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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]
Smith, A. (1759), The Theory of Moral Sentiments, in Adam Smith's Moral and Political Philosophy, edited by H. Schneider, Harper, New York, 1948 and 1970. Strasnick, T. (1981) "Neo-utilitarian Ethics and the Ordinal Representation Assumption", in Philosophy in economics , edited by J. Pitt, Reidel Publishing.
It should only contain pages that are Ethical theories or lists of Ethical theories, as well as subcategories containing those things (themselves set categories). Topics about Ethical theories in general should be placed in relevant topic categories .
Friedman introduced the theory in a 1970 essay for The New York Times titled "A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits". [2] In it, he argued that a company has no social responsibility to the public or society; its only responsibility is to its shareholders. [2]
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 function of developing and implementing business ethics in an organization is difficult. Due to each organization's culture and atmosphere being different, there is no clear or specific way to implement a code of ethics in an existing business. Business ethics implementation can be categorized into two groups; formal and informal measures.
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.
Consequentialism can also be contrasted with aretaic moral theories such as virtue ethics. Whereas consequentialist theories posit that consequences of action should be the primary focus of our thinking about ethics, virtue ethics insists that it is the character rather than the consequences of actions that should be the focal point.