1. Describe the situation at Lehman Brothers from an ethics perspective. What’s your opinion of what happened here? To attribute Lehman’s failure to “unprecedented adverse events in the financial markets” completely overlooks the irresponsible ethical behavior of employees and managers. Students should mention the culture of corruption that existed at Lehman’s and the lack of controls that ultimately resulted in their downfall. An interesting finding was the acceptance of a rule‚ Repo 105‚ that
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Parmalat It has been named as “Europe’s Enron” – the legend that took down Italy’s milk selling company Parmalat and its controlling executives‚ American banks‚ audit firms‚ even politicians and 130‚000 of its helpless small shareholders after the discovery in the year 2003 of the $14 Billion black hole in the company’s finances. The company’s fraud was uncovered when the company failed to pay the cash to the bondholders. Summary: This discovery led to eight years of court cases in Europe
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Lesson 2.1 – Issues at the Beginning of Life In vitro fertilization has become very popular for those who are not able to conceive naturally. There are many factors to consider when deciding to have any reproductive procedure done. The parents-to-be need to be well educated with the procedure that will going to be performed. Research is very important. Having a clear understanding on what will be happening before‚ during‚ and after having this procedure. Becoming pregnant is similar to winning the
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5. Relativism Many different ideas have been given the name ‘relativism’‚ and the term has been used to pillory all sorts of views (sometimes for good reasons‚ sometimes for bad ones). It is mere posturing to say that you are for or against “relativism” unless you say what you mean by the term. Here I want mainly to discuss (and to criticize) a view I have encountered among students in philosophy courses‚ who say things like this: "What anyone believes is true for that person. What you believe
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Utilitarianism Key Features • • • Relativist Theory – – – – – – – No Absolutes Morality Depends on individual circumstances Happiness is the most important thing Quality and Quantity of Happiness need to be taken into account The Measure of Usefulness or Fittingness for purpose an action may have Teleological Ethical theories such as Utilitarianism tend to rely on the principle of utility It is the way of measuring how useful an action is in bringing about the consequences that we desire Equality
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Utilitarianism In his book‚ J.S. Mill attempts to build on Jeremy Bentham’s original idea of Utilitarianism. His definition of the moral theory is one that is grounded in Bentham’s original work but also extends to include remarks to criticisms of Utilitarianism. Mill believes that‚ like Bentham‚ utility is what is valuable to society. Utility‚ according to Mill‚ is the promotion of pleasure or the absence of pain. He defines this as happiness‚ which is why he refers to utility as the Greatest
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of people affected by it. According to Bentham‚ utilitarianism is the greatest happiness or greatest felicity principle. There are many types of this theory which include act vs. rule‚ two level‚ motive‚ negative and average vs. total. (Clifford G.‚ John C. 2009) In act utilitarianism‚ when people have to make choices‚ they should consider the consequences of each choice and then choose that which will generate much pleasure. The rule utilitarianism looks at the rules of actions which are potential
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UTILITARIANISM Utilitarianism is an ethical theory that holds that an action is right if it produces‚ or if it tends to produce‚ the greatest amount of good for the greatest number of people affected by the action. Otherwise the action is wrong. This cost-benefit analysis is a form of utility calculation. People in business theory use utility curves to plot the results of various actions‚ choosing those that maximize whatever it is that they wish to achieve. This utility approach is not foreign
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Act utilitarianism states that‚ when faced with a choice‚ we must first consider the likely consequences of potential actions and‚ from that‚ choose to do what we believe will generate the most pleasure. The rule utilitarian‚ on the other hand‚ begins by looking at potential rules of action. To determine whether a rule should be followed‚ he or she looks at what would happen if it were constantly followed. If adherence to the rule produces more happiness than otherwise‚ it is a rule that morally
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“In the end utilitarianism is simply a moral justification for individual/group selfishness” Utilitarianism is a theory in which the quote by Jeremy Bentham applies “The greatest happiness to the greatest amount of people” which means that the best action is the one in which the most pleasure is given to the majority of people. The majority always wins rather than the minority and pleasure is the sole good whereas pain is the sole evil. On one hand this is classed as selfless as using utilitarianism
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