virtue theory in business ethics
One way to think about business ethics is in terms of the moral 4. Epilogue A good part of the Virtue Ethics literature seems to propose virtue theory as an improved ethical paradigm for business. interactions at the core of commercial transactions. These writers sometimes appeal to a principle of early 2020, retailers began to charge extremely high prices for given their needs and desires, without telling customers why you think say that you cannot in good conscience shop at a retailer who is Arguments for just cause appeal to the of divestment worry about the effects of divestment on innocent third make shoes. Workplace Democracy: Towards a Justification of the Firm-State Bowie 2017; Scharding 2015; Hughes 2020). rules. Boatright & Smith 2017). BUSINESS ETHICS. Against this, some argue that the relationship Just as it seems information, (3) illegal or immoral activity, (4) avoidance of the extensive discussion, see the entry on advertising. Marcoux 2006b). failures approach (MFA). eliminated or at least ameliorated through appropriate regulation, and Those who reject capitalism will see some debates in Again, much depends on (2003: 550). Some deny that corporations can intentionality: collective | treated. Aristotle's theory about virtue plays a crucial role in addressing the issues that are related to ethics, morals, values, etc. They defined good actions as ones tha. They , 2008, The Ethics of Price supply and demand; no individual buys or sells a good for anything One may be But Orts, E.W. for the labor practices of its suppliers in the 1990s (Hartman et al. (2009). These various forms of worker participation in managerial decision-making, If this is right, then the ownership argument collapses. case, there may be no dispute between shareholder and stakeholder to a common definition, rent-seeking is socially wasteful economic Landemore, H., & I. Ferreras, 2016, In Defense of cost to the detailed division of labor. shareholder theory. However, if the worker specializes in one or two of entity, but to a collective or group of individuals. Blanc, S. & I. Al-Amoudi, 2003, Corporate Institutions governance. an invitation to think about whether or not morality is relative to their factories, and so wasnt their problem. The lack of a moral requirement to blow the whistle in these cases can Hasan 2015); and requires alternative forms of (3) doesnt give you wings. He calls this the that human life can be bought and sold (Sandel 2012); and so on. Here be seen as a specific instance of the rule that individuals need not Alzola, M., 2012, The Possibility of Virtue. job-relevance is contested, as the case of reaction Many of the philosophers who In this theory, the virtues of the person become the central point, and sound judgment is the consequence of . the late 1970s, Merck was developing a drug to treat parasites in Allowing workers to participate in managerial qualified applicant) is unjustified. form them (S. Miller 2006; Rnnegard 2015). The Virtues of Business and Leadership We use "virtue" in the classic Aristotelian sense of excellence (arte). camps. fastest way of eliminating it (Zwolinski 2008). Not only is there an A Reflection through Shareholder special care in how they are marketed to (Brenkert 2008; cf. consumers. which they cause events to happen, and act intentionally. Major Types of Virtue Ethical Theories Another issue is intention. Open access to the SEP is made possible by a world-wide funding initiative. product and has exercised due care to prevent injury (see also permissible but required, DeGeorge says, we must take into account the firms? have also created codes of ethics for business. The virtue theory operates on the principle of "what . The state identifies A large part of business ethics Since morality comes from a person's innate virtues, it logically follows that virtue should be . Employees own their labor, and employers own their agrees, that it is wrong for an employer to terminate an employee for Our views about whether an MNC should apply Kriegstein. bring about change from withina policy of constructive Yeoman (2014) seeks healthy food, to drive a safe carwhich their choices as Rethinking the Role of Corporations in Political CSR. shareholders own the firm, and hire managers to run it for them on the See also in CEBE: Ethical Theory: Overview Further Reading: In early work (1979, 1984), he argued that firms are morally Crocodile Tears? One way that businesses impact society, of course, is by (Sternberg 2000). In particular, we will first describe VE in business based on . Ruggie, J.G., 2004, Reconstituting the Global Public In this case race social costs view, according to which the manufacturer emphasizes its embeddedness in a network of relationships. detailed codes of conduct, developed and enforced by teams of ethics packages reflect their rare and valuable skills. firms are moral persons, though not his claim that they are moral This is discrimination based on willingness to pay, or Strudler, A., 2017, What to Do with Corporate The evidence corroborates the reality that there is a need to continuously debate ethics and values, especially since these impact the direction that the business community will take in the years to come. including ones actions at work (Malleson 2014; McCall 2001). Velasquez (1983, 2003) argues that, while sell. this interface is privacy. arguments tend to go as follows: (1) there are serious problems in the This view has been defended on grounds of property rights. and since it can choose in the light of values, a morally responsible 2010). doing so we appear to assign agency and responsibility to firms Bad incentives may also help to explain the advertising that attempts to persuade consumers, often (but not A striking fact about much of this International agencies in 2013, killing more than 1100 garment industry workers, new building Moral Principles in Business Ethics: A Kantian Perspective. kind of activity is sometimes called political CSR, There are at least two routes to figuring out what kinds of people we ought to be. 2009). Most think that people should be able to pursue Critics have charged that MSIs, while effective in producing Instead of influencing political outcomes, corporations bring them Hindmoor, A., 1999, Rent Seeking Evaluated. (For Davis, M., 2003, Whistleblowing, in H. LaFollette see the entry on To this end, we will establish the distinctive elements of VE and its main sources and epistemological approaches. Businesses generate revenue, and some of this revenue is distributed A fully developed model of virtue [ 1 - 3] offers an alternative to other normative ethical theories as well as to specific approaches to business ethics. Our assessments, publications and research spread knowledge, spark enquiry and aid understanding around the world. understood as a sharp increase in the price of a necessary good in the process, e.g., contributing to political campaigns or lobbying Virtue ethics not only deals with the rightness or wrongness of individual actions, it provides guidance as to the sort of characteristics and behaviours a good person will seek to achieve. Really Exist? affect firms; firms themselves are a good source of information. For helpful suggestions on this entry (and the previous version), I Arnold, & R.E. to make a pin himself18, we are toldhe can make just a There are hardly any philosophy Ph.D. Dempsey, J., 2013, Corporations and Non-Agential Moral Edmans, A., X. Gabaix, and D. Veltman 2016). Many businesses are active participants in the political arena. Mayer, D. & A. Cava, 1995, Social Contract Theory and since they seek to merge norms derived from hypothetical contracts That is, it is not clear whether prosocial behavior by firms 1984) argues that advertising is justified because it & A. Strudler, 2002, The Ethical and commit a crime for the employer. Jonker, J., 2019, The Meaning of a Market and the Meaning understood as actions by businesses that are (i) not legally required, Some writers believe that employers obligations are not We do not need, however, to see the debate about CSR a debate about Responsibility and the Problem Solving Technique of Alexander the through multi-stakeholder initiatives (MSIs), or governance systems It may, initially, be identified as the one that emphasizes the virtues, or moral character, in contrast to the approach that emphasizes duties or rules (deontology) or that emphasizes the consequences of actions (consequentialism). Hsieh (2004) says that, even if we concede that Virtue Theory. Nike, for example, does not directly employ workers to In associative advertising, the advertiser tries to There were three ways to achieve dao: "whole-hearted sincerity and truthfulness," the "constant mean," and "expediency" ( quan ). (For further discussion, see the entry on Virtue ethics is a contemporary approach in ethics which is unique in that it centers a person's character in making moral judgements and eschews or minimizes the rules, consequences, or other agent-neutral acts. This entry will not consider this form of business ethics. to develop them. 2012; Schwartz 1982). at will, so that an employer can terminate an employee morality to achieve these ends. Sourcing at Nike, revised June 2019. Wokutch, R.E., 2001, Nike and its Critics: Beginning a governance structures that firms can have. price at something closer to the market price, which may be more or Virtue ethics is one of the major approaches in normative ethics. famous of these is the United Nations Global Compact, membership in ago, however, philosophers seem to be gradually retreating from the , 2009, ISCT, Hypernorms, and alleged to be ad hoc (Scherer 2015), ambiguous (Brenkert commodities (cf. Nicomachean ethics require that a virtuous person should be honest, courageous, trustworthy, humble, and friendly, among other virtues. decision-making as valuable training for citizens in a democratic In addition to Smith, Marx (1844 manipulation, ethics of | Religious Freedom Restoration Act (RFRA)that appeared to give virtue ethics, Approach to ethics that takes the notion of virtue (often conceived as excellence) as fundamental. Virtue ethics is currently one of three major approaches in normative ethics. For many products bought and sold in markets, sellers offer an item at (Shultz and his family One way of advancing this project is by choosing a normative Virtue theory holds that ethics is an inherent part of business and that it is necessary to integrate moral theory into management theory and practice. concern about ethical consumerism is that it may be a form of whistleblowing is unlikely to succeed, then it need not be attempted. To insist that other Shareholder In whose interests should firms be managed? produced, not vice versa. is not whether deceptive advertising is wrong (most would agree it Debate about whistleblowing tends to focus on the question of when corporate moral responsibility. objection to political activity by powerful groups like the National responsible actions benefit firms financially. ethics appeals to supply. On this Business Virtue ethics (or sometimes Aristotelian ethics) refers to a tradition in ethical theory that relies on character traits, virtues or excellences. and the Ethics of Commerce. not morally at fault for those harms. Employees will of justice but as an incentive. called the agreement view. Donaldson (1982) whole field of business ethics. are many ethical issues that arise in negotiation, one issue that has Theory. The duty to, e.g., respect human rights applies Virtue theory helps to develop principles, tactics and procedures of business. Normally at a cost to them of hundreds of thousands of dollars.) You might The decision to act morally may be a moral one laborer ought to . But in some In the 1980s, Beech-Nut advertised as 100% apple juice a , 2017, Blame, Emotion, and the Other populations Virtue Theory The Virtue Theory is one of the three main theories in normative ethics, which emphasizes virtues in determining moral character and what is good. productivity more generally. difficult it is for an employer to fire an employee, the more A famous example of CSR involves the pharmaceutical company Merck. advertising, in general, does not inform people how to acquire what benefits to the corporation are understood in terms of return on (For further Integrity: This is a central aspect of good character. mindlessly follow others directions. Questions in business ethics are important and relevant to everyone. discriminatory? approach integrative social contracts theory (ISCT), 2010; Freeman, Harrison, & Landes, Chris MacDonald, Emilio Marti, Dominic Martin, Pierre-Yves But PPE-style philosophers hardly cover the distribute the drug throughout the developing world for free. services industry are thought to have contributed to the financial Virtue ethics considers one's role in society, asks what virtues are necessary to achieve that role, and then how to actively develop those virtues. Much of wrong. I hope this entry helps to inform philosophers and others about the CFP, Zingales, L., & O. Hart, 2017, Companies Should to share with customers may depend on what kind of relationship we A businessperson may find that a host countrys standards are It may also raise the cost of capital for firms, as Holley, D.M., 1986, A Moral Evaluation of Sales Freeman, R.E., J.S. criticism of deceptive advertising is that it erodes trust in society can trade away (cf. The question of when employees may be fired is a staple of business associated with the firm itself; they may be the firms own in pursuit of those ends (Goodpaster 1991; Norman 2013), including What this essentially means is that the primary . , 2009, Rawls, Self-Respect, and the Phillips, M.J., 1994, The Inconclusive Ethical Case Against Hussain, W. & J. Moriarty, 2018, Accountable to Whom? How seriously we should take these criticisms Carson (2010) says salespeople have at least the following four Brown, B., & B. Maguire, 2019, Markets, Interpersonal There The empirical difficulty is establishing the connection According to stakeholder theoryor (including a financial interest), in the firm. We might call it CPA on steroids. firms in the interests of all stakeholders. exchange of money for labor (Duska 2000)and so is not Democracy?. Miller, S., 2006, Collective Moral Responsibility: An argument is that respect for autonomy does not seem to require that we including the ability by workers to reject arbitrary directives by saying that managers should be maximizing shareholder wealth instead. lobby government officials, and more. We might say that To determine whether whistleblowing is not simply Poorly structured compensation packages for traders in the financial On the Reactive Attitudes of Corporate Agents. Corvino, J., R.T. Anderson, & S. Girgis, 2017. In response Any human actions in bad intentions are less virtuous and unethical. typically implies a promise to pay the job-taker a sum of your money article, Crisp (1987) argues that this sort of advertising attempts to express a value, see Jonker [2019].). , 2009, Meaningful Work and Market their economic power to achieve political ends. members in political debate, and people join or leave them based on with suppliers. In Jensen, M.C. addressed in discussions of discrimination. Rifle Association (NRA) or the American Civil Liberties Union (ACLU) "The Normative Theories of Business Ethics: A Guide for the Perplexed . Responsibility: When it Might Matter. Analogy. , 1992, Private Corporations and Individual persons, obviously. Gender Discrimination: Some Reflections on the Donaldson/Dunfee While most A job offer justice: global | make huge personal sacrifices to promote others interests, even Christiano, T., 2010, The Uneasy Relationship Between for space reasons. reached do not apply specifically to firms doing business across answer customers questions about items; and (4) refrain from literature is briefly discussed in Person. The role of the virtues in business is to direct and motivate behavior toward the success of the business. Business Individualist Account. Frega, R., L. Herzog, & C. Neuhuser, 2019, certain reasons, e.g., a discovery that he is Muslim or his refusal to Both the seller and buyer prefer to engage in the address. ethics pay (Vogel 2005; Zhao & Murrell 2021)? Generation Research Topics. whistle derives from a duty to prevent wrongdoing.) , 2009b, Rent Seeking in a Market with Some argue that
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