Question

What is ethical relativism? Explain this theory using your own words. What makes ethical relativism problematic? Explain one criticism raised by the author.

6. Explain the ethical theory known as utilitarianism in your own words. State and explain one advantage or benefit of using utilitarianism, especially in business.

7. How does the Economic Model of corporate social responsibility differ from the Modified Version of the Economic Model?

Answer 1

Answer=   ethical relativism=

It can be seen as a theory which indicates that the morality of a person is derived from the culture in which he or she lives. It indicates that the correctness or incorrectness of any action will be determined on the basis of the moral guidelines of the society where a person habitats. Thus a certain culture can find a certain act as moral while other cultures may treat is as immoral.

The biggest problem with this concept is that there is no standard for stating an act as an ethical or moral as the morality of the act varies depending on the moral values of the society. Therefore the different people from different cultures may clash with each other on a certain act in which some will judge it as moral while some will treat it as immoral.

Answer 6= Utilitarianism=

It is an ethical theory which indicates that the right and wrongs of a certain act depend on the final outcome of the act. This theory can be seen as a form of consequentialism. As per this theory, the most ethical decision or act will be the one that results in the greatest good of the maximum possible number of people.

The biggest advantage of this theory for the business is that this is the ethical principle that is quite flexible in nature and it permits to use the exceptional circumstances to keep in mind. This can be used by the business for their advantage as they can come up with different products or services which facilitates greatest benefits for the customers and company can argue or save itself from the concept of facilitating those products which can satisfy a large number of individual’s needs.

Answer 7= The confronting limitations of the corporate social responsibilities cannot be neglected by the modified version and thus there will be a need to provide some sort of reasoning for the harms resulting from a certain activity. The moral minimum can be seen as the least minimum of care provided to the caused harms and it is fundamentally allowed