Rights theories maintain that there are things we cannot do against individuals because they are holders of moral rights. Ethical behaviour of people doing business is very important in our society. Business ethics differ from industry to industry, and nation to nation. For some professionals, their business values may run parallel to their religious codes of conduct. Rights theories: the general approach. Business ethics is the study of how a business should act in the face of ethical dilemmas and controversial situations. One influential approach to business ethics draws on virtue ethics (see, e.g., Alzola 2012; Sison & Fontrodona 2012). perspectives as eg oism, virtue theory, t heories o f justice, theories of rights, universalism, ethical relativism, an ethic of caring, and so o n. The . )• Rights – Right: a person’s just claim or entitlement – Focuses on the person’s actions or the actions of others toward the person • Legal rights: defined by a system of laws • Moral rights: based on ethical standards – Purpose: let a person freely pursue certain actions without interference from others PRINCIPLES OF BUSINESS ETHICS Ethics form the foundation for international economic activities. Some forms of insider trading are legal. Natural Rights Theory, the view that morality comes from people’s basic rights, is more like that. Rights are legal, social, or ethical principles of freedom or entitlement; that is, rights are the fundamental normative rules about what is allowed of people or owed to people according to some legal system, social convention, or ethical theory. Doing what is right is obeying your duties and the rule that guide a business. Utilitarianism holds that the most ethical choice is the one that will produce the greatest good for the greatest number. It is common in discussions of business ethics to appeal to one or more ethical… For a natural rights theorist, morally permissible actions are ones that respect rights, and morally impermissible actions are ones that violate rights. Types of rights. Based off the principles and beliefs of John Locke, a 17th century English philosopher, Locke’s Rights Ethics is one of the four major ethical theories that has shaped today’s society. The presence of a clear and enforced standard reduces the competitive advantage that any company can reap over its competitors by violating human rights. Our moral belief about life changes over time. Rights In ethical theories based on rights, the rights established by a society are protected and given the highest priority. This has come to the fore front in recent time with the media keeping a constant look out for corporate organisations that abuse or refuse to up hold their social responsibilities in any way. Aristotle’s virtue ethics theory is important in addressing many ethical problems in business and organization management because virtue and moral character “provides the wisdom necessary for applying rules in particular instances” (Hinman, 2006). Definition of terms Business ethics- According to Joseph 2003, business ethics refers to clear standards and norms that help employees to distinguish right from wrong behaviour at work. Businesses that take care to ensure workers are safe, treated with dignity and respect, and offered reasonable work hours and wages are considered to be ethically responsible. The nature of a business's operations has a major influence on the ethical issues with which it … It's difficult to say exactly what ethics is, but we can say that it involves a standard of what is right and wrong based on what people ought to do. Rights are of essential importance in such disciplines as law and ethics, especially theories of justice and deontology. Ethics also materializes its importance for business through the study conducted with the participation of 45 managers. Utilitarianism is an ethical theory that determines right from wrong by focusing on outcomes. It gives an overview of some practical tools and frameworks that organisations can use to minimise the risk of human rights abuses in all their operations, including some recent examples of good practice. (…) For the ethical relativist there is no absolute ethical standard independent of cultural context, no criterion of right and wrong by which to judge other than that of particular societies. In the 21 st century, the role of ethics in international business transactions and interactions will receive more attention. Five Ways To Shape Ethical Decisions: Rights Approach . Examples of rights-based ethics at work include the Universal Declaration of Human Rights, the Geneva Conventions and the United States' Declaration of Independence, Bill of Rights and Constitution. Ethical Relativism “The theory according to which right and wrong are determined by what one’s society says is right and wrong. Springer 2009 Analyzing Insider Trading from the Perspectives of Utilitarian Ethics and Rights Theory Robert W. McGee ABSTRACT. Natural Rights Theory: “It’s permissible if it respects peoples’ natural rights.” considers other people, but sometimes rights conflict with no way to choose between them. The right to pursue happiness Within a rights ethical theory, the guarantee that individuals may seek happiness any way they like, assuming they don’t encroach upon the freedom of others. Ethical theories depend on what is right and wrong and the end result of the action. Tags: Code of Ethics , Human rights, Community. In short, what morality requires is relative to society.” (Shaw, 2011) According to Locke, every person has a set of fundamental rights that they are entitled to simply by existing. Ethical Theories are attempts to provide a clear, unified account of what our ethical obligations are. The pursuit gives final direction and meaning to the broad theory. Individuals may also bestow rights upon others if they have the ability and resources to do so. One way of advancing this project is by choosing a normative framework and teasing out its implications for a range of issues in business. Business Ethics Wayne Norman “Business ethics” is a concise, but in many ways misleading, label for an interdis-ciplinary field covering a vast range of normative issues in the world of commerce. If an interest is defended by a right, it should not be thwarted even if doing so might be good for other reasons. Journal of Business Ethics (2009) 91:65-82 DOI 10.1007/s 10551 -009-0068-2? Business ethics, undeniably a current field, distinguishes itself through its importance in the beginning of the 21st century, after it started building its academic way in the capitalist countries. sits beside the right to life and the right to freedom at the foundation of rights ethics. As such, ethical responsibilities may be exemplified through codes of conduct, civil rights, and social and acceptable standards in many areas. The principle of rights theory is the idea that in order for a society to be successful government must approach the making and enforcement of laws with the right intentions in respect to the end goals of the society that it governs. It ends with an American political philosopher for whom the equal distribution of resources was a primary concern. Business professionals have responsibilities to make decisions based upon ethical principles. Business Ethics and Human Rights, from Theory to Practice Research workshop Chaired by Dr. Ana-Maria Pascal Regent’s University London, 10 September 2019. An ethical business environment for human rights means that there is a clear standard for human rights performance in a given industry and that companies can be evaluated against this standard. Last time, we talked about the Utilitarian Approach to ethical decision-making. A right defends an interest that should not be frustrated. They are attempts, in other words, to tell a single "story" about what we are obligated to do, without referring directly to specific examples. Utilitarianism, Kantian Ethics, Natural Rights Theories, and Religious Ethics A “utilitarian” argument, in the strict sense, is one what alleges that we ought to do something because it will produce more total happiness than doing anything else would. Business ethicists seek to understand the ethical contours of, and devise principles of right action for, business activity. It is the only moral framework that can be used to justify military force or war. Theories of Ethics (Cont. Business ethics theories form the foundations for acceptable behaviors and decisions in the work environment. But such is not the case. In the context of on-going consultations around the proposed UN Treaty for transnational business and human rights, the debate has recently focused on hard v. soft law, or mandatory v. voluntary initiatives. Hence, regulations, which are usually spurred by the misdeeds of one or two bad actors, presume that all businesses are unethical and, therefore, they all need regulating. If we look at the issue of business ethics rationally, we can see that the vast majority of businesses are operated on the premise of their benefit to society. Ethical guidelines are essential in making business decisions. Apply justice theory in a business context; This chapter began with an image of Justice holding aloft scales as a symbol of equilibrium and fairness. The majority of professional ethics are based on the idea of doing what is best for the group and focusing on the moral aptitude of the action, rather than the result. Rights are considered to be ethically correct and valid since a large population endorses them. More generally, we are reviewing five theories that provide the ethical building blocks you can use in your classroom to debrief any ethical dilemma. Ethics of Care: “It’s permissible if it promotes relationships between people.” Business Jargons Business Ethical Theories Ethical Theories Definition: The Ethics is the branch of philosophy that deals with the principles of morality and the well-defined standards of right and wrong that prescribe the human character and conduct in terms of obligations, rights… This article focuses on contributions by those academics with interests in the normative ethics of business. Business ethic emerged as a result of the abuse of human rights and because of the need for corporate organisation to be more ethical and humane in doing business. Rights-based ethics is centered around the idea that people possess certain rights merely by virtue of being born human. It is a form of consequentialism. Many companies strive to go beyond legal requirements. Theory of Ethics. 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