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Ethical Theories of Business Ethics
Virtue theory is based on the strong belief that people should act in accordance with major virtues. These virtues are developing throughout a person’s life and they are based on the principle of moderate behavior.
Thus, a person should not strive for excessive pleasures or avoid any pleasures at all. If a company follows this ethical theory, it will produce high-quality products at fair prices. The company will not urge for profit at all cost and it will treat employees accordingly. Employees will work in the favorable atmosphere and will get fair salaries and benefits. This will be the moderate behavior that is consistent with the virtue theory.
The duty theory is quite similar to the one mentioned above as it also focuses on certain rules. Thus, people are born with certain understanding of the right or wrong, as universal moral rules exist. Being honest, not to steal, not to kill are some of these morals or, in other words, duties. Companies that adopt this approach never engage into unethical or unlawful activities.
They try to make sure that all of their operations are transparent. They provide high-quality products or services they treat their employees in accordance with such principles as respect, equal opportunities, fair salary, certain control over employees’ conduct. If the company’s partner or an employee breaks some rules (is engaged in fraudulent activities), the company stops working with them.
Utilitarianism is another ethical theory companies may adopt. The theory is based on the principle of providing the good to as many people as possible. Thus, companies implement cost-benefit analysis and make decisions. Companies try to provide high-quality products and services.
However, they may also try to reduce costs by reducing salaries of or even firing employees to make their operations more efficient. They can often choose to save jobs for the majority at the expense of the limited number of employees. Some companies may try to reduce costs by investing less into safety. Of course, at present, companies are quite cautious, as they do not want to damage their reputation.
Punishments for Corporations When They Have Acted Unethically
Corporations can be punished if they act in an inappropriate way. The punishment can be based on the harm principle. This principle is manifested through restriction of actions that can harm others. For instance, if a company produces low-quality food product that can lead to poisonings or any other health issues, the company will be banned from producing and distributing such dangerous products.
The punishment can be also based on the offense principle. In this case, restrictions are imposed if the company offends someone. For example, if a company produces a product or has an advertising that offends some people’s feelings, these products or advertisements can be barred.
The punishment can be based on legal paternalism as well. In this case, restrictions are associated with activities that can be harmful for the corporation itself. For example, safety regulations are also aimed at keeping organizations safe from possible scandals or penalties and damage to their reputation.
It is possible to identify at least three threats of running an ethical company. Thus, the lack of information can pose certain threats as the company may engage itself into unethical or even unlawful activities. Of course, lack of resources is another risk factor as companies may often try to gain more even though they will have to violate some ethical rules. Finally, there is a temptation to respond unethically to unethical behavior. Companies may try to punish their partners that acted unethically through unethical conduct.
I believe that corporations should also follow all the rules individuals are assigned to follow. This will bring order into the business world, as corporations will have to act ethically and responsibly to remain competitive and gain profit.
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