Ethics perspectives

There are several well-respected ways of looking at ethical issues. Some

of them have been around for centuries. It is important to know that many who

think a lot about business and ethics have deeply held beliefs about which
perspective is best. Others would recommend considering ethical problems from

a variety of different perspectives. Here, we take a brief look at (1)

utilitarianism, (2) deontology, (3) social justice and social contract theory, and

(4) virtue theory

Utilitarianism

Utilitarianism is a prominent perspective on ethics, one that is well aligned with

economics and the free-market outlook that has come to dominate much current

thinking about business, management, and economics. An action (or set of

actions) is generally deemed good or right if it maximizes happiness or pleasure

throughout society. Originally intended as a guide for legislators charged with

seeking the greatest good for society, the utilitarian outlook may also be

practiced individually and by corporations.

Deontology

Deontological ethics, in philosophy, ethical theories that place special emphasis

on the relationship between duty and the morality of human actions. The
term deontology is derived from the Greek deon, “duty,” and logos, “science.”

In deontological ethics an action is considered morally good because of some

characteristic of the action itself, not because the product of the action is good.
Deontological ethics holds that at least some acts are morally obligatory
regardless of their consequences for human welfare.

Social Contract Theory

Social contract theory says that people live together in society in accordance

with an agreement that establishes moral and political rules of behavior. Some

people believe that if we live according to a social contract, we can live morally

by our own choice and not because a divine being requires it.

Social Justice

A Theory of Justice is a work of political philosophy and ethics by John Rawls,

in which the author attempts to solve the problem of distributive

justice (the socially just distribution of goods in a society) by utilizing a variant

of the familiar device of the social contract. The resultant theory is known as
"Justice as Fairness", from which Rawls derives his two principles of justice.
Virtue Theory

Virtue Ethics (or Virtue Theory) is an approach to Ethics that emphasizes an

individual's character as the key element of ethical thinking, rather than rules
about the acts themselves (Deontology) or their consequences.

There are three main strands of Virtue Ethics:

 Eudemonism is the classical formulation of Virtue Ethics

 Ethics of Care was developed mainly by Feminist writers (e.g. Annette

Baier) in the second half of the 20th Century, and was motivated by the

idea that men think in masculine terms such as justice and autonomy,

whereas woman think in feminine terms such as caring.

 Agent-Based Theories, as developed recently by Michael Slote (1941 - ),

give an account of virtue based on our common-sense intuitions about

which character traits are admirable (e.g. benevolence, kindness,

compassion, etc), which we can identify by looking at the people we

admire, our moral exemplars.