Summary IEB ETHICS AND PROFESSIONALISM NOTES

ETHICS AND PROFESSIONALISM

RELEVANCE:
Ethics = human values; describe ‘correct’ behaviour.

SUBSTANTIVE/NORMATIVE:
- Is this the right thing to do?
- A question posed against one’s own feelings.

META-ETHICS:
- How do I know this is the right thing to do?
- What am I weighing against this? (Past experiences, people around
me)

GOOD BUSINESS PRACTICE:
- Businesses don’t operate in a vacuum.
- Profit is not sole driving force behind business although it is
important = integrated reporting.
- Ethics = professionalism + accountability.
- Induction process = Code of Conduct & Ethics: predetermined
consequences.

ETHICAL THEORIES

PRINCIPLE – BASED THEORY:
 One’s own principles, values, morals they have been taught will
determine right from wrong.
 Advantage = individuals rights are considered rather than great
good.
 Disadvantage = hard to determine exactly when something is a
‘right’ and not a ‘want’.

CONSEQUENCE – BASED THEORY:
 Consequence of an action determines if something is right or wrong.
 E.g., paying a bribe to get a contract.
 Advantage = emphasising the thought process – keeping own
morals + principles in mind.
 Disadvantage = the consequences may be too vast (prison time).

UTILIARIAN THEORY:
 Decision of ethical or unethical is based on what’s best for the
greater number of people.
 E.g., if I pay a bribe to get a deal but it creates job opportunities, is
it okay?
 Advantage = stressed happiness and utility.
 Disadvantage = ignores concerns of justices for minority.


VIRTUE – BASED THEORY:

,  Emphasise the moral behaviour pre-supposes a well-formed
character.
 Means character will be judged rather than actions.
 Advantage = stresses moral development and education.
 Disadvantage = depends on community standards for morality.

NARRATIVE – BASED THEORY:
 Stories used to describe right from wrong like rhymes or children’s
stories.
 E.g., use previous court cases as support.
 Advantage = match theory to practice = learning.
 Disadvantage = not always relevant and can spread rumours.

DEONTOLOGY THEORY:
 The person upholds his/her obligation towards another person or
society, the action will be ethical.
 Duty is not based on what is pleasant or beneficial but rather upon
the obligation itself.
 E.g., you’re duty bound to always tell the truth, even if it cost you a
job.
 Advantage = stresses the role of duty and respect for
persons/businesses.
 Disadvantage = underestimates the importance of happiness and
social utility.

MORAL ABSOLUTISM:
 Only one ethical solution.
 Advantages = fixed ethical code to measure actions + global view of
ethics like child labour.
 Disadvantage = doesn’t take circumstances into account +
intolerant of cultural diversity which doesn’t allow for a lesser evil.

MORAL RELATIVISM:
 Same problem with different circumstances could be dealt with
differently.
 More than one moral solution.
 Universal code of ethics is difficult to set due to cultures + religion.
 Advantages = encourage cultural diversity + prohibits dominant
culture + flexible.
 Disadvantages = existence of different beliefs doesn’t mean they
are all equal +cultural or moral relativists cannot criticise another’s
morals.