A Note on Five Traditional Theories of Moral Reasoning
9 Pages Posted: 21 Oct 2008 Last revised: 10 Nov 2021
There are 2 versions of this paper
A Note on Five Traditional Theories of Moral Reasoning
Abstract
Business decisions, by their nature, involve ethical considerations because (1) most economic decisions are choices where the decision-maker could have done otherwise, (2) every decision or action affects people, and (3) every decision or set of decisions is embedded in a belief system that presupposes some basic values or their abrogation. The task of justifying moral beliefs and integrating them into business situations and the process of applying ethical standards to everyday decision-making are incomplete and can be exasperating. But the business manager has recourse to the long tradition of ethical study. This note outlines some of the basic terms used in the study of ethics and describes the task of business ethics. Most important, the text describes five theories of moral reasoning—utilitarianism, rule-based morality, a rights approach, a contemporary Aristotelian approach to virtuous character, and social justice. They lay out minimum standards for an acceptable moral decision that can serve as criterion for moral business judgments.
Excerpt
UVA-E-0092
Rev. May 1, 2018
A Note on Five Traditional Theories of Moral Reasoning
The study of ethics and the analysis of moral decision-making are traditions as old as philosophy itself. The development of procedures for ethical decision-making and reasonable standards for behavior are part of every culture, and the description of values, moral beliefs and mores of a society, institutions, or particular individuals are part of the way we define and describe people, collectives, and states. Yet the tasks of justifying moral beliefs and integrating them into ordinary life, and the processes involved in applying ethical standards to everyday decision-making are incomplete and exasperating since everyday decision-making is a process that sometimes challenges those beliefs.
In business, the process is more difficult because economic goals and exigencies often appear to override other considerations. Integrating ethical considerations into managerial decision-making without pushing aside economic considerations is neither easy nor without risk. Yet ignoring normative considerations in economic affairs is itself a normative decision that overlooks elementary facts: (1) most economic decisions are choices where the decision-makers could have chosen otherwise; (2) every such decision or action affects people, and an alternative action or inaction would affect them differently; and (3) every decision or set of decisions is embedded in a belief system that presupposes some basic values or their abrogation.
The term “ethics” or “ethical” is often used to refer to good behavior, and the term “morals” sometimes refers to the mores or norms of a particular community. We shall usually use the term “morality” interchangeably with “ethics.” The term “ethics” will be used as a generic word referring to the analysis, the process, and the normative elements of decision-making, including what is right or wrong, good or bad, how we should act, and the standards for judging conduct. An ethical judgment includes evaluating bad as well as good decisions, actions, motives, and behavior.
. . .
Keywords: business ethics, social justice, moral theory, utilitarianism, rights
Suggested Citation: Suggested Citation