What are the three key ethical frameworks in business ethics?

The three key ethical frameworks in business ethics are deontological ethics, virtue ethics, and consequentialism. Deontological ethics focuses on the adherence to rules and duties; it emphasizes the morality of actions based on their inherent qualities rather than outcomes. Virtue ethics revolves around the character of the moral agent and promotes virtues, suggesting that ethical behavior arises from individuals’ character traits rather than from adherence to rules or the consequences of actions. Consequentialism, particularly utilitarianism, assesses the morality of actions based on their outcomes, comparing the benefits and harms produced.

Each of these frameworks provides a different perspective on what constitutes ethical behavior in a business context. Integrating them helps address complex ethical dilemmas by allowing a business to evaluate actions not only based on rules (deontology), the character of the individuals involved (virtue ethics), but also the consequences that may result from those actions (consequentialism). This broad approach allows for a more comprehensive understanding of business ethics.