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EM 213.32 5 Winter 2015
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ch 4 cases pick 1 The Downsizing of America Hucksters in the Classroom Licensing & Laissez Faire An Internet Parasite One Nation Under Wal-Mart A New Work Ethic? Casino Gambling on Wall Street
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ch 4 articles pick 1 Buddhist Economics Markets and the Role of Ethics in Capitalism The Great Non-Debate over International Sweatshops a.k.a.: In Defense of Internaional Sweatshops Globalization and Its Discontents
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Cases groups decide today meet this week pick case from either ch 4, ch 5 or ch 6 1st choice 2nd choice
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Cases ch 5 Exxon asbestos infant formula Levi Strauss Nike – Free Speech or False Advertising? Charity to Scouts? Yahoo in China Drug Dilemmas ch 6 Burger Beefs Breast Implants Hot Coffee at McDonalds Sniffing Glue Could Snuff Profits Closing the Deal The Rise and Fall of Four Loko AIDS in workplace web porn at work malt liquor 2 nd hand smoke union discrimination
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ch 4 text your thoughts?
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ch 4 text the nature of capitalism not modern corporations next week capitalism can exist w/o modern corporations (OK, well, sort-of)
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Capitalism definition “the major portion of production and distribution is in private hands” “a profit or market system” owners decide assets accrue surpluses dispersed to owners
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Capitalism key features companies profit motive competition private property use investing money disposal assumptions
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Capitalism Haslet’s key features what’s produced market price production “enticed” people’s “dollar votes” “to each according to their productivity”
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Capitalism major historical stages pre guilds breakdown capitalisms mercantile industrial financial welfare consumer debt ?
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Capitalism moral justifications 1. the right to property 2. the “invisible hand” people tend to assume their society is natural effective fair
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Capitalism moral justifications 1. the right to property not a utilitarian argument Locke “when people mix their labour with the natural world, they are entitled to the results”
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Capitalism moral justifications 1. the right to property misunderstood complex constructed
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Capitalism moral justifications 1. the right to property 2. the “invisible hand” “Every individual is continually exerting himself to find the most advantageous employment for whatever capital he can command.” Smith
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Capitalism moral justifications 1. the right to property 2. the “invisible hand” “By pursuing his own interest he frequently promotes that of society more effectually than when he intends to promote it.” Smith “the law of unintended consequences”
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Capitalism moral justifications 1. the right to property 2. the “invisible hand” 3. lifts billions of people out of poverty
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2000 Years of GDP per Capita $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 source: Angus Maddison, 1990 dollars 0 500100015002000
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world India China Japan Nigeria Canada $0 1820184018601880190019201940196019802000 $2,000 $4,000 $6,000 $8,000
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% living on less than $2/day World Bank World Development Indicators http://data.worldbank.org/data-catalog/world-development-indicatorshttp://data.worldbank.org/data-catalog/world-development-indicators 0% 25% 50% 75% 100% 198019902000 India China Nigeria Brazil Mexico % living on less than $2/day
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“Wealth” and “Happiness”
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Criticisms of Capitalism persistence of inequality poverty rise of oligopolies implicit view of human nature shortcomings of competition employee’s alienation exploitation productivity short term focus manufacturing decline attitudes towards work
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ch 5 articles Cassidy The Greed Cycle Orlando Ethics of Corporate Downsizing De George Ethical Dilemmas for Multinational Enterprise Camenish Business Ethics: On Getting to the Heart of the Matter
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The Greed Cycle interesting Adam Smith quote “Negligence and profusion, therefore, must always prevail, more or less, in the management of the affairs of such a company [in which the owners aren’t also the managers].”
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The Greed Cycle a pretty good blow-by-blow repeat of the 1920’s cycle “corporate raiders” became + as if pirates became the navy rewards & punishment truth, lies & spin
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The Greed Cycle role of politics & accounting options accounting dodges recording dubious revenue not recording liabilities shifting revenues or expenses through time between capital and operating
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The Greed Cycle the focus on shareholder value no discussion of what “value” is becomes = to current stock price
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The Greed Cycle “impersonal” forces supposedly driven to actions focus on motives = exoneration
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Corporate Downsizing ? moral primacy of shareholder risk $ vs. time
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Corporate Downsizing fiduciary duties not same in all situations not absolute “unstated contracts” who decides what they are? which has primacy? how are they changed? what if parties unequal?
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Corporate Downsizing ownership ?=? investment investors expect ethical behaviour?
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Corporate Downsizing utilitarian does it really benefit company? should this be the only consideration?
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Corporate Downsizing legitimate? survival of firm if uncontrollable, result can’t be fair actual situations owner’s risk
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Corporate Downsizing investors expect ethical behaviour is this expectation voluntary? obligations of agents responsibilities of principles agent principle
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Business Ethics: On Getting to the Heart of the Matter
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Heart of the Matter not specific to business constraints “charitable” responsibilities
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Heart of the Matter what does business actually do? provision goods & services profit Camenisch asserts: moral of provision > moral profits Are they really goods? Are they really services?
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Heart of the Matter business as custodian natural resources
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Heart of the Matter business as dominator culture freedom creativity individuality
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Heart of the Matter Camenisch limits business only to provision of goods & services creation of profits
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Heart of the Matter Camenisch ignores work communal activity creativity passing on to children saving/borrowing generator of social wealth potential of support for the poor brake against war
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Heart of the Matter Camenisch ignores debt
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