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Assignment 4: Banking Industry Meltdown: The Ethical and Financial Risks of Derivatives - Research Paper Example

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It is important to note that moral philosophy and business ethics, though being distinctly unique, have special roles in the wellbeing of all corporate sectors and industries. This is to the effect that moral philosophy and business ethics are the points on which corporate…
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Assignment 4: Banking Industry Meltdown: The Ethical and Financial Risks of Derivatives
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Download file to see previous pages Moral philosophy is very important for a keener understanding of the banking industry’s meltdown. In itself, moral philosophy can be referred to as the study or matters that pertain to moral judgments or values that are placed on decisions concerning ethical issues and right and wrong. Although moral philosophy and business ethics are closely interrelated, yet they are different. This is because, the former refers to individual’s moral values and principles that determine and define what is moral and immoral or ethical and unethical, on the one hand. On the other hand, business ethics is based on decisions that are significant to a group or stakeholders of a business or fiscal entity when executing tasks to meet the objectives of the business organization.
Moral philosophies are taken as guidelines to help determine the manner in which conflicts in human interests should be settled and for the optimization of mutual benefits of people who are coexisting in an organizational or family set-up. The same also serve as a source of guide for businesspersons during the formulation of business strategies and the resolving of conflicts arising from ethical issues. In this light, deontology, teleology, justice theories and virtue ethics are used as possible moral philosophical perspectives to be used (Kolb, 2010).
Egoism and utilitarianism are all fit in teleology. A teleologist will consider an act as being acceptable or unacceptable if it elicits desired outcome such as career growth, wealth, utility, fame or pleasure. Most moral philosophies will consider relativism, economics, idealism and value orientation. Idealism compares the world’s viewpoint on ideas and ideals as products of the mind. There is no repudiating that there exists a positive idealistic thinking and correlation ethical decision making. Realism takes the viewpoint that ...Download file to see next pagesRead More
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