Business Ethics2.txt

"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.

to the proper distribution of social benefits and burdens (economic benefits and burdens) we see that a number of rival principles have been proposed.

Nozicks said that people are entitled to their holdings (that is goods, money , and property) as long as they have acquired them fairly.

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.

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.

emerged in the Fuggers' time based on mutual dependence b/w state and commercial interests.

pools, trusts, and holding companies and the interpenetration of banking, insurance, and industrial interests.

the hand that moves the market b/w consumers and producers.

only one corporation in a market

a concentration of property and resources and thus economic power in the hands of few.

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.

buying parts or whole products from other producers both at home and abroad

"to let [the people] do [as they choose]" -Adam Smith

Short-term performance at the expense of long-term strategies

no social responsibilities other than to maximize profits

do not as a rule believe there is anything wrong with corporate profit

Buying a small portion of a company

who provide capital, own the corporation and enjoy liability limited to the amount of their investments

The members of a corporation are financially liable for the debts of the organization only up to the extent of their investments.

That corporations are defined as persons, and have the free-speech right

like an individual person, collects data about the impact of its actions; monitors work conditions, employee efficiency and productivity, and environmental impacts.

started out life as a weaver but started collecting and selling products of other weavers and ended up creating a dynasty of bankers.

Capitalist "Wealth of Nations" Invisible hand of the market

Socialism; hated capitalism

"Capitalism and Freedom" argued the narrow view of corporate responsibility

Entitlement theory- (goods, property, and money)

capitalists are able to make profit and increase their capital by using their workers for their own gains

foreign borrowing keeps increasing-with risky consequences, according to some economists.

Trading company during the Elizabethan era, epitomizes the great trading company of the period

"Theory of Justice" colleague was Nozick; nature of choice and argued original position

Rejects the assumption that Smith's invisible hand will solve all social and economic problems or that market forces will moralize corporate activities

Secretary of labor under President Clinton, says that governments are the only way to provide the proper incentives for corporations to operate properly

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.