Explain which moral philosophy you feel is best suited for making business decisions and why.
This is a question that only YOU can answer. We'll be happy to comment on YOUR answer if you post it.
A moral philosophy is a set of principals one adheres to based on things she/he deems are right or wrong.
"Honesty is the best policy" would be my choice for matters of business. The worst business experience is when you enter into an agreement or buy from someone who is dishonest and then you are forced to face the repercussions. That or someone who conducts business in a dishonest way is bound to get caught (i.e. former Governor of New York). This person then risks the reputation of the current business field s/he professionalizes in, his/her colleagues and the company s/he represents as a whole.
If business was conducted with common courtesy and honesty then there would be less corporate litigation, suspicion, etc.
I also think there would be more employee loyalty (an employee is faithful to the company s/he works for; in it for the long haul). A lot of employees leave when they discover the business practices of they companies they work for are far from honest.
I agree with your philsophy! :-)
Please note the typo in the last sentence.
Thanks alot
You're welcome!
Determining the best moral philosophy for making business decisions is a matter of personal perspective and ethical stance. However, I can explain a few popular moral philosophies often considered in business ethics, along with their potential suitability.
1. Utilitarianism: This philosophy focuses on maximizing overall well-being or happiness for the greatest number of people. In a business context, decision-making based on utilitarianism would prioritize outcomes that generate the most benefits for the majority of stakeholders. This includes considering the interests of employees, customers, investors, and the wider society.
2. Deontology: Deontological ethics emphasizes the adherence to moral duties and principles. Business decisions guided by deontology concentrate on actions that align with ethical rules or duties, regardless of the overall consequences. For instance, companies may prioritize honesty, fairness, and respecting the rights of individuals, even if it leads to short-term negative outcomes.
3. Virtue Ethics: Virtue ethics focuses on developing good character traits and habits to guide ethical decision-making. In the business context, this philosophy encourages decision-makers to consider the long-term impact of their actions and aim for excellence in ethical behavior. Individuals are expected to cultivate virtues such as honesty, integrity, fairness, and empathy, which would influence their business decision-making.
4. Social Contract Theory: This moral philosophy suggests that ethical actions arise from agreements or social contracts between individuals or groups. Applying social contract theory in business decision-making involves considering the implicit or explicit agreements with various stakeholders and fulfilling expectations set by these agreements.
5. Stakeholder Theory: Stakeholder theory posits that businesses should consider the interests of all stakeholders, including employees, customers, suppliers, communities, and the environment, rather than solely prioritizing shareholders. Business decisions based on stakeholder theory aim to create a balance of benefits and minimize harm for all parties involved.
Ultimately, the question of the best moral philosophy for business decision-making depends on your values and priorities. Businesses often consider a combination of these moral philosophies while adapting them to specific situations and contexts, aiming to strike a balance between ethical behavior, societal expectations, and organizational goals.