Evaluation of Business Ethics to Bank Muscats Stakeholders Free Essay Example, 2750 words

The major teleological theories of business ethics are utilitarianism and egoism. There is a distinction between egoism and utilitarianism. The consequences to other people will define acts as either ethical or unethical in utilitarianism, while in egoism the consequences to one s self will define acts as either ethical or unethical. Utilitarianism could be summarized by the phrase, the greatest good for the greatest number . Under utilitarianism, actions are supposed to be evaluated based on their consequences. Such theories are thus called consequentialism. Jeremy Bentham founded classical utilitarianism, and his theory is grounded on his understanding of human nature. People always attempt to seek pleasures and evade pain. This type of moral behavior is known as hedonism, and it considers good and pleasures as similar. The utility principle is the basis of Bentham s theory, the greatest good for the greatest number of individuals and egoism. Under utilitarianism, an act is cons idered appropriate from an ethical perspective only if it produces a net utility that is greater than the net utility another act produces. These utilitarian theories are further divided into two forms. We will write a custom essay sample on Evaluation of Business Ethics to Bank Muscat's Stakeholders or any topic specifically for you Only $17.96 $11.86/page