Personal Ethical Development

Jun 17th, 2015
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Grand Canyon University
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Given the almost collapse of the very foundation of the financial industry in the United States which then rapidly metastasized to a financial and economic crisis with global proportions, ethics and ethical behaviours in doing business and the lack of it was one of the major factors why the mortgage meltdown happened.

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Personal Ethical DevelopmentGiven the almost collapse of the very foundation of the financial industry in the United States which then rapidly metastasized to a financial and economic crisis with global proportions, ethics and ethical behaviours in doing business and the lack of it was one of the major factors why the mortgage meltdown happened. Thus, it is even more necessary now that organizations focus on the personal ethical developments of all of its individual members. This paper aims to explore the developmental aspect of one's ethics including the importance of ethics and ethical systems.It is interesting that the above observation was also made by Wong and Beckham (1992) almost two decades ago in doing a post mortem for the failure of several savings and loan financial institutions. Furthermore, Wong and Beckham (1992) identified two ethical theories that can guide the development of one's ethics: 1) utilitarianism and 2) Ross's prima facie duties.In the development of one's ethical persona, it is possible that ethical decisions will be based on whether the proposed action, which is morally right, leads to the greatest ratio of benefits compared to costs. In other words, the action should result to the highest utility to all people affected by the decision. On the other hand, personal ethics development primarily based on the utility model could result to ethical decisions that are moral, but didn't account for "justice and other principles that society embrace

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