Three Major Ethical Theories - 925 Words

(A) Business ethics is the critical structured examination of how people and institutions should behave in the world of commerce. In particular it involves examining appropriate constraints on the pursuit of self interest, or for firms profit maximisation when actions of individuals or firms affect others. There are many notable theories that have been put down trying to form a guideline on how to solve the problem of what is right or wrong good or bad, below are three theories I have listed: 1. Utilitarianism Ethical Theory: J. S Mill The view of this theory is among competing alternatives one ought to do that which produces the greatest happiness overall for all concerned. A key aspect in this view is that no person’s pain or pleasure†¦show more content†¦Actions that are moral are those that are undertaken out of a sense of duty, which means you do it because you know it is â€Å"the right thing to do†. As human beings we are uniquely rational in a way that all other living creatures on earth are not. We alone reason, and our ability to reason requires us to be logical and consistent. Logic and consistency demands that we make the basic rules by which we operate into universal rules that everyone could and should follow. If you cannot do that, you are illogical and inconsistent, and you are being immoral, because you are not granting to other human beings the same freedom and the same status as a rational human being that you are claiming for yourself. From this a basic rule morality, is d erived the categorical imperative. Categorical Imperative a. Can the action be universalised For you to act morally you must act in such a way that you would want the rule you are following to be a universal one that everyone should follow. 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