Chapter Overview

Chapter two begins by asking whether the significant inequalities in the distribution of wealth in the United States as exemplified by the great differences in American executives' pay when compared with the pay of the average factory worker can be morally justified. That and other ethical questions arising in business situations can only be answered in the language of ethics, so it is essential that students have a familiarity with that language as well as the language of economics and management. The chapter continues by introducing the key concepts and theories associated with ethical relativism, ethical egoism, utilitarianism (giving special weight to this theory's importance because of its influence in many economic matters), Kant's categorical imperative, and virtue ethics, showing how each relates to some of the key ethical issues arising in business operations.

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