4. In order to make an intelligent investment decision, entrepreneurs should: A. limit their options to those business investments that are backed by the U.S. government. B. invest in businesses that have generated a stable rate of profit for at least the past ten years. C. invest only in business opportunities where it is possible to take an active role in management. D. compare the risks of potential investments to their expected profits and find the right balance...
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...Aulton C. Mitchell | | 7019-8 | Jennifer Scott | | | MGT | Michael Novak: Capitalism and the Corporation | | | The topic of ethics just seems to be hard to define when using other peoples’ writings but I never have an issue of explaining my stand on ethics. ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- Faculty Use Only ------------------------------------------------- <Faculty comments here> ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- <Faculty Name> <Grade Earned> <Writing Score> <Date Graded> Introduction The problem to be investigated in this paper is the relationship between capitalism and the corporation and how socialism will affect this relationship. In the ever expanding economy, the government is trying to cash in more and more by taking over the capital owned by firms. The firms have to try to survive by doing whatever it takes to keep the government from overtaking their capital. In the big picture, firms what to make a profit but also provide a benefit to the society as a whole. We have to look deeper to explain what socialism and capitalism really are and what the corporations are really trying to do. Social Responsibility of Business Friedman said that the social responsibility...
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...BUS100 Sample Exam 1 Student: ___________________________________________________________________________ 1. Which of the following organizations is an example of the goods-producing sector of the economy? A. Ford Motor Company B. Florida State University C. Children's Hospital D. H & R Block Tax Consulting 2. Which of the statements about demography is most accurate? Demographic studies: A. focus on factors that have great political relevance, but little relevance to business firms. B. suggest that the number of two-income families will decline in the future. C. provide business and individuals with insights into business and career opportunities of the future. D. are an important source of information about changes in weather and climate. 3. Public schools, charities and government agencies are not classified as businesses because they: A. have not been incorporated. B. do not seek to earn a profit. C. provide services rather than goods. D. do not have any stockholders. 4. In order to make an intelligent investment decision, entrepreneurs should: A. limit their options to those business investments that are backed by the U.S. government. B. invest in businesses that have generated a stable rate of profit for at least the past ten years. C. invest only in business opportunities where it is possible to take an active role in management. D. compare the risks of potential investments to their expected profits and find the right balance...
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