UNDERSTANDING THE APPLICABILTY OF UTILITARIANISM ETHICS TO BUSINESS PRACTICES WITH SPECIAL EMPHASIS ON THE PROBLEM OF CONSUMER DECEPTION AND PRODUCT SAFETY
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Abstract
Utilitarian ethics provides a compelling framework for addressing ethical challenges in contemporary business practices, particularly concerning consumer deception and product safety. This paper explores the intersection of utilitarian principles with modern business dynamics, highlighting conflicts arising from profit-driven motives conflicting with the ethical imperatives of maximizing overall happiness and minimizing harm. Drawing on foundational works by Jeremy Bentham and John Stuart Mill, the study examines utilitarianism's core tenets—such as the greatest happiness principle and consequentialism—and their application within business contexts. The analysis identifies specific instances of consumer deception and compromised product safety as manifestations of businesses prioritizing short-term gains over long-term societal well-being. It proposes a solution model grounded in Stakeholder Capitalism and Corporate Social Responsibility (CSR), advocating for ethical decision-making that integrates stakeholder interests and promotes transparency and sustainability. By aligning utilitarian ethics with pragmatic business strategies, organizations can navigate ethical dilemmas effectively while contributing positively to societal welfare and enhancing long-term competitiveness. This research contributes to the ongoing discourse on business ethics by offering insights into reconciling utilitarian principles with contemporary business realities, thereby fostering a more ethical and sustainable business environment.
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