Schools of ethical thought
- Schools of ethical thought have been established by intellectuals in ancient times, and the concepts proposed by them still hold relevance in the modern society. The philosophers and scientists established the concepts after analyzing the nature of human beings and motivations behind their actions. In the context of business ethics, it is vital to take decisions that would ensure the wellbeing of various groups of stakeholders such as customers, suppliers, employees, and others.
Therefore, it would be effective to understand the concept of deontology, relativism, and teleology, and virtue ethics. In the case of deontology, the emphasis is not upon the outcomes of one’s actions rather than the sense of duty of the individual. Everyone within the organization should understand their moral obligations. Similarly, relativism outlines that a range of factors, such as culture and behavioral patterns, shapes the perceptions of individuals within the society. Relativism has been a controversial concept.
- Ethical thinking is paramount within the business environment because business entities ultimately deal with human beings. Since time immemorial, philosophers have been emphasizing the significance of ethical thinking. In modern-day organizations, this form of value-based thinking can ensure smooth operations of the business and balance in the society. The ancient Greek philosophers have stated the importance of deontological thinking and virtue ethics. The former suggests that an individual must act based on moral duties and ethical responsibilities.
The results of outcomes of one’s action can either be positive or negative. However, the emphasis of individuals should be upon acting out of a moral sense of duty. Again, the concept of virtue ethics highlights the significance of developing a virtuous character. It implies that individuals should be honest, and they must develop a character that hopes for the highest good. However, in the context of businesses, the application of the concept is debatable.