ASSIGNMENT 2

HEDONISTIC UTILITARIANISM

Hedonistic Utilitarianism is the theory that the right action is the one that produces (or is most likely to produce) the greatest net happiness for all concerned. Hedonistic Utilitarianism is often considered fairer than Hedonistic Egoism because the happiness of everyone involved (everyone who is affected or likely to be affected) is taken into account and given equal weight. Hedonistic Utilitarians, then, tend to advocate not stealing from needy orphans because to do so would usually leave the orphan far less happy and the (probably better-off) thief only slightly happier. Despite treating all individuals equally, Hedonistic Utilitarianism is still seen as objectionable by some because it assigns no intrinsic moral value to justice, friendship, truth, or any of the many other goods that are thought by some to be irreducibly valuable. For example, a Hedonistic Utilitarian would be morally obliged to publicly execute an innocent friend of theirs if doing so was the only way to promote the greatest happiness overall. Although unlikely, such a situation might arise if a child was murdered in a small town and the lack of suspects was causing large-scale inter-ethnic violence. Some philosophers argue that executing an innocent friend is immoral precisely because it ignores the intrinsic values of justice, friendship, and possibly truth.

Hedonistic Utilitarianism is rarely endorsed by philosophers, but mainly because of its reliance on Prudential Hedonism as opposed to its utilitarian element. Non-hedonistic versions of utilitarianism are about as popular as the other leading theories of right action, especially when it is the actions of institutions that are being considered.

Hedonism  also known as Hedonistic.Hedonistic is a school of thought that argues that pleasure is the only intrinsic good.In the simple words, Hedonistic is feel good actions resulting in happiness,seeking the greatest good for the greatest number of people.

Hedonistic  is :-

> Pursuit of or devotion to pleasure,especially to the pleasures of the senses.

> The ethical doctrine holding that only what is pleasant or has pleasant consequences is  

    intrinsically good.

> The doctrine holding that behavior is motivated by the desire for pleasure and the   

    avoidance of pain.

Hedonism is derived from the Greek hedone,meaning 'sweetness', 'joy', or delight,and refers to theories about the nature and function of pleasures.Originally,hedone was the sort of sweetness that could be appriacted by taste or smell,then hearing was involved,finally it was applied metaphorically to any pleasant sensation or emotion.The words history reminds us that much pleasure is rooted in physical needs and desires.



WHY HEDONISTIC  CONCEPT  IS ETHICAL BEHAVIOUR IN BUSINESS ETHICS ?

>Evaluative hedonism is an attempt to set up certain ends or goals as desirable, and to persuade others that these goals ought to be pursued, and that achieving them will result in pleasure. Evaluative hedonism is sometimes used to support or justify an existing system of moral values. Many altruistic and utilitarian moral systems are of this type, because they encourage the individual to sacrifice or restrict immediate sensual gratification in favor of a more rational gratification, such as the satisfaction of serving others, or the maintenance of an egalitarian society where every individual receives certain benefits. Evaluative hedonism raises the problem of deciding exactly what ends are desirable, and why.

Reflective, normative, or rationalizing hedonism, seeks to define value in terms of pleasure. Even the most complex human pursuits are attributed to the desire to maximize pleasure, and it is that desire which makes them rational. Objections to determining value based on pleasure include the fact that there is no common state or property found in all experiences of pleasure, which could be used to establish an objective measurement. Not all experiences of pleasure could be considered valuable, particularly if they arise from criminal activity or weakness of character, or cause harm to others. Another objection is that there are many other types of valuable experiences besides the immediate experience of pleasure, such as being a good parent, creating a work of art or choosing to act with integrity, which though they could be said to produce some kind of altruistic pleasure, are very difficult to categorize and quantify. Normative hedonism determines valued according to the pleasure experienced, without regard for the future pleasure or pain resulting from a particular action.
>Hedonistic concept is ethical behaviour in business ethics because in business some people acts are good if they produce good results,bad if they produce bad results.Our behaviour also can be role to attract people attention to making business dealing,that what we called it business ethics.So, Utilitarism concept in business ethics is important whether give good or bad effects in life.


References :

http://en.wikipedia.org/wiki/Hedonism
http://dictionary.reference.com/browse/hedonism
Business ethics Third Edition by Andrew Crane & Dirk Matten
Slides note by Abah

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CORPORATE GOVERNANCE

1) What definition of corporate governance ?

      :: The system of rules ,pratice of processes by which a company is directed & controlled corporote governance essentially involves balancing the interests of the many stakeholders in a company and also provides the framework for attaining a company objectives,internal controls & perfomance measurement and corporate disclosure.  
         :: The OECD Principles of Corporate Governance states:
"Corporate governance involves a set of relationships between a company’s management, its board, its shareholders and other stakeholders. Corporate governance also provides the structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined."

 

**Usually,in corporate governance most people must have play their own roles to build one fantastic organization. 

MORE NOTES :

 Corporate Governance refers to the way a corporation is governed. It is the technique by which companies are directed and managed. It means carrying the business as per the stakeholders’ desires. It is actually conducted by the board of Directors and the concerned committees for the company’s stakeholder’s benefit. It is all about balancing individual and societal goals, as well as, economic and social goals.
 

Corporate Governance is the interaction between various participants (shareholders, board of directors, and company’s management) in shaping corporation’s performance and the way it is proceeding towards. The relationship between the owners and the managers in an organization must be healthy and there should be no conflict between the two. The owners must see that individual’s actual performance is according to the standard performance. These dimensions of corporate governance should not be overlooked.
 

Corporate Governance deals with the manner the providers of finance guarantee themselves of getting a fair return on their investment. Corporate Governance clearly distinguishes between the owners and the managers. The managers are the deciding authority. In modern corporations, the functions/ tasks of owners and managers should be clearly defined, rather, harmonizing.
 

Corporate Governance deals with determining ways to take effective strategic decisions. It gives ultimate authority and complete responsibility to the Board of Directors. In today’s market- oriented economy, the need for corporate governance arises. Also, efficiency as well as globalization are significant factors urging corporate governance. Corporate Governance is essential to develop added value to the stakeholders.
 

Corporate Governance ensures transparency which ensures strong and balanced economic development. This also ensures that the interests of all shareholders (majority as well as minority shareholders) are safeguarded. It ensures that all shareholders fully exercise their rights and that the organization fully recognizes their rights.
Corporate Governance has a broad scope. It includes both social and institutional aspects. Corporate Governance encourages a trustworthy, moral, as well as ethical environment.

References : Notes by Abah ( lecturer of Business Ethics-UNIKL BIS )

                      Link from  http://dinalorstar.blogspot.com

 

Business ethics

1) What definition of business ethics?

    ::The study of proper business policies and pratices regarding potentially controversial issues,such as corporate governance,insider frading,bribery,discrimination,corporate social responsibility and fiduciary responsibility.Business ethics are often guided by law,while other times provide a basic framework that businesses may choose to follow in order to gain public acceptance.

2)  Why business ethics is considered "oxymoron"?

         ::Business ethics is considered 'oxymoron' because to convey that some principles and moral or ethical problem must be by two apparently conctradictory concepts.

MORE NOTES :

 ~Ethics are moral guidelines which govern good behaviour

 ~So behaving ethically is doing what is morally right
 ~ Behaving ethically in business is widely regarded as good business practice. 
 ~Some of quotes said :
   "Being good is good business" by Dame Anita Roddick

   "A business that makes nothing but money is a poor kind of          

    business" by Henry Ford

 Ethical principles and standards in business:

• Define acceptable conduct in business
• Should underpin how management make decisions

An important distinction to remember is that behaving ethically is not quite the same thing as behaving lawfully:

• Ethics are about what is right and what is wrong
• Law is about what is lawful and what is unlawful

References 
    :  Notes by Abah( lecturer of Business Ethics-UNIKL BIS)
    :http://www.tutor2u.net/business/strategy/business-ethics-introduction.html