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In philosophy, moral responsibility is the status of morally deserving praise, blame, reward, or punishment for an act or omission in accordance with one's moral obligations. [ 1 ] [ 2 ] Deciding what (if anything) counts as "morally obligatory" is a principal concern of ethics .
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]
Many laws create a paradox by placing the burden of proof of good moral character on the applicant while such a proof, but not the law, necessitates that the evaluators assess the beliefs and values of the applicant. [12] Good moral character is the opposite of moral turpitude, another legal concept in the United States used in similar instances.
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]
This correlation between responsibility and voluntary action is acceptable to most people on an intuitive level; indeed, this correlation is echoed in American and European law: for this reason, for example, manslaughter, or killing in self-defense carries a significantly different type of legal punishment (i.e., formalized moral blame) than ...
Moral character or character (derived from charaktêr) is an analysis of an individual's steady moral qualities. The concept of character can express a variety of attributes, including the presence or lack of virtues such as empathy , courage , fortitude , honesty , and loyalty , or of good behaviors or habits ; these attributes are also a part ...
A code of practice is adopted by a profession (or by a governmental or non-governmental organization) to regulate that profession. A code of practice may be styled as a code of professional responsibility, which will discuss difficult issues and difficult decisions that will often need to be made, and then provide a clear account of what behavior is considered "ethical" or "correct" or "right ...
In 2019, influential business groups such as the World Economic Forum and the Business Roundtable updated their mission statement, leaving behind the Friedman doctrine in favor of "stakeholder capitalism", [20] at least on paper if not in widespread practice. [21] Friedman's characterization of moral responsibility has been questioned.