BUS213 BUSINESS ETHICS CLASSWORK 1

MUHMAMMAD MUNEEB HUSSAIN

182005087

Chapter 2
1. Jeremy Bentham and John Stuart Mill
2. Immanuel Kant
3. Robert Nozick
4. Scott Reynolds

1. Jeremy Bentham and John Stuart Mill

The two philosophers were the founders of traditional utilitarianism, they both
believed that human actions are completely motivated by pleasure however the only
difference was Bentham believed that human can only be determined by the
pleasure and Mill believed both quantity and quality of the pleasure to be the
determination behind human motivation. Utilitarianism’s theory is that its purpose
of morality is to make life better by increasing the amount of pleasure hence
motivating a person to the highest level.

2. Immanuel Kant
Immanuel Kant believed that every individual had their rights to common dignity and
respect regardless of the outcome. He believed that the basis of morality was
because that individuals could reason and that ability to reason makes an individual
morally significant

3. Robert Nozick
He sought and accepted the idea that individuals own themselves and have the right
to private property.

4. Scott Reynolds
He was a psychologist who developed the terms X-System moral which meant that
decision-making processes are unconscious and C-System decision making process
are conscious
Chapter 3
1. John Locke
2. Adam Smith
3. Keynes
4. David Ricardo
5. Karl Marx
1. John Locke
His theory was that people have a natural, rather than granted, right to liberty
and property which meant that induvial had their own rights and a free market
economy. His theory also included freedom of exchange in goods and services
and freedom to own property without government interference.

2. Adam Smith
Smith proposed the idea of an invisible hand which meant the tendency of free
markets to regulate themselves by means of competition, supply and demand,
and self-interest.

3. Keynes
John Maynard Keynes was the founder of Keynesian economics. Keynes believed
that governments should increase spending and lower taxes when faced with a
recession, in order to create jobs and boost consumer buying power.

4. David Ricardo
David Ricardo believed that the cause and benefits of international trade would
make differences in the relative opportunity costs (costs in terms of other goods
given up) of producing the same commodities among countries. In other words, a
comparative advantage meaning that specific goods and services which an
individual country makes at a cost-efficient price than other countries can take
that upper advantage of the goods and services.

5. Karl Marx
Karl Marx believed that society is composed of two main classes: Capitalists are
the business owners who organize the process of production and who own the
means of production. The other, much larger class is composed of labor. He
understood how the capitalist exploited the workers, which conflicted in
socialism and then communism.