A Threefold Normative Ethical Approach to Business Ethics2
This paper explores the applicability of a threefold normative ethical approach to business ethics. Unethical practices by some business organizations erodes the trust of stakeholders that may have direct stakes in the firm's success. The field of business ethics lacks a comprehensive normative ethical theory that can help business persons develop moral trustworthiness and also offer answers to all moral challenges and questions arising from the business world. The paper argues that a threefold normative ethical theory will provide the ethical framework for creating workable business ethics if business persons follow the prescriptions and fundamental assumptions of the normative ethical theory. These prescriptions can be grouped into three main standards: consequences, duties, and virtues. It concludes that there are three key components that business persons should observe to operate within acceptable ethical boundaries, which are the greatest good, respect for human persons, and moral virtues.
Keywords: approach, business, ethical, ethics2, normative, threefold