Ethical Approach

Running Head: BUSINESS AND CORPORATION LAW
0
Ethical Approach
6/26/2019
Student’s Name

Ethical Approach
1
Contents
Introduction......................................................................................................................................2
Utilitarianism & Negative Utilitarianism........................................................................................2
The Golden Rule..............................................................................................................................3
The Categorical Imperative.............................................................................................................4
Virtue Ethics....................................................................................................................................4
Nash’s Covenantal Business Ethics.................................................................................................5
Damon’s Four Dimensions of Business Morality...........................................................................6
Christian Ethics for Business...........................................................................................................6
Most Appropriate Approach............................................................................................................7
Conclusion.......................................................................................................................................8

Ethical Approach
2
Introduction
Ethics can be understood as a system of moral principles. It is based on well-founded
standards of wrongs and right, which prescribes what humans, should do, generally in terms of
fairness, obligations, rights, and benefits to society and specific virtues (Velasquez, Andre,
Shanks & J. Meyer, 2019). In other words, this can be stated that ethics is concerned about what
is good for society as well as for individual and also describe as moral philosophy. People know
that they should do good but they do not understand the way in which they should serve this
goodness and here ethics plays an important role. It provides the way in which goodness in
behavior can be achieved. Different philosophers have provided different ethical theories and
approaches. These theories and approaches are different manner and guidelines for human
behavior. It means in practice, ethical theories affect the way in which a human being behaves.
In the presented report, different ethical approaches will be discussed. Apart from this,
their benefits and drawbacks will also be discussed. Further, the presented report will also
develop the focus towards key strength and weaknesses of these approaches. At last, the most
appropriate ethical approach will be discussed along with the reasoning of appropriateness and a
conclusion will be drawn upon.
Utilitarianism & Negative Utilitarianism
Utilitarianism is one of the significant ethical theories that focus on results rather than
actions. According to this, only those actions can be treated as moral that promotes happiness or
in other words no matter what an action is, the same will be treated as immoral if the result of the
action is unhappiness. John Stuart Mill is known as one of the most important classical
utilitarians. As per the belief of Mill, actions are right if they produce happiness and are wrong if

Ethical Approach
3
they reverse it (Utilitarianism, 2019). Another approach is Negative Utilitarianism, which was
provided by Sir Karl Popper. As per this approach, one should behave to minimizing suffering
and not for maximizing pleasure. In order to discuss the strength of this approach, this is to state
that it ensures the happiness out of a result and prevent those actions, which lead to suffering.
However, a weakness of this theory is that it does not seem to be practical in every situation.
Further, it also fails to identify that a person has obligations and duties to others (Sheng, 2017).
The Golden Rule
It is also one of the important approaches to ethics. The rule says that one should behave
and treat others in the way they want to be treated by them. It an indirect manner one should treat
others with consideration, tolerance, and compassion (Beirne & Sadavoy, 2019). Most of the
humanists like this approach as it is universal in nature and is derived from human feelings. It
provides a very easy and clear method of decision-making. It requires people to consider
situations of others and to imagine how they might feel in a particular situation.
The most important strength of this approach is that the same is focused on self-
reflection. People adopting this approach understand that how bad a person can feel or affected
by one’s behavior and they do not do this with others. Everyone wants to be treated in a fair
manner and so treat others like this. Nevertheless, some weaknesses are also there which is
connected with the golden rule. The first weakness is that everyone has a different taste
(Thinkhumanism, 2019). Others people may want to be treated in a different manner. This
approach acts upon non-conformist wishes and assumes that other people also maintain them. It
means the approach does not work with the people of a different mentality, especially with
people of different age.