Question

After reviewing the concepts of utilitarianism and universalism in this unit’s reading, discuss which of these principles you think is most often applied in business. Explain your reasoning by providing examples to support your thought process.

Answer 1

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EXPLANATION:

I think utilitarianism is the most often applied principle in business. Utilitarianism argues that the best act is the one that produces the greatest advantage to many people not considering whether the act is right or wrong. Universalism on the other hand argues that an act that is termed as good for one is also good to everyone else. Being universal in this case will mean that the positive or negative impact will apply to the larger population as a whole.

In business, there is competition which is always experienced by companies. In this case, every firm will engage in activities that they deem as the best to reap maximum profits. With this in mind, many firms will only consider their well being rather than that of the universal world and this in turn leads to unethical practices such as hoarding and false advertising. Such malpractices benefits part of the population, that is, the firms engaging in these malpractices. Corruption is also being embraced by some firms so that they can survive in the competitive marketplace. The effects of such benefit the firms but deprive consumers of their right to quality goods and services and reliable information.