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(Beknopte) Samenvatting Morality of Commercial Life
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A good summary of all the theories we have to know, together with statements of people we have to know.
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Lectures on the Morality of Commercial Life - Begrippen & NamenLecture 1. Introduction
Normative Judgements
● Legal normativity: prescribed by the law (i.e. don’t steal, pay your taxes).
● Scientific normativity: prescribed by scientific methods (i.e. what is taken to be
scientific evidence)
● Economic normativity: prescribed by the markets?
- Positive economics-- economics is a descriptive discipline: it describes facts such
as the reality of the market—the aim is to increase benefits.
- Normative economics-- economics is a prescriptive discipline with evaluative
elements—’ what needs to be done.
Values of Business Ethics:
● Instrumental value: the value of something resides on what can be obtained from such
a thing.
● Intrinsic value: The value of something resides in itself, not in anything beyond.
Methods of Business Ethics:
● Top-down approach: Start with a normative theory and apply it to a situation
● Bottom-up approach: Focuses on specific issues of moral relevance and looks at what
type of moral principles/ concepts are in play (Moral responsibility, Fairness & justice)
Lecture 2. What is Ethics & Ethical Theories
Sen 2009 → Three kids and a flute; One made it, one is the poorest, one is the best flute player.
Who deserves it?
Engelen & Sie → In such cases, philosophers typically ask “why?”, and sort out what we value
and care about and why.
Consequentialism: The morally right action is the action with the best consequences.
● Hedonists: They claim that goodness consists in pleasure and the absence of pain.
Classical utilitarianism: The right action to perform is the one that will bring about the
best balance of pleasure over pain. Doing the right thing is the same thing as promoting
the good.
- Consequentialism is agent-neutral: equal demands on everyone
- Consequentialism is impartial: Everyone deserves equal consideration in moral
thinking; - Across distance (friends vs distant strangers), - Across time (present
vs future generations)
● Act-consequentialism: Classical utilitarianism: choose the action that maximises the
good, Case-by-case calculus (costly!)
● Rule-consequentialism: Choose the action which follows a rule which maximises the
good, Internalization of types of action (Internalized by whom?)
● Act-focused; the act maximizes the good.
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, Deontology: We should act according to certain rules or duties (i.e. do not kill; protect the
vulnerable). The consequences do not matter, in fact, sometimes doing the right thing will not
have the best consequences. The good and the right are independent of each other.
● Kantian Ethics:
- Act only according to that maxim whereby you can, at the same time, will that it
should become a universal law.
- Act in such a way that you treat humanity, whether in your own person or in the
person of any other, never merely as a means to an end, but always at the same
time as an end.
● Act-focused: the act does not break certain rules.
Virtue Ethics: Base morality on good character. These properties are commonly referred to as
virtues or character traits. A disposition to think, feel, and act in certain ways in certain
circumstances.
● Aristotle’s VE: to be good is to have a flourishing life (eudaimonia). Virtue (arete) is
excellence in performing one’s function. Distinguishing between natural talent +
exercise. An excellent person has the function of practical wisdom (phronesis)
● Agent-focused: The morally relevant element of a situation are the properties of the
person acting).
● The doctrine of the mean: virtues lie between a vice of excess and a vice of deficiency
Businesses:
● Utilitarianism: Does not support the ‘anything for profit’ perspective.
● Kantian: No business rule or practice can be adopted which is inconsistent with the
categorical imperative (Bowie, 1999: 90); Act in a way that could be universalized; Do
not treat people as mere means
● Virtuous: The function of the market is mutual benefit. A businessperson or a firm is
virtuous if it excels at finding mutual benefit. → This would be a means of benefiting
oneself (the individual businessperson or the firm) and benefiting others (for example,
society).
Consequentialist - It achieves the greatest good for the greatest number
Deontologist - Respects workers’ dignity (i.e. does not treat them as mere means)
Virtuous - It achieves the mean at mutual benefit
Lecture 3. Corporate Social Responsibility
Shareholder theory of CSR: Businesses have the moral responsibility to maximize the profits
of their shareholders within the rule of law
Friedman:
1. Only human beings have moral responsibility for their actions corporations are not
human beings
2. Managers have to act in the exclusive interest of their shareholders
3. The States have to take care of social issues
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