Business Ethics2.txt

  1. justice
    "fairness" concerned to mean the fair treatment of members of a group of people or else looks backwards to the fair compensation of prior injuries.
  2. distributive justice
    to the proper distribution of social benefits and burdens (economic benefits and burdens) we see that a number of rival principles have been proposed.
  3. entitlement theory
    Nozicks said that people are entitled to their holdings (that is goods, money , and property) as long as they have acquired them fairly.
  4. libertarianism
    justice with an ideal of liberty; liberty is the prime value, and justice consists in permitting each person to live as he or she pleases, free from the interference of others.
  5. Capitalism
    Ideally as an economic system in which the major portion of production and distribution is in private hands, operating under what is termed as a "profit" or "market" system.
  6. mercantile capitalism
    emerged in the Fuggers' time based on mutual dependence b/w state and commercial interests.
  7. financial capitalism
    pools, trusts, and holding companies and the interpenetration of banking, insurance, and industrial interests.
  8. invisible hand
    the hand that moves the market b/w consumers and producers.
  9. monopoly
    only one corporation in a market
  10. oligopoly
    a concentration of property and resources and thus economic power in the hands of few.
  11. alienation
    as the separation of individuals from the objects they create, which in turn results in one's separation from other people, from oneself, and ultimately from one's human nature.
  12. Outsourcing
    buying parts or whole products from other producers both at home and abroad
  13. laissez-faire
    "to let [the people] do [as they choose]" -Adam Smith
  14. short term focus
    Short-term performance at the expense of long-term strategies
  15. narrow view of corporate responsibility
    no social responsibilities other than to maximize profits
  16. broad view of corporate responsibility
    do not as a rule believe there is anything wrong with corporate profit
  17. stock
    Buying a small portion of a company
  18. stockholder
    who provide capital, own the corporation and enjoy liability limited to the amount of their investments
  19. limited liability
    The members of a corporation are financially liable for the debts of the organization only up to the extent of their investments.
  20. Bellotti decision
    That corporations are defined as persons, and have the free-speech right
  21. moral agency
    like an individual person, collects data about the impact of its actions; monitors work conditions, employee efficiency and productivity, and environmental impacts.
  22. Hans Fugger
    started out life as a weaver but started collecting and selling products of other weavers and ended up creating a dynasty of bankers.
  23. Adam Smith
    Capitalist "Wealth of Nations" Invisible hand of the market
  24. Karl Marx
    Socialism; hated capitalism
  25. Milton Friedman
    "Capitalism and Freedom" argued the narrow view of corporate responsibility
  26. Robert Nozick
    Entitlement theory- (goods, property, and money)
  27. exploitation
    capitalists are able to make profit and increase their capital by using their workers for their own gains
  28. trade deficit
    foreign borrowing keeps increasing-with risky consequences, according to some economists.
  29. East India Company
    Trading company during the Elizabethan era, epitomizes the great trading company of the period
  30. John Rawls
    "Theory of Justice" colleague was Nozick; nature of choice and argued original position
  31. John Kenneth Galbraith
    Rejects the assumption that Smith's invisible hand will solve all social and economic problems or that market forces will moralize corporate activities
  32. Robert Reich
    Secretary of labor under President Clinton, says that governments are the only way to provide the proper incentives for corporations to operate properly
  33. Essay 1. Trace the history of the income tax in the United States.
    The early 20th century there was no federal tax on personal income, until 1913 when the 16th amendment was created. Since 1913 the income tax laws have grown enormously complex. There is 67,000 pages to the federal tax code, and is 2.5 times longer than it was in 1985.
Card Set
Business Ethics2.txt
chapt 3,4,5