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Summary BUSINESS ETHICS AND CSR
- Institution
- Loughborough University (LU)
these are the notes for the business ethics and CSR module. i have uploaded various kinds of documents, from pointers to detailed notes to even essays
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ETHICAL EGOISM MIND MAP (2013)1. Definition of ethics- Ethics is a word derived from a Greek word ‘ethos’ meaning customs and
characters which are concerned with the values and morals an individual or society ascribes as
being good or appropriate. This also focuses on the virtuousness and motives of an individual.
(Steven, 2010).
2. Definition of ethical theory- Ethical theory is a system that provides principles and rules that
an individual must involve in the decision-making process about what’s morally right/wrong or
good/bad in a situation. It reflects morality and tells people how to be decent human beings (Sheila,
2013).
3. Introduction for the essay- The purpose of this essay is to argue whether Ethical Egoism is a
legitimate and morally justified theory for businesses. To make a point, the essay will be focusing on
the meaning and the concept of the theory from a philosophical and business context. Later, there
will be arguments for and against the theory to critically analyse its use of this theory. Lastly, there
would be alternative theories or recommendations for the same.
● Oxymoron and prescriptive theory- every man ought look out for himself alone (rachels, 1974)
● Example- if you help someone, you do it because it's good from you, if you are refraining to
harming anyone, that's because for your benefit
● Theory explains what makes wrong actions wrong and right actions right.
● Consequentialists - focus on action, egoists focus on how it impacts their own self interest.
4. Why egoism- if theory applied in business, means you have to be top of everything
● Example- email services Gmail, Yahoo, Hotmail, try to be on the top of their fields, so they’ll be
innovative, provide better services, be ethical etc.
● They’ll practice more csr activities into the business
● Egoists argue, as we know our own wants and needs, we shouldn’t meddle in someone else’s life
as it tends to go badly.
● Businesses hence should focus on how to satisfy their self interest if it is profits, how to earn
more money.
● Other ethical theories can require altruistic sacrifices of your own own interest for the sake of
other people or standards. There will always be rules to follow. However, egoists maintain their
own life for themselves, not everyone or anything else.
, 5. Why not egoism- critics say it's logically impossible
● According to egoists, everyone needs to be on the top of their fields, however it's impossible as
only one person can be on the top.
● But the essence of egoism is not being on the top, it's about at least attempting to do so, hence it
motivates the firm to do well. (Regis, 1979)
● Businesses cannot work if they are too ethical (beverslius, 1987)
● They say every business has a right to survive, hence, they will have to play the game rather than
just being too ethical.
● Assumption of solving conflicts. However, if egoists will be asked who will win the election, they
will be suggested to everyone on the top of the field, however, it doesn't work like that.
● Egoism support neolibral economic models. However, no market functions perfectly like Adm
Smith likes to think. Due to the existence of cartels, monopolies, competition and domination of
institutions (UN, WTO etc)
● Example- india grew in india, exported to the UK. UK creates products from them , and exports
back in India for double of the original price.
● Consumers don’t get access to information in advertisements.
● Example if egosit wants to buy a product, they wouldn’t want a product that supported child
labour, or it was made in unsustainable ways. However, the ad campaigns won’t show this
hence denied info in order to act in their self interest.
● Leads to narrow ethical imagination. Wouldn’t take sustainability actions for the future society.
● Slight percentage of people wouldn't be able to participate in the marketplace activity hence,
their self interests won’t be served.
6. Conclusion- egoism will encourage companies to work for their best self interests.
● Will help them to serve the customer’s needs and wants.
● However, it is logically impossible to imply.
● No market functions perfectly like Adam Smith seems to think.
● Hence, use this objection to refine egoism, you must TRY to do what's best for you, not
necessarily achieve that.
VIRTUE ETHICS MIND MAP (2013)
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