Ethics, Business Ethics, and Corporate Social Responsibility

Ethics, Business Ethics, and Corporate Social Responsibility

Ethics refers to the analysis of human actions from the perspective of morally correct and morally wrong actions or good and evil practices. The central tenets of ethics constitute how people or organizations act, behave, live, or lead a life (OpenStax, 2019). Ethics attempts to determine what people or institutions should do or what goals to pursue (Demuijnck, 2014). In this sense, people or organizations inclined to perform per ethical standards usually recognize the importance of ethical procedures and ethical policies.

Subsequently, business ethics is a subset of applied ethics that focuses on real-world scenarios, not to mention the environment and the context in which transactions occur. According to OpenStax (2019), business ethics attempts to understand the morals that arise from businesses, practices, and decisions. A prime example of business ethics is the issue of safety and compensation of employees in a place of work. On the other hand, the broader definition of corporate social responsibility (CSR) is concerned with the relationship between business organizations and stakeholders. The philosophical premise of CSR believes that corporations’ social responsibility extends beyond profitability to their impact on stakeholders, the natural environment, and society (Demuijnck, 2014). Put another way, CSR obligates corporations to have decision-making processes that focus on accountability and transparency of their actions in terms of economic, environmental, social, and ethical efforts.

Universalism

Universalism is my preferred approach to ethical principles for individuals and businesses. The reason for this choice is that universalism is a duty-based approach that considers the welfare and risks of all stakeholders when considering policy decision and their outcomes. Universalism simplifies decision-making since it respects human rights everywhere (OpenStax, 2019). Typically, the ethical choice has been pre-determined, rendering lengthy debates and reflections unnecessary. Moreover, oversight of individual or business practices and their consequences becomes much easier when the right or wrong decisions have been pre-conceived. Therefore, I prefer universalism, thanks to its humane consideration when deciding a course of action.

References

Demuijnck, G. (2014). Universal values and virtues in management versus cross-cultural moral relativism: An educational strategy to clear the ground for business ethics. Journal of Business Ethics, 128(4), 817-835. https://doi.org/10.1007/s10551-014-2065-3

OpenStax. (2019). The Principles of Scientific Management. Houston, Texas: Rice University.

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Unit 3 Discussion A
In 2-3 paragraphs, respond to the following. Your initial post should be substantive and be supported by course concepts. Read and respectfully reply to your classmates’ posts to create dialogue and further learning.
Using the definition in course readings define Ethics, Business Ethics and Corporate Social Responsibility. The course text identifies the following approaches to ethical principles for individuals and businesses; Utilitarianism, Universalism, a Rights Approach, Justice, Virtue, Common Good and Ethical Relativism. Identify your approach of choice and explain why you prefer it.