Business Ethics and Corporate Governance, Second Edition

SUMMARY

Several ethical theories, developed by philosophers over the years, offer certain benchmarks to set organizational or professional standards. The rightsbased theories were advocated by Immanuel Kant who stressed personal rights, and Locke who underlined the importance of property rights. Rights imply corresponding duties, especially the duty to respect others’ rights. Justice theories precede rights theories and can be traced to Greek philosophers, Plato and Aristotle in the fifth century B.C. Utilitarianism as an ethical theory holds the view that an action or decision is right if it maximizes utility or produces the greatest good for the largest number of people. The virtue approach advocates that ethical actions should be consistent ...