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Business Ethics Exam

test review

QuestionAnswer
(adam smith) Capitalism system in which the means of production are privately owned and controlled
(adam smith) Physiocrats (French economists) 1) Everything good comes from nature. 2) There exists a natural order which is superior to anything human beings can create. 3) The government should not interfere with the market.
(adam smith) three points about human nature 1) We are not independent beings 2) We would act in vain if we appealed to the benevolence of others 3)It is better to appeal to the self-interests of others (Gives rise to a system of exchange)
(adam smith) division of labor Involves assigning specific aspects of a production prices in order to increase efficiency.
(adam smith) The invisible hand That mechanism which guides self-interest to promote the social good.
(lux) Smith's mistake Self-Interest alone will promote the social good.
(lux) Lux's view There must be some other principle or force (benevolence such as honesty, fairness, and justice) which constrains self-interest.
(lux) What should smith have said? “it is not “only” from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but “also” from their regard to their own interest”
(rawls) Conception of justice "Set of principles for choosing between the social arrangements which determine the way that the fruits if society’s labor are to be distributed”
(rawls) problem with utilitarianism It allows for the violation of the rights of the few for the greater good of the many
(rawls) social contract theory Aims to “account for the strictness of justice by supposing that its principles arise from an agreement among free and independent persons in an original position of equality.”
(rawls) The original position: Why it yields the most just distributions? Veil of Ignorance? Primary Goods? ASK JACOB... since u dont know which group u fall into..max the opportunity of the least well off because u could be one of the least well off.
(rawls) two principles of justice A) “Inequalities are just only if they improve the prospects of everyone” B) “There must be equal access & opportunity with regard to all positions in society.
(rawls) 'difference principle' Inequalities “are just if, and only if, the greater expectations of the more advantaged…improved the expectations of the least advantaged
(nozick) libertarianism The role of the state ought to be severely limited to… 1) National Defense 2) Local Protection 3) Administration of courts of justice Each person has the right to life, and the fruits of their labor.
(nozick) entitlement theory Three topics? (historical approach)Whether or not a distribution is just is determined by how that distribution came about. 3 topics... 1)Acquisition 2)Transfer 3)Rectification of past injustices
(nozick) Wilt Chamberlain Case What it meant to prove? What it meant to prove... 1) Liberty upsets patterns 2) Patterns destroy liberty
(nozick) Views on taxation Against Taxation! -On par with forced labor
(singer) absolute poverty/absolute affluence Absolute Poverty: (having less than is needed to provide oneself and ones dependents with the basic biological necessities( food, shelter, medicine)) Absolute Affluence: (having more than is needed)
(singer) shallow pond principle that explains our intuition?
(singer) argument for the obligation to assist 2 points regarding the 1st premise?
(singer) Objections and singer's responses Population control? assisting the poor in supererogatory?
Corporate Responsibility 1)Corporation? Corporation -collection of individuals -recognized as a separate legal entity -Has rights separate from its members -In most cases, is created to produce profits for its owners -limited liability Externality: 3rd party cost
(friedman) Examples of social responsibilities applied to business -Reducing poverty -eliminating discrimination -providing employment -reducing/preventing pollution -preventing inflation
(friedman) why businesses can't have responsibilities only individuals have responsibilities...not a collection of individuals. (does a brick building have responsibilities?)
(friedman) Corporate Executives to whom he has responsibilities? What pursuing social responsibilities amounts to? Problems with pursuing his social responsibilities? (one involving political principle & 2 involving consequences) -Corporate Executives only responsibility is to his/her employers. -Pursuing SRs as a CE amounts to imposing taxes & deciding how they are to be Spent. (illegitimate servant) consequence:no reason 2 think that the CE is an expert w. regard to pursuin SR
(friedman) the cloak of social responsibility The worry is that it strengthens the idea that there ought to be more government involvement in business
(freeman) stakeholders (narrow and wide senses) wide- Those who are affected by or can affect the corporation -Narrow: Those who are vital to the survival and success of the corporation... -owners/stockholders -managers -employees -consumers -suppliers -local community
(freeman) stakeholder theory normative core? Corporation ought 2 b managed in a way that takes into account the interests of all stakeholders -“Each Stakeholder group has a right not to be treated as a means to an end.” -Normative core -set of principles whch determin how da corporation's run
Cont. basic moral values? -determine the normative core (more basic than normative core)
(freeman) Doctrine of Fair contracts basic moral values? veil of ignorance? difference principle? -veil of ignorance Don’t know: 1. Your actual stake (i.e. which stakeholder group you fall into) 2. What sort of government exists (i.e. you don’t know which externalities the government will pay for)
basic moral values autonomy, solidarity, fairness Know what they mean.. (state and explain 3 moral values.)
Definition of entitlement one is entitled to a holding if and only if one acquires that holding by way of just acquisition, transfer, or rectification of past injustice
Created by: marcfeldman10
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