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What is Nozick's Theory of Rights? What are the positive and negative aspects of the theory?
- Behavior is ethical if it is free of force and fraud.
- It has the benefit of giving the ethical decision-maker virtually complete freedom of action with minimal government intrusion or even intusion from the insterests of anyone esle who may claim a stake in the way the decision is made.
- The biggest negative associated with this theory is that it licenses an almost complete disregard for others who may have an interest in a business or business decision.
- Someone following Nozick would say that a businessperson must not act to defraud those with whom it does business. The businessperson has no obligation however, to consider the interests of secondary stakeholders; someone with home it does not have a formal relationship.
It is important to understand that Nozick's thery is defined by the absense of intereference in free
choice. In that way, it doesn't give the decision-maker substantial guidance in the way the other theorie do in defining how we should make a particular decision.
What are primary and secondary stakeholders?
Primary stakeholders are those with whom the business has a fromal contractual relationship, such as: shareholders and employees.
Secondary stakeholder are those who may assert an interest in what the business does, but with whom the business has no formal relationship.
What is Rawl's Theory of Justice?
A decision maker acts ethical when he/she discharges their duty-regardless of the consequences-to advance the interests of the least advantaged.
What is Kantian approach to business ethics?
- Kantian business ethics belives that the absense of fraud and force is necessary to ethical decision-making processes, but not sufficient. Ther is also a positive duty to act as though the governing principle of your decision is a universal rule.
- In addition to requiring that the business person refrain from fraud and coercion, Kant also requires that nothing inhib an individual's positive freedom, menaing that "business organizations and business practices should be organized so that they contribute tothe development of human rational and moral capacities rather than inhibit them."
What is Virtue Ethics?
- The decision-maker knows he or she is ethical if his/her actions aer guided by the character traits of the highest model.
- Virtue ethicists would argue that what is essential to ethics, even within the JudaoChristian tradition, is not universal principle rules and objective rational principles but rathan an established way of doing things, a shared sense of value and significance, shared heroes and role models, a clear sense of what sort of person one should be. Jesus both as an example and as the exponent of an ehtics of love has often been considered such a figure.