Discuss the below in a word limit of 250 words each:
Psychological Egoism
After reviewing and watching "Virtue Ethics," find a contemporary article showing how the theory of psychological egoism in a corporation resulted in an ethical dilemma.
• Is there a way that the decision-making process within a large corporation can overcome this fact of human selfishness?
• What would be a solution in this scenario?
• How does the theory of psychological egoism fit within your personal body of ethics and values?
• How does the theory of psychological egoism fit within the ethical structure of the company or organization you work for now or have worked for in the past?
You must Support your claims with examples from required material(s) and/or other scholarly resources, and properly cite any references.
Self-Interest or Community Interest
Adam Smith argued that self-interest is a critical element in a society's economic development. Karl Marx, by contrast, argued that society functions better when each of us is more community oriented.
Pretend you are either Adam Smith or Karl Marx, and explain economic recession from these perspectives.
• Discuss when greed and selfishness in businesses go too far and become a hazard to society.
• Stepping back into your shoes again, contrast your system of values and ethics concerning greed and self-interest with the system of values of Smith or Marx.
• Discuss if the ethical perspective of a particular group to which you currently belong, or previously belonged resembles the perspective of Adam Smith or Karl Marx?
Journal
Objective
You will outline and explain ethical theories and then apply that knowledge to how organizations would function were they to adopt those ethical principles. In addition, you will also examine punishments for corporations and present your own ideas about the relationship between ethical demands on business entities vs. those on individuals in society.
Instructions
You will reflect on the topics of Week One and apply them to an analysis of ethical paradigms. You will be asked to respond to two prompts below. The first asks you to explain three of the ethical philosophies you encountered in Chapter 1 of Introduction to Business Ethics, and then determine how companies that abide by these policies would act. In the second prompt, you will be asked to explain various punishments that can be given to corporations and the behaviors that are ethically dangerous to corporations.
Organizations
Select a Not-For Profit and a For Profit organization you would like to study. These will be the organizations that you will be focusing on throughout the course so be sure to choose organizations that you find interesting and that you think will be engaging as you learn about the ethical climates of these organizations.
Place the Name of the Not-For-Profit Organization here:
Place the name of the For-Profit Organization here:
Reflection Prompts
Please think about and answer the following prompts. These reflections will not be graded on grammar and syntax, but on the depth of critical reflection and the analysis that composes your answers. Utilize this space to gather information and notes that you think will aid in your analysis of business ethics.
Reflection Prompt 1
Summarize three of the ethical theories that are explained of Introduction to Business Ethics. Explain how people running businesses would construct their companies if they utilized these ethical theories. For example, you might personally think that people should act to increase the overall happiness for the greatest number of people (utilitarianism). You would explain utilitarianism and then explain how a company based in utilitarian ethics would function. In other words:
What products would they make?
How would they treat their employees? How would they treat their customers?
How would they manufacture their products?
How would they utilize their resources and profits were they to become successful?
Reflection Prompt 2
Analyze three of the punishments that corporations undergo when they have acted unethically (i.e., name them, define them, explain what they are). In addition, explain three threats to running an ethical corporation. Finally, from your own perspective, explain whether or not a corporation should have to function by the same codes of morality that individual people in society have to abide by or if they should be allowed to get away with certain actions that people in society cannot get away with.