A study of the Bhopal Gas Tragedy Essay

1)We could premier(prenominal)ly look at the arguments that would justify a family in putting its first loyalty and moral responsibility to its owners as a priority. One of those arguments is the sh atomic number 18holder theory, which states that the primary responsibility of a soaked is to maximise the wealth of its shareholders (Friedman, 1962). As Friedman (1970 in Moore 1999) then proceeded to argue, he claimed that connection would gain as a whole if businesses were left to do what they do best, create wealth.This argument could similarly be strengthened by considering the article of belief of egoism. Egoism, as defined by Baier (1990), expounds that an action is rational if and only if it maximizes anes self- worry.In contemplating the supporting propositions for a lodge to owe its first loyalty and moral responsibility to its employees and topical anesthetic community who are bear on by its operations, we first examine the corresponding view on shareholder theory w hich is the stakeholder theory where the stakeholder framework places shareholders amongst the multiple stakeholder groups that managers must involve in their decision-making process (Clarkson, 1995 Donaldson and Preston, 1995) where stakeholder groups would include internal, external and environmental constituents who can place demands on the firm (Ruf et al., 2001).A moral theory that could support this view is the ethical theory of W.D. Ross in which he dictates 7 prima facie duties that each mortal may bear at any one time. In this case, a company has a duty of fidelity to its owners to act in their interest as well as the duty of nonmaleficence to its employees and the local community. In decision making which duty is more important we can turn to Kantian ethics and the ethic of dread. The second reformulation of the categorical imperative says that we should (a)ct in such a way that you treat humanityalways..as an end and never simply as a means (Thomas, 2010).Following t hat, the duty of fidelity will turn a loss priority to the other as the former may require the company to treat humans as a means to an end. Finally, the ethic of care asks that we care for the well- cosmos of those who are dependent on us (Shaw, Barry, Sansbury, 2009).Therefore, a company should owe its first loyalty and moral responsibility to its employees and the local community who are affected by its operations as they are dependent on the company for their safety. 2)The first reformulation of the categorical imperative in Kantian Ethics conveys the idea of treating others how one would want to be hardened by others (Thomas, 2010). By natural logic, this entails the concept of all humans being equal and by that extension the differing economic circumstances of an Indian histrion should not be sufficient ground to award a subvert compensation. 3)Union Carbide USA may have stated their legal rights as a moral justification to use the forum non conveniens. They may also have utilised the concept of egoism as another justification, in that having the case judged in India would be beneficial to themselves.Reference ListBaier, K. (1991), A Companion to Ethics, Blackwell Reference, Oxford Clarkson, M. (1995), A stakeholder framework for analyzing and evaluating corporate social performance, honorary society of Management Review, vol.20, no.1, pp.92-117 Dierksmeier, C. (2013), Kant on Virtue, Journal of Business Ethics, vol.113, no.4, pp597-609 Donaldson, T., Preston, L.E. (1995), The stakeholder theory of the sens concepts, evidence, and implications, Academy of Management Review, vol.20, no.1, pp.65-91 Friedman, M. (1962), Capitalism and Freedom, University of Chicago Press, Chicago, IL Kant, I. (1966)The Fundamental Principles of the Metaphysics of Ethics, trans. O. Manthey-Zorn, Appleton-Century-Crofts, current York Moore, G. (1999), Tinged shareholder theory or whats so special virtually stakeholders?, Business Ethics A European Review, vol.8, no.2, pp117-127Ruf, B.M., Muralidhar, K., Brown, R.M., Janney, J.J., Paul, K. (2001), An empirical investigation of the relationship between change in corporate social performance and pecuniary performance a stakeholder theory perspective, Journal of Business Ethics, vol.32, no.2, pp.143-56 Thomas, L.C. (2010), finesse and Deception Theory and Practice, Oxford University Press, Oxford Shaw, W.H., Barry, V., Sansbury, G. (2009), Moral Issues In Business, Cengage Learning Australia