The Strengths And Weaknesses Of Using The Moral Theories In Business - Book Report/Review Example

The Strengths And Weaknesses Of Using The Moral Theories In Business Introduction: Business is an important part in the human civilization and also it is a very important factor in the society. The business is having a very complex structure. It is basically a two way interaction between the institutions and the people in the society. The activities of the business should be viewed from the prospects of morality. And the morality comes with the regular practice of ethics in the business. The business without ethics threatens the business institutions as well as the survival of the human society. The study of business ethics shows the path to the organization to understand what is right and what is wrong. There are many theories of ethics have been practiced in the different business organizations. This particular study is all about finding the strength and weakness of the different theories of business ethics. Virtue Ethics: The proper practice of business ethics helps the organization to set a common standard to understand what is right and what is wrong. Without the business ethics the business men would set their own rules and moral principle which might be good for one but bad for many. (Roa xv). The virtue ethics is the basic theory of ethics where four noble virtues are identified and practiced and the four strong virtues are integrity, honesty, self respect and responsibility. These virtues are identified and explained by Aristotle and he has given the explanation about the Golden mean of virtue in his theory. (Teets 33). The virtue is basically the behavior that shows high moral standard. Aristotle believed that each and every action of a human being is directed towards and aim. (Bowie and Bowie 114). Strength and weaknesses: There are many strengths and weaknesses of this theory. The main strengths are the verities of behavioral traits like integrity, honesty, self respect, responsibility and many more traits which create a perfect man or specifically create a perfect businessman. These are the virtues which can create a perfect business atmosphere in the society. It should be remembered that long term business goals have specific characteristics which include the behavioral traits of the virtue theory. However, weakness of this theory lies within it. The basic idea is morality in not universally applicable it is enforced into the business to run a successful business. Perfection is a virtue which needs long time to be settled into the human behavior. In case of the virtue theory there are many behavioral traits on which the theory is focused on. There is no scale of merit in these virtues so the level of perfection may vary person to person. Moreover, it is very hard to focus on each and virtue for a single person. One may achieve the goal by practicing being honest and responsible but on the other hand one may not achieve the goal by practicing the same virtues. The theory is definitely a very powerful source of ethics but practically it is not possible to count the scale of morality. (Spector 193). Utilitarianism: Utilitarianism is the concept that the morality is determined solely by its utility in providing pleasure and happiness. It means that a moral worth of an action can be determined by its outcome. The utilitarianism was described by Bentham as the greatest happiness or greatest felicity principle. There are many types of utilitarianism being practiced and they are preferences, rule, act, two level, total, average, negative, hedonism, enlightened self- interest etc. Strength and weaknesses: The utilitarianism has justified many policies and actions. And it has helped many business persons to take right decision. For the in-depth strength of this theory it has persuaded many people to it. It is an undoubtedly fact that the utilitarianism has a great attachment with the human nature. The promotion of happiness is the ultimate achievement for everyone. The theory has some undeniable appeal. However, it is very hard to measure the level of happiness. The level of happiness or the reason of happiness varies person to person. Some people think that the utilitarianism lacks sufficient conceptual functions or sources to make complete meaning of morality (Scarre 1). The Utilitarianism is not a problem of philosophy it is a problematic approach to moral philosophy which has attracted many people. Deontology: The word deontology is been derived from the Greek words for duty (deon) and science of (logos). In the contemporary moral theories the deontology is the theory where the choice are normally required, forbidden, or permitted (Deontological ethics). The deontological theories can be described by their opposition to consequentialism on fundamental points. It signifies that what is morally right or wrong to do depend on what would bring about the best result. Strength and weaknesses: Deontology is a theory which has a very practical view point. The main strength of this theory is it provides a clear and unambiguous set of moral rules which relates with the daily human behavior. The other strength of this ethical perspective, it is straight forward. The standard of rule is very prominent in this theoretical approach towards the business ethics. However, most of the philosophical approach has some negative aspects which force the theory to be modified. One of the main weaknesses of the deontology theory is the lack of flexibility. Interestingly this approach requires too much perfection from the human being. Finally this theory does not allow the consequences of human actions to be of ethical significance. (Taleff 66). Comparison between the theories: It is very true that all three theories have philosophical approach which might not be easy to measure in a practical manner. Each one of these theories has different psychological approach towards the ethics. Virtue ethics is a theory which relies on some behavioral traits and some people think that virtue ethics cannot show the people what they should do. The aspects of approach can be classified two approaches. The virtue ethic theory is basically agent centered while the other two that is utilitarianism and deontology act centered. It is very hard to be perfect according to the virtue theory as the behavioral traits toward to be ethical is very much scattered. On the other hand utilitarianism focuses on good or bad state of action rather that right or wrong. The utilitarianism starts with Good action but, deontology starts with Right action. (Crisp 21-22). It is very prominent that the deontology is the strongest theory in this aspect. The virtue theory differs from person to person as the scale of measurement is vague. The utilitarianism is again about being good, which again very much blurry in case of measurement of the happiness. But, the Deontology tells something about doing right thing which is very much acceptable in the practical manner. The best theoretical approach: The deontology is the best option for the business as it shows the way to do right things in an ethical manner. This theory caters to the both parties that are the business men and the society. Doing a right thing refers to an act which is beneficial for the society as well for the business bodies. Tailor made feature of the theory: The theory of deontology focuses on doing right things, in this theory what is right may not be good, that is the deontology separates good from right. The deontology says that no rules can apply to specific judgment, since each situation is unique in nature. (Cassens 465). The modification of the theory in different situation is very much visible but the basic concept should remain constant and that is doing Right is significant than doing Good. Application of the theories in business: All the three theories are equally important in the field of business ethics. Rules are prominent when the outcome is measurable. However, all the three theories are inter-related with each other according to the utilitarianism being Good is what mattes and in the virtue theory the behavioral traits which are given importance are the path of being good. In the other hand the deontology tells us about doing right which again related to the behavioral traits of the virtue theory. It can be said that the rules should be strong over the act of doing right thing with the good intention accompanied with the ethical approach of the behavioral traits of the virtue theory. Conclusion: No matter how long the argument can linger about the best approach of ethics among the three approaches, it is very true that no one has existence without the help of each of them. Philosophy is always taken as an argument in the practical context. However, it is very true and clear that the importances of these theories have never faded out and that is the reason today also scholars showing their interest on these age old theories. Works Cited Bowie Bob, Bowie Robert A. Ethical Studies. Gloucestershire: Nelson Thornes, 2004. Cassens Brett J. Preventive medicine and public health. Pennsylvania: Lippincott Williams & Wilkins, 1992. Crisp Roger. How Should One Live?: Essays on the Virtues. Oxford: Oxford University Press, 1998. Roa Fr.f. Business Ethics and Social Responsibility' 2007 Ed. Manila: Rex Bookstore, Inc. 2007. Scarre Geoffrey. Utilitarianism. London: Routledge, 1996. Spector Tom. The ethical architect: the dilemma of contemporary practice. Princeton: Princeton Architectural Press, 2001. Taleff Michael J. Advanced Ethics for Addiction Professionals. New York: Springer Publishing Company, 2009. Teets Robert L. Profitable management for the subcontractor. New Delhi: Tata McGraw- Hill, 1976. 21st November 2007. Deontological ethics. Available at: http://plato.stanford.edu/entries/ethics-deontological/ Accessed on 27th September 2010. Read More