Nozick’s theory of entitlement
Nozick’s theory of entitlement states about the ways in which a person is entitled to his property when he owns it. Two ways in which one is allowed to a property before it is transferred from the initial owner of the property before the transfer, and thirdly, how a person can deal with the unfair transfer of property from one person to another. Using the three parts of business ethics theories, we can summarize Nozick’s theory of business entitlement as folows: that the way in which organizations are entitled to maintain business ethics, and the way in which they try to ensure that the ethical practices are being followed is vital. However, the mechanism that the businesses use to understand the unjust practices being followed in the organization can cause to unethical business practices in the organization.
The strengths and weaknesses of the theory can be explained as follows:
The strengths in nose theory lies in the explanation of the fact that the first two rules will be followed when there is no expectation of an additional third rule. It makes all the work fair and well done without a possible outcome of any unethical behavior in the company.
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the weakness is evident in the fact that it is very difficult to come up with full implementation of the first two rules, which can be caused by agency malfunctions, or employees self-interests and it can lead to many unethical processes in the organization
There is also a cost that comes with maintaining ethical behavior in an organization, but businesses need to be able to make profit despite taking the costs into consideration.
Friedman’s response to the above theory would state that in the case of property transfer, the organization ethics will be driven by money. Any organization that is willing to follow the steps of the theory will do that because thy will be motivated by money. It is vital that every organization understands that it is profitable o follow the steps to better the work culture, but should also take into consideration that the practices should benefit the organization in terms of profit. Those are Friedman’s views in relation to business ethics.
Freeman’s espouse to the business ethics practice would state that the business ethics practices should be implemented because those practices help to improve the surrounding n which the organization is operating on, and it leads to good work experience for the stakeholders and the mployees n the organization. the ethics practice should not be implemented in order to just benefit from the profits but to ensure that business has done the best in making experiences of its stakeholders the best as well as improving its ethical standards. the above are the views of Nozick, Friedman, and Freeman in relation to business ethics.