Business Ethics – Summary (Crane & Matten, (2010); Chapters 1 Through 5)

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Business Ethics – Summary (Crane & Matten, (2010); Chapters 1 through 5) Table of Contents Chapter 1. Introducing Business Ethics 2 Chapter 2: Framing Business Ethics 4 Chapter 3: Evaluating Business Ethics 7 Chapter 4: Making Decisions in Business Ethics 11 Chapter 5: Managing Business Ethics 14 Chapter 1. Introducing Business Ethics Ethics and law Business ethics is the study of business situations, activities, and decisions where issues of right and wrong are addressed The law = minimum acceptable standards of behavior, but many morally contestable issues are not covered by law. Answers to ethics questions are often equivocal: There is no definitive ‘right’ answer Ethics and morality Morality is concerned with the norms, values and beliefs embedded in social processes which define right and wrong for an individual or a community. Ethics is concerned with the study of morality and the application of reason to elucidate specific rules and principles that determine right and wrong for a given situation. These rules and principles are called ethical theories. A good understanding of ethics is important because: 1. The power of business in society is greater than before 2. Business has the opportunity to provide a major contribution to societies, now more than ever 3. Business malpractices can inflict enormous harm on individuals, communities and environment 4. Stakeholder demands on business to be ethical are becoming more complex and more challenging 5. Few businesspeople have received formal business ethics education or training 6. Ethical violations continue to occur in business, across countries and across sectors 7. Business ethics can provide us with the ability to assess the benefits and problems associated with different ways of managing ethics in organizations 8. Business ethics is extremely

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