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470 BCE
Theory of Knowledge by Socrates
Socrates's philosophy states that not one person truly does a wrong act voluntarily and that the evil nature and act of a person are only due to ignorance. In business, the theory of knowledge is mostly used by employees and employers who are open-minded and easily admit to the mistakes they make. -
428 BCE
Theory of Forms by Plato
Plato believed that every single form on earth has an equivalent life form in the spirit realm. In the spirit realm, forms are pure and original to their true identity "Forms" in this case are the good counterpart a person has, and in order to be a good person, they must express their own passion and empathy. In the business context, business employers and employees must help others and must help the people they serve for them live better lives with the products they sell -
384 BCE
Virtue Ethics by Aristotle
Virtue ethics is the idea that if you are a good person, you do good things, and in order to be good, you must do good (Pollock, 2007) When it comes to virtue ethics, businessmen are expected to have virtues (diligence, passion, honesty, etc.) that reflect both their work and their moral obligations -
1225
Natural Law by St. Thomas Aquinas
Refers to the innate way all people morally think and behave without the need for rules. In this theory, common morality is naturally happening as we grow older. Such as "don't kill" is a natural theory everybody agrees with, even without the rules. -
Moral Positivism by Thomas Hobbes
Consequently, Hobbes belies there is no natural law, only the sovereign law. This theory believes that the stance for every human act is neither good nor bad unless it is legally written by the State. Moral Positivism in business ethics can be found in the establishment of a business itself, it must follow certain laws in order for this business to continue operating legally. -
Deontology by Immanuel Kant
Focuses on the duty or obligation of oneself. Kant believed that the morality of an action is determined by the action itself, not the consequences of the action. Kantian followers have an imperative duty to help others because of the moral intent of being fair and equally just to everyone. Every single member of the corporation from the least experienced employee up to the incorporators themselves must be ethical and respectful to each other because it is morally right to do so. -
Utilitarianism by Jeremy Bentham
Unlike Deontology, Utilitarianism states that the consequence of the action is what determines its moral intent. The most ethical business choices under utilitarianism are the ones that will produce the greatest good for the greatest number, or the higher the benefit-cost ratio the better the investment. -
Moral Relativism by Edward Westermarck
Simply put, this philosophy refers to the differences in morality from culture to culture. In certain parts of the world, such as the USA, men and women should be treated as equals inside and outside of the workplace, and bribery is frowned upon. On the flip side, Middle Eastern countries usually view women as subordinate to men, and bribery is a widely accepted practice. -
Ethics of Care by Carol Giligan
This philosophy is mainly concerned with caring for others with kindness. Ethics of care advocates the idea that conflict can be solved with a fair compromise of kindness among the conflicting parties. Building a relationship around this philosophy is effective in all aspects, especially business-related ones. It can also strengthen the relationship between consumer to seller, as a seller who responds with kindness makes the consumer feel welcome in the establishment. -
Divine Command Theory by Robert Merrihew Adams
This theory is prevalent in a lot of religion-heavy countries and cultures, especially under the conservative generation. People use this type of philosophy to help them make the most ethical action in a given situation. Some business owners turn to God when making crucial decisions for their business, or ask for his help to make ethical choices that will make their business successful and profitable.