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. How would you characterize our current system? In your opinion, is it just? Distributive justice is considered as a moral provision in guiding the political system and features that influence the distribution of burden and benefit in a society. One of the principles in the distribution of goods is strict egalitarianism, which states that in order to achieve distributive justice, every individual must attain equal goods in the most moral manner possible. However, the downside of this principle is that there are no exact means of measuring the exact goods that must be allocated to every person. Also, the time frame to allocate the exact goods hampers this principle. Moreover, welfare principles can be summed up into just distribution of goods and liberty must be enacted because it gives the highest rate of welfare. Nonetheless, the drawback here is that just distribution may be achieved by the reasons and the manner of achieving it has done in a wrong manner. Lastly, the libertarian principles suggest that an individual can own goods or material properties if the individual is entitled to that property, such as by buying goods or property. The downside of this principle is that it overlooks the manner of acquisition by other people, which could initiate disproportionate goods. In the light of the difference principle, which is the principle practiced in the current system, there is a differing degree of treatment between the least advantaged and the advantaged group or those who are in the office or position. This may be acceptable in letting an ambulance beat the red light, but this is not justifiable in the light of tax exemption among wealthy people (Lamont and Favor; Hinman 239-242). 6) Explain the market mechanism. Why does it work so well, and what are its limitations? What is necessary for it to function? Is it possible to “create” markets? The market is where the needs of the society are satisfied within the limits of the available resources. Market mechanism is the process of allocating the available resources in the market through the available goods and services. It is efficient because the market itself imposes a fair price within the ...
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