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The Endless Cycle of Societal Interaction

The Endless Cycle of Societal Interaction. Social Forces. Social Environment. Ethics. Law. Purposes of Law. 1. Protection of the state 2. Protection of the person 3. Protection of public health, safety and moral laws 4. Protection of property 5. Protection of personal rights

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The Endless Cycle of Societal Interaction

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  1. The Endless Cycle of Societal Interaction Social Forces Social Environment Ethics Law Chapter 3

  2. Purposes of Law • 1. Protection of the state • 2. Protection of the person • 3. Protection of public health, safety and moral laws • 4. Protection of property • 5. Protection of personal rights • 6. Enforcement of individual intent • 7. Protection from exploitation, fraud, and oppression • 8. Furtherance of trade • 9. Protection of creditors and rehabilitation of debtors • 10. Stability and flexibility Chapter 3

  3. Categories of Ethical Behavior • 1. Integrity and Truthfulness • 2. Promise-Keeping • 3. Loyalty: Avoiding Conflicts of Interest • 4. Fairness • 5. Doing No Harm • 6. Maintain Confidentiality Chapter 3

  4. Blanchard/Peale Test • 1. Is it legal? • 2. Is it balanced? • 3. How does it make me feel? Chapter 3

  5. Chapter 3 Summary • Business ethics is the application of values and standards to business conduct and decisions. These values originate in various sources from positive (codified) law to natural law to stakeholder values. Business ethics is important because trust is a critical component of good business relationships and free enterprise. Chapter 3

  6. Chapter 3 Summary (cont.) • A business with values will enjoy the additional competitive advantage of a good reputation and, over the long term, better earnings. When businesses make decisions that violate basic ethical standards, social forces are set into motion, and the area of abuse is regulated, with resulting additional costs and restrictions for business. Voluntary value choices by businesses position them for a competitive advantage. Chapter 3

  7. Chapter 3 Summary (cont.) • The categories of ethical values in business are truthfulness and integrity, promise-keeping, loyalty and avoiding conflicts of interest, fairness, doing no harm, and maintaining confidentiality. • Resolution of ethical dilemmas is possible through the use of various models that require a businessperson to examine the impact of a decision before it is made. The models include stakeholder analysis, Blanchard/Peale, the front-page-of-the-newspaper test, and the Laura Nash model. Chapter 3

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