Applying Philosophy To Life: Assume That You Are Interviewin

Applying Philosophy to Lifeassume That You Are Interviewing For A Pos

Applying Philosophy to Life. Assume that you are interviewing for a position as chair of a newly established ethics oversight committee for one of the following: investment firm that offers advice and products to public retirement funds, hospital, private university, or state legislative body. Analyze three (3) philosophies addressed in the textbook (Chapters 1-7) that you believe should guide decisions. Analyze one (1) philosophy that you believe would be extremely detrimental for the organization to use in making decisions. Write a four to five (4-5) page paper in which you: provide a rationale for selecting this organization, explaining at least two (2) reasons the organization needs ethics oversight. Analyze the first philosophy, (Chapters 1-7), discussing its proponents and two (2) major principles of the philosophy and how they apply to decisions that will need to be made. Analyze the second philosophy, (Chapters 1-7), discussing its proponents and two (2) major principles of the philosophy and how they apply to decisions that will need to be made. Analyze the third philosophy, (Chapters 1-7), discussing its proponents and two (2) major principles of the philosophy and how they apply to decisions that will need to be made. Analyze a philosophy that would be detrimental, (Chapters 1-7), discussing its proponents and two (2) major principles of the philosophy and how they would be detrimental to decisions that will need to be made. Provide at least five (5) credible, external academic references (at least one (1) source for each criterion) to support your view about the need for and use of these philosophies to make ethical decisions for the organization. (Do not use such open sources as Wikipedia, About, Ask.) Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

Paper For Above instruction

The selection of an organization for this ethical analysis is the public pension investment firm, which is tasked with advising and managing funds for public retirement systems. This organization plays a critical role in safeguarding the financial futures of countless retirees and ensuring responsible stewardship of public resources. Due to the significant impact of financial decision-making on public trust and stakeholders’ welfare, establishing a robust ethical framework is essential. The organization requires comprehensive ethics oversight for several reasons, including maintaining integrity in financial practices and ensuring transparency and accountability in investment decisions.

Firstly, the importance of integrity and trust in public pension management underscores the need for ethical guidance. Investors and beneficiaries rely heavily on the fiduciary responsibilities of the firm to act honestly and in their best interests (Schneider & Ingram, 2020). Secondly, regulatory compliance and risk management are vital, as financial missteps or ethical lapses can lead to legal penalties and loss of credibility (Yunus & Mohamad, 2019). Therefore, establishing clear ethical principles can help prevent unethical behavior and promote responsible decision-making within the firm.

Utilitarianism

The first philosophy examined is utilitarianism, which is chiefly associated with philosophers Jeremy Bentham and John Stuart Mill. Utilitarianism emphasizes that the best action is the one that maximizes overall happiness or utility and minimizes suffering (Shaw, 2021). Its core principles involve consequentialism—focusing on the outcomes of actions—and the greatest happiness principle, which holds that decisions should aim to produce the greatest good for the greatest number.

In applying utilitarianism to the investment firm, decision-makers should evaluate the consequences of investment choices, striving to maximize positive outcomes for the public pension beneficiaries while minimizing any potential harm. For example, ethically responsible investment decisions might involve avoiding companies with harmful environmental practices that could negatively impact community health and well-being or favoring investments that contribute to economic growth and social stability. By adopting a utilitarian approach, the organization can ensure that its actions promote the overall welfare of the stakeholders and society at large (Mill, 1863/2002).

Deontological Ethics

The second philosophy is deontological ethics, primarily developed by Immanuel Kant. This approach emphasizes the inherent morality of actions based on adherence to rules or duties, rather than solely their outcomes (Kant, 1785/2010). Kantian ethics asserts that individuals have moral duties derived from principles such as honesty, fairness, and respect for others’ autonomy. Two major principles of deontology are the categorical imperative, which mandates that actions should be universally applicable, and respect for persons, which emphasizes treating stakeholders as ends in themselves (Johnson & Cureton, 2019).

Applying deontological ethics to the organization involves establishing and adhering to strict codes of conduct. For example, the firm must maintain honesty in reporting financial statuses, avoid conflicts of interest, and act transparently, regardless of the potential profits involved. This approach ensures that decision-making aligns with moral duties and respects stakeholder rights, fostering an ethical organizational culture that values integrity and fairness (Kant, 1785/2010).

Virtue Ethics

The third philosophy under consideration is virtue ethics, rooted in Aristotelian principles. Virtue ethics concentrates on character traits and virtues such as honesty, prudence, justice, and temperance (Hursthouse, 2019). Its central tenet is that ethical behavior stems from cultivating morally virtuous dispositions, which guide individuals to make appropriate decisions intuitively and consistently.

In the investment context, virtue ethics would encourage decision-makers to develop virtues aligned with responsible stewardship, such as prudence in risk assessment and integrity in dealings. An organization guided by virtue ethics aims to foster a culture where virtues are embedded in its practices, promoting long-term trustworthiness and social responsibility. For instance, prudent investment decisions that consider the impact on community sustainability exemplify virtue-based ethical conduct (Annas, 2019).

Philosophy Detrimental to the Organization: Ethical Subjectivism

In contrast, ethical subjectivism, proposed by philosophers like David Hume and later critics, suggests that moral judgments are based solely on individual preferences or feelings rather than universal principles (Hume, 1739/2000). Its core principles emphasize moral relativism and the rejection of objective criteria in ethical decision-making.

Implementing ethical subjectivism within the organization would be highly detrimental because it allows for inconsistent and arbitrary moral judgments. Without universal principles guiding decisions, ethical standards could vary widely among individuals, leading to conflicts, inconsistent practices, and potential exploitation of stakeholders. Moreover, it undermines accountability and the organization’s credibility, as decisions would lack a shared moral foundation, risking erosion of stakeholder trust and legal repercussions (Miller, 2017).

Conclusion

In conclusion, the application of clear philosophical principles can significantly influence the ethical decision-making processes of a public pension investment firm. Utilitarianism supports maximizing societal welfare, deontology emphasizes moral duties, and virtue ethics fosters character development aligned with long-term ethical standards. Conversely, adopting ethical subjectivism would threaten the organization’s integrity and stakeholder trust. Therefore, an integrated approach that combines beneficence, duty, and moral virtues offers a robust foundation for effective ethical governance and decision-making within such organizations.

References

• Annas, J. (2019). Virtue ethics. Oxford University Press.
• Hursthouse, R. (2019). Virtue ethics. In E. N. Zalta (Ed.), The Stanford Encyclopedia of Philosophy (Fall 2019 Edition). https://plato.stanford.edu/entries/ethics-virtue/
• Kant, I. (2010). Groundwork of the metaphysics of morals (J. C. Meredith, Trans.). Harper & Row. (Original work published 1785)
• Miller, R. (2017). Ethical relativism. Philosophy Now, 114, 26-29.
• Shaw, W. H. (2021). Utilitarianism. In E. N. Zalta (Ed.), The Stanford Encyclopedia of Philosophy (Fall 2021 Edition). https://plato.stanford.edu/entries/utilitarianism/
• Yunus, M., & Mohamad, S. (2019). Corporate social responsibility and financial performance. Journal of Business Ethics, 156(1), 189-204.
• Johnson, R., & Cureton, K. (2019). Moral philosophy. Philosophy Compass, 14(9), e12548.
• Schneider, M., & Ingram, H. (2020). Trust and transparency in public pension fund management. Journal of Public Economics, 188, 104152.