Managerial Ethics

1. Ethical Relativism: Ethical relativism is the theory that holds that morality is
relative to the norms of one's culture. That is, whether an action is right or
wrong depends on the moral norms of the society in which it is practiced. The
same action may be morally right in one society but be morally wrong in
another.
2. Ethnocentrism: Ethnocentrism is a term applied to the cultural or ethnic bias—
whether conscious or unconscious—in which an individual views the world
from the perspective of his or her own group, establishing the in-group as
archetypal and rating all other groups with reference to this ideal

3. Majoritarianism: Majoritarianism is often referred to as majority rule, which

may refer to a majority class ruling over a minority class, while not referring to
the decision process called majority rule. It is a belief that the majority
community should be able to rule a country in whichever way it wants
4. Eudaimonia: For Aristotle, Eudaimonia is the highest human good, whereas
real happiness is a state of feeling in oneself. Happiness is usually
understood in the Enlightenment sense as a series of repeated pleasures. It's
a feeling one has about life. Eudaimonia, on the other hand, is activity across
a lifetime
5. The concept of intermediate virtue: Aristotle describes a virtue as a “mean” or
“intermediate” between two extremes: one of excess and one of deficiency. 2.
Example: bravery (e.g. on a battlefield) Involves how much we let fear restrict or
modify our actions. Bravery is the mean or intermediate between cowardliness and
rashness.