Chapter Summaries

9382 words, 38 pages

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There are also three points of view from which decisions in business can be made: the economic, the legal, and the moral. The moral point of view has two important features. First is a willingness to seek out and act on reasons. Second, the moral point of view requires us to be impartial. Decisions in business should integrate all three points of view.
Both economics and law are critical to business decision making, but the view that they are only relevant considerations and that ethics does not apply is plainly false. The economists’ account is intended to tell us how we do reason in making economic choices but not how we ought to. As a practical matter, managers need to consider both the ethical and legal aspects of a situation. It is important in business to make legal decisions ethically.
The management of ethics is acting effectively in situations that have an ethical aspect. These situations occur in both the internal and external environments of a business firm. Business ethics is often conceived as acting ethically as a manager by doing the right thing. This is ethical management. In order to practice both ethical management and the management of ethics, it is necessary for managers to possess some specialized knowledge. In order to make sound ethical decisions and to implement them in a corporate environment requires skills that come with experience and training. Many of the ethical dilemmas for top managers are due to conflicts between three main roles.
1.Managers as Economic Actors – the requirement to make sound economic decisions that enable a firm to succeed in a competitive market
2.Managers as Company Leaders – entrusted with enormous assets and given a charge to manage these assets prudently
3.Managers as Community Leaders – exert enormous power both inside and outside their organizations
Morality is generally used to describe a sociological phenomenon, namely, the existence in View More »

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