VIRTUE ETHICS Utilitarian and deontological ethics deal with rules and principles to follow as individuals and as citizens Virtue ethics deal with character traits or virtues that make a good human life Ethics requires us to act in a certain manner for the wellbeing of others The degree depends on : our interests, our beliefs, our dispositions, our values, our character, the kind of person we are Kantian Ethics expects us to ignore our emotions, Utilitarian to a lesser degree, Virtue Ethics expects to use our character traits because they are not things we can change every morning

Virtue Ethics 2 The character traits are formed by individual decisions, how one is raised, social institutions like church schools or companies where we work, live and learn. Virtue Ethics seeks to understand how the traits are formed and which traits will enhance and which ones will undermine a meaningful worthwhile and satisfying human life Business provides opportunities for a variety of human behaviours which character traits will help us live a good life and which ones will frustrate us What kind of person ought we be. Character formation provides a well rounded and complete education that helps one prepare themselves in all aspects of life to face difficulties with adequate knowledge and willingness to choose what is right and to adhere to right principles of action at all times.

Virtue Ethics 3 What is a value-value could be defined as an aspect of a reality that makes it seem attractive, desirable and worthy of admiration. They are elements or goods that enrich a life making it more attractive Values are acquired through character formation Values themselves are not all worth the same, but stand in a certain hierarchy. There is a “scale of values”, A scale of values implies a criterion, a basis or standard according to which one judges between what is worth more and what is worth less, weighing the positive and the negative aspects of each choice.”

Virtue Ethics 4 A virtue is a habitual and firm disposition to do the good. They are firm attitudes, stable dispositions, habitual perfections of intellect and will that govern our actions, order our passions and guide our conduct according to reason. They make it easier and provide self-mastery and joy in leading a morally good life. They are acquired by human effort to habitually carry out morally good acts There are four Cardinal Virtues. Prudence, Fortitude, Justice and Temperance. Prudence- Practical wisdom or discretion is the ability to discern the most suitable or profitable course of action

Virtues Ethics 5 Fortitude- This is the unyielding strength in the endurance of adversity. Vigorous competition creates a perpetual state of adversity that requires fortitude. It disposes one even to renounce and sacrifice one’s life in defence of a just cause Justice-moral virtue that consists in the constant and firm will to give their due to God and all- people and companies Temperance- is rational restraint moderation in the use of anything Other personal Virtues necessary: humility, cheerfulness, order, honesty,

Pillars of Character 6 Pillars of Character Trustworthiness- honesty, integrity, reliability, and loyalty Respect-Treat others as you wish to be treated. Respect for the human person Responsibility-This Pillar includes accountability, self-control, and the pursuit of excellence. It involves the exercise of Prudence, Fortitude and Temperance Fairness-Being fair means playing by the rules and not taking advantage of others Caring-Kindness, compassion, altruism (selflessness) these are the heart of ethics Citizenship-Good citizens work to make their community better The more one tries to learn and acquire good virtues the more one will desire to do what is right and good

VIRTUES IN BUSINESS 1 Business practices of a firm will shape the character of the individuals working there Moral dilemmas arise because of a tension between the person we wish to be and what the organization expects to be Famous Virtue Ethicists Aristotle-(384-322BC). Virtue was the mean between two extremes e.g. Courage is the mean between cowardice and recklessness (Machakos mother). He supported the idea of unity of virtues: that various virtues support and reinforce each other Confucius (551-479BC) Adam Smith(1711-1776)- Before writing the Wealth Of Nations( the Bible of Capitalism) he wrote “theory of Moral sentiments” in which he said that justice and benevolence are the two most important virtues of a modern market society

VIRTUES IN BUSINESS 2 Ethicists say what is important is an established way of doing things, a shared sense of value and significant shared heroes and role models- Idea of practice and excellence-skills and talents. Soccer. The rules define the various possibilities that enable one to pursue the goal without ruining the game. It is practice that determines the excellences or virtues required Virtue is about more general traits that are common among all humanity and make harmonious human society possible Trustworthiness and honesty are virtues while being able to kick a ball excellently or design the best bridge are more of skills and not virtues

VIRTUES IN BUSINESS 3 What virtues would make a market operate efficiently: Honesty- making and drafting of agreements, mean between telling the imprudent truth and blatant lying in adverts Courage- Willingness to take risks, moral courage to take a stand even when the re are serious threats to one job, one’s prospects and one’s career Temperance- having reasonable set of expectations and desires and not greed and avarice Justice- Rewarding on Merit for hard work, quality products and good ideas Rules clarify and codify practice. Professional Associations

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