Summary: Business Ethics | Crane, et al

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Read the summary and the most important questions on Business Ethics | Crane & Matten

  • 1 Introducting business ethics

    This is a preview. There are 32 more flashcards available for chapter 1
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  • Explain the relationship between Morality, ethics, and ethical theory.

    First box: Morality
    - ethics rationalizes morality
    Second box: Ethics
    - to produce an ethical theory
    Third box: Ethical theory  
    - that can be applied to a situation
    Fourth box: Potential solutions to the ethical problem
  • What is Business ethics?

    is the study of business situations, activities, and decisions where issues of right and wrong are addressed.

    Wernaart: Ethics is the structured analysis and evaluation of morality.
  • why business ethics is so important:

    * businesses have great power and influence over society
    * business has major potential to help society
    * malpractices can harm individuals
    * ethical decision-making can be done better
    * ethical violations still occur
    * it provides knowledge outside the regular frame of business studies
  • Civil Society Organizations

    * major responsibilities >> constituenties and donors
    * focused on mission and values 
    * informal approach
  • Figure 1.6 page 24Who is key actor in business ethics?

    Europe: Government, trade unions, corporate associations
    NA: The corporation
    Asia: government, Corporations
  • Figure 1.6 page 24What are the key guidelines for ethical behavior?

    Europe: Negotiated legal framework of business
    NA: Corporate codes of ethics
    Asia: Managerial  descretion
  • Figure 1.6 page 24What are the key issues in business ethics?

    Europe: Social issues in organizing the framework of business
    NA: Misconduct and immorality in single decisions situations
    Asia: Corporate governance and accountability
  • Figure 1.6 page 24What is the dominant stakeholder management approach?

    Europe: Formalizing multiple stakeholder approach
    NA: Focus on shareholder value
    Asia: Implicit multiple stakeholder approach, benign managerialism
  • 2 Framing business ethics

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  • corporation itself wons its assets

    * seen as artificial persons for the law
    * shareholders have limited liability
    * managers are responsible for protecting shareholders' investments
  • Milton Friedman says corporations do not have social responsibilities:

    * only human beings can have moral responsibility
    * managers should only act in the interests of shareholders ( not to be social responisble)
    * the state should pursue social responsibility

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