Moral Standards and Moral Judgments – Approaches

Velasquez discussed four approaches in his chapter “Ethical Principles in Business.”

Approach of Utilitarianism

The action that has highest net social benefit is to be undertaken when we do not have the resources for attaining everyone’s objectives. Jeremy Bentham is its proponent.

Principle of Rights

Any behavior by an individual or a group should respect the basic rights of the individual affected by the action. Special agreements also create rights.

Principle of Justice

Standards of justice indicate how benefits and burdens should be distributed among the members of a group. These standards are to be utilized when activities and benefits different substantially among members in important ways. Capitalism and Socialism differ in the principle of justice regarding duties and rewards of members of a society.

Principle of Care

Every person has some special concrete relationships with others.  He has to take care of them in preference to others or some of his own objectives. A parent has a responsibility to take care of his children even at the expense of his future or career.

References

Manuel G. Velasquez, Business Ethics: Concepts and Cases, Fourth Edition, Prentice Hall Inc., Upper Saddle River, N.J., 1998, Business Ethis by Manuel G. Velasquez - Book Information and Review

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Updated on 26 July 2021, 3.5.2019