Business ethics differ from industry to industry, and nation to nation. Rights In ethical theories based on rights, the rights established by a society are protected and given the highest priority. Businesses that take care to ensure workers are safe, treated with dignity and respect, and offered reasonable work hours and wages are considered to be ethically responsible. Ethics also materializes its importance for business through the study conducted with the participation of 45 managers. Business professionals have responsibilities to make decisions based upon ethical principles. Aristotle’s virtue ethics theory is important in addressing many ethical problems in business and organization management because virtue and moral character “provides the wisdom necessary for applying rules in particular instances” (Hinman, 2006). Ethical Theories are attempts to provide a clear, unified account of what our ethical obligations are. Tags: Code of Ethics , Human rights, Community. Business ethics, undeniably a current field, distinguishes itself through its importance in the beginning of the 21st century, after it started building its academic way in the capitalist countries. )• Rights – Right: a person’s just claim or entitlement – Focuses on the person’s actions or the actions of others toward the person • Legal rights: defined by a system of laws • Moral rights: based on ethical standards – Purpose: let a person freely pursue certain actions without interference from others The principle of rights theory is the idea that in order for a society to be successful government must approach the making and enforcement of laws with the right intentions in respect to the end goals of the society that it governs. Ethical theories depend on what is right and wrong and the end result of the action. (…) For the ethical relativist there is no absolute ethical standard independent of cultural context, no criterion of right and wrong by which to judge other than that of particular societies. In short, what morality requires is relative to society.” (Shaw, 2011) The nature of a business's operations has a major influence on the ethical issues with which it … Springer 2009 Analyzing Insider Trading from the Perspectives of Utilitarian Ethics and Rights Theory Robert W. McGee ABSTRACT. Ethics of Care: “It’s permissible if it promotes relationships between people.” PRINCIPLES OF BUSINESS ETHICS Ethics form the foundation for international economic activities. Ethical guidelines are essential in making business decisions. Based off the principles and beliefs of John Locke, a 17th century English philosopher, Locke’s Rights Ethics is one of the four major ethical theories that has shaped today’s society. Last time, we talked about the Utilitarian Approach to ethical decision-making. They are attempts, in other words, to tell a single "story" about what we are obligated to do, without referring directly to specific examples. Rights theories: the general approach. Theories of Ethics (Cont. The pursuit gives final direction and meaning to the broad theory. Business ethics theories form the foundations for acceptable behaviors and decisions in the work environment. Journal of Business Ethics (2009) 91:65-82 DOI 10.1007/s 10551 -009-0068-2? It is a form of consequentialism. Five Ways To Shape Ethical Decisions: Rights Approach . Rights-based ethics is centered around the idea that people possess certain rights merely by virtue of being born human. This has come to the fore front in recent time with the media keeping a constant look out for corporate organisations that abuse or refuse to up hold their social responsibilities in any way. Business ethic emerged as a result of the abuse of human rights and because of the need for corporate organisation to be more ethical and humane in doing business. If we look at the issue of business ethics rationally, we can see that the vast majority of businesses are operated on the premise of their benefit to society. Rights are considered to be ethically correct and valid since a large population endorses them. Business Jargons Business Ethical Theories Ethical Theories Definition: The Ethics is the branch of philosophy that deals with the principles of morality and the well-defined standards of right and wrong that prescribe the human character and conduct in terms of obligations, rights…