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The Legal, Ethical, and Regulatory Environment of Business

The Legal, Ethical, and Regulatory Environment of Business. By Fisher and Phillips. Prepared by Jimidene Murphey. Chapter 1. The Law: Legal and Business Ethics. The Meaning, Nature, and Limits of Ethics. Jurisprudence The study of legal ethics Business ethics

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The Legal, Ethical, and Regulatory Environment of Business

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  1. The Legal, Ethical, and Regulatory Environment of Business By Fisher and Phillips Prepared by Jimidene Murphey

  2. Chapter 1 The Law: Legal and Business Ethics

  3. The Meaning, Nature, and Limits of Ethics • Jurisprudence • The study of legal ethics • Business ethics • Values that the business community uses to determine proper conduct • Ethics (deontology) • The study of conduct that is right, good, and moral in a set of circumstances

  4. Nature - A Priori • Ethics are ultimate values • Ethics self-justify • Ethics sometimes conflict

  5. Ethic of Positive Law • Positive law consists of • a rule… • from a political superior to a political inferior, which the inferior obeys… • with sanctions imposed if the rule is broken.

  6. Characteristics of Positive Law • Command element • No requirements on the type of ruler • Habitual obedience to the rules is expected • Generally advances constructive goals • Can be moral, amoral, or immoral

  7. Why Empirically-basedLaw is Dominant • The lack of trust in our society • Cultural pluralism • Legalizing all areas of society • Massive noncompliance with positive law • Failure to keep our promises • Lack of personal responsibility • Rewardable cheating • Passing of laws to resolve problems

  8. Justice as Ethics • Natural law • Due process • Equity courts

  9. Plato Sir William Blackstone John Rawls Immanuel Kant Eugene Ehrlich Sigmund Freud Jerome Frank Jeremy Bentham Prominent Names in Jurisprudence

  10. Ethics Influencing Law Ethics of custom Ethics of norms of conduct Ethics of reality Ethics of civilization Ethics of utility

  11. Business Ethics • Values that a business follows in conducting its affairs • Examples of business ethics • Make a profit • Deliver best products for best price • Provide workers with jobs • Give owners return on investment • Be a good citizen

  12. Objectives of Law Justice Flexibility Speed Stability Economy Knowability

  13. Why Study the Law? • Cutting edge of society • Business environment is increasingly legalized • Businesspeople should practice preventive law

  14. Recap - Terms to Know • Ethics • Jurisprudence • Justice and power • Custom • Sociological school of jurisprudence • Ethics of civilization • Legal realism • Ethical utilitarianism • Business ethics

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