Utilitarianism Essay - 275 Words

Utilitarianism (Essay Sample) Content: Utilitarianism has become a popular ethical theory in Western civilization since its advent by the English philosophers and social reformers, Jeremy Bentham and John Stewart Mill. The major tenets of this theory are: (i) maximizing the overall good which is the fundamental concept (ii) bringing scientific certainty to ethics, which is the dream of utilitarianism (iii) and the morally demanding character of utilitarianism. In making moral determinations, this theory can be applied in business today by business leaders who must all act in socially, ethically and lawfully responsible manner. Therefore, business leaders while targeting profits should obey the law and treat all stakeholders with dignity and respect and prudently be socially responsible through community social responsibilities. This will require business executives to be aware of various stakeholders` interest as well as striking to balance these constituencies which are sometimes conflicting in a fair and effective manner. Albeit challenging, the result will be establishment of long-term and sustainable value for employees, customers and all stakeholders of the organization and the entire society. In so doing, the morally demanding character of utilitarianism is achieved. In the U.S, the fourth branch of government refers to a group that influences the three branches of government as outlined in the constitution of America. They include legislature, executive and judiciary. Such groups include citizens, the press and interest groups. Smith and Licari (2006) outline that, while the U.S administrative agencies are in fact part of the executive branch and in a few cases the legislative branch of government, they are today called the fourth branch of government. This is because they classically exercise all the constitutionally divided powers of the three arms of government within a single bureaucratic body: that is, they legislate, a power entrusted to the legislature by the constituti on. Through delegated rulemaking authority, they investigate, execute and enforce such rules via the executive power which these agencies are typically organized under. In doing so, they apply, interpret and enforce compliance with such rules. Business executives and managers should be concerned with agency rules and regulations because every market and economy, even the laissez-faire capitalism, is governed by laws and regulations and well set terms of engagement and operation. A breach of any of these laws has heavy legal and financial implications both to the executives and is quite destructive to the business itself which in most cases can lead to bankruptcy and executives behind bars.The elements of the old common law tort of negligence include (i) the existence of a duty of care between the defendant and the plaintiff, (ii) a breach of that duty by the defendant (iii) injury or loss suffered by the plaintiff as a direct result of the defendant`s breach. Tort of negligence wou ld be applied in modern-day business context. A manufacturing company is solely responsible for any harm caused to consumers as a res...