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1) In class we discussed various standards for ethical behavior. One of these standards is called the “Golden Rule,” and there are various version of it in the different religions and traditions. Explain this rule and its limitations. Can it be used as a standard for action in the business world?
It influences the moral thinking and behavior an individual, such as the action to avoid killing or harming another person. The Golden Rule may be universal, but it also has its own limitations, such as distinguishing in advance what is right and wrong. The Golden Rule has also been applied in the business world by many successful businesses. The J. C. Penney Co. Inc. applies the Golden Rule as the company’s moral guide and principle especially in the aspect of dealing with their customers. Also, the Lincoln Electric Co. applies the rule through its Incentive Management structure. Through this, the employees are rewarded with their commitment to the company. Nonetheless, there has also been criticism of the application of the Golden Rule to the business world. In the business field, there may be common grounds in relation to the needs and wants of businessmen, but their desires are still different. Such as, stakeholders cannot be assumed that they have a homogeneous desire. These shareholders have different degree of needs which must be addressed in order to attain balance in the business (Wattles qtd. in Burton and Goldsby 375-377; Fieser 275). 5) What is distributive justice? Discuss the pros and cons of different principles for distributing goods. ...
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