Describe what is virtue ethics and explain a clear example to illustrate the theory being applied in real life: Business Ethics Case Study, SUTD, Singapore

Question 1

• Describe what is virtue ethics and explain a clear example to illustrate the theory being applied in real life.
• A US major manufacturer, GA, has outsourced its 8,000-worker production plant to a lower-cost country in order to boost profit margin and improve shareholders’ dividends. Many of the workers were made redundant as a result. Since the manufacturer no longer has a production facility in the US, its suppliers who used to provide raw materials, machinery, and other support services also suffered major losses and started retrenching their workers. The local government also collected fewer taxes since there were fewer employed workers and lowered business activities. Describe the utilitarian theory and apply it to determine if GA’s decision to outsource its production is considered ethical or not.

Question 2

• Identify and describe the corporate responsibility view that was advocated by Milton Friedman.
• Entrepreneurs like Mark Zuckerberg of Facebook and Elon Musk of Space X have taken risks to build their businesses and been successful at it. The fundamental premise for their success mostly hinges on the ownership of private property and free market forces. For billionaires like them who have made their wealth mostly based on their own effort and perseverance, would it be fair to impose a high-income tax on them to redistribute their wealth to help the poor?

 Question 3

• Describe the terms ‘sweat shop’ and ‘child labor’.
• Overfishing in countries like Japan has led to the near extinction of some fish due to the common belief that the supply of fish is ‘free and unlimited’. Identify and describe this incorrect assumption about nature and suggest a solution to overfishing.

Question 4

• Distinguish between bribery and kickback with ONE example each to illustrate these unethical behaviors.
• On average, females in the US earn about 20% less than males in similar jobs requiring identical qualifications and experiences. Identify and describe the program that aims to close this gender pay gap.