03-07-2012, 12:00 PM
ETHICAL THEORIES IN RELATION TO BUSINESS
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EGOISM: “The view that associates morality and self- interest is referred to as egoism.” Therefore, it can be said that egoism is an ethical theory that treats self-interest as the foundation of morality. Egoism contends that an act is morally right if an only if the best promotes an agent’s long-term interests. Egoists make use of their self-interests as the measuring rod of their actions. Normally, the tendency is to equate egoism with individual personal interest, but it is equally identified with the interest of the organization or of the society.
PSYCOLOGICAL EGOISM:
Egoism asserts that the only moral obligation we have is to ourselves, though it does not openly suggest that we should not render any help to others. However, we should act in the interests of others, if that is the only way to promote our own self-interest.
Ethicists who propose the theory of egoism have tried “to derive their basic moral principle from the alleged fact that humans are by nature selfish creatures”.
CRITICISM OF THE THEORY OF PSYCOLOGICAL EGOISM:
Though There Are A few Advocates Of The Theory Of Egoism Even Today, One Would Hardly Come Across Philosophers Who Would Propose It As The Basis For Personal Or Organizational Morality. Generally, The Theory Is Criticized On The Following Grounds:
Egoism As An Ethical Theory Is Not Really A Moral Theory At All.
Psychological Egoism Is Not A Sound Theory Inasmuch As It Assumes That All Actions Of Men Are Motivated By Self Interest.
Ethical Egoism Ignores Blatant Wrongdoings