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1: Why Ethics Matter

  • Page ID
    2607
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    • 1.0: Introduction
      The text explores the importance of ethics in both personal and professional contexts, emphasizing its role in shaping honest and trustworthy behavior. It raises the question of whether ethics should matter in our lives and business practices, focusing on understanding the affirmative answer throughout the chapter. Success is discussed in terms of personal goals, including reputation and self-regard, with an emphasis on how ethics can contribute to achieving these goals.
    • 1.1: Being a Professional of Integrity
      The section highlights the importance of ethics in business and the role of integrity for professionals. It distinguishes between ethical and legal responsibilities, emphasizing that ethical behavior often extends beyond mere legal compliance. Three normative ethical theories???consequentialism, deontology, and virtue theory???are introduced as approaches for assessing ethical decisions.
    • 1.2: Ethics and Profitability
      The text discusses the importance of ethical behavior and long-term thinking in business, as opposed to solely focusing on short-term profits. It differentiates between stockholders, who own shares, and stakeholders, who are all affected by a business's actions. Companies thrive when they consider the broader impact of their decisions and practice corporate social responsibility (CSR), which entails acting ethically beyond legal obligations.
    • 1.3: Multiple versus Single Ethical Standards
      This section discusses the importance of applying consistent ethical standards across various contexts in business and personal life. It critiques ethical relativism, which suggests ethical standards vary by context, and argues for a unified ethical approach based on normative theories such as deontology, utilitarianism, and virtue ethics. Consistent ethical behavior enhances trust and reputation, benefiting both individuals and businesses.
    • 1.4: Summary
      The page discusses the importance of business ethics, emphasizing the need for integrity and ethical conduct in professional dealings. It distinguishes between legal compliance and ethical responsibility, suggesting that businesses should adhere to ethical standards beyond legal requirements. The use of normative ethical theories???utilitarianism, deontology, and virtue ethics???helps in making sound business decisions.


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