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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.
United Brands v Commission (1976) Case 27/76 is an EU competition legal case concerning abuse of a dominant position in a relevant product market. The case involved the infamous "green banana clause".
Shlensky v Wrigley, 237 NE 2d 776 (Ill. App. 1968) is a leading US corporate law case concerning the board's discretion to determine how to balance stakeholders' interests. The case embraces the application of the business judgment rule to directors' good-faith judgments about long-term shareholder value. [ 1 ]
Legal moralism is the theory of jurisprudence and the philosophy of law which holds that laws may be used to prohibit or require behavior based on society's collective judgment of whether it is moral. It is often given as an alternative to legal liberalism, which holds that laws may only be used to the extent that they promote liberty. [1]
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]
Maxims of equity are legal maxims that serve as a set of general principles or rules which are said to govern the way in which equity operates. They tend to illustrate the qualities of equity, in contrast to the common law, as a more flexible, responsive approach to the needs of the individual, inclined to take into account the parties' conduct and worthiness.
The fact–value distinction is also closely related to the moralistic fallacy, an invalid inference of factual conclusions from purely evaluative premises. For example, an invalid inference "Because everybody ought to be equal, there are no innate genetic differences between people" is an instance of the moralistic fallacy.
Altruism is often seen as a form of consequentialism, as it indicates that an action is ethically right if it brings good consequences to others. [7] Altruism may be seen as similar to utilitarianism, however an essential difference is that the latter prescribes acts that maximize good consequences for all of society, while altruism prescribes maximizing good consequences for everyone except ...