Business ethics in the context of "Military ethics"

Ethics is the philosophical study of moral phenomena. Also called moral philosophy, it investigates normative questions about what people ought to do or which behavior is morally right. Its main branches include normative ethics, applied ethics, and metaethics.

Normative ethics aims to find general principles that govern how people should act. Applied ethics examines concrete ethical problems in real-life situations, such as abortion, treatment of animals, and business practices. Metaethics explores the underlying assumptions and concepts of ethics. It asks whether there are objective moral facts, how moral knowledge is possible, and how moral judgments motivate people. Influential normative theories are consequentialism, deontology, and virtue ethics. According to consequentialists, an act is right if it leads to the best consequences. Deontologists focus on acts themselves, saying that they must adhere to duties, like telling the truth and keeping promises. Virtue ethics sees the manifestation of virtues, like courage and compassion, as the fundamental principle of morality.

Applied ethics is the practical aspect of moral considerations. It is ethics with respect to real-world actions and their moral considerations in private and public life, the professions, health, technology, law, and leadership. For example, bioethics is concerned with identifying the best approach to moral issues in the life sciences, such as euthanasia, the allocation of scarce health resources, or the use of human embryos in research. Environmental ethics is concerned with ecological issues such as the responsibility of government and corporations to clean up pollution. Business ethics includes the duties of whistleblowers to the public and to their employers.

The stakeholder theory is a theory of organizational management and business ethics that accounts for multiple constituencies impacted by business entities like employees, suppliers, local communities, creditors, and others. It addresses morals and values in managing an organization, such as those related to corporate social responsibility, market economy, and social contract theory.

The stakeholder view of strategy integrates a resource-based view and a market-based view, and adds a socio-political level. One common version of stakeholder theory seeks to define the specific stakeholders of a company (the normative theory of stakeholder identification) and then examine the conditions under which managers treat these parties as stakeholders (the descriptive theory of stakeholder salience).

Ethical codes are adopted by organizations to assist their members or employees in understanding the difference between right and wrong and in applying that understanding to their decisions. An ethical code generally refers to either a code of business ethics, a codes of conduct for employees, or a code of professional practice, and many organizations use the phrases ethical code and code of conduct interchangeably. Ethical codes are often adopted by management and also employers, not to promote a particular moral theory, but rather because they are seen as pragmatic necessities for running an organization in a complex society in which moral concepts play an important part. Even organizations and communities that may be considered criminal in nature may have ethical codes of conduct, official or unofficial.

They are distinct from moral codes that may apply to the culture, education, and religion of a whole society. It is debated whether the politicians should apply a code of ethics, or whether it is a profession entirely discretionary, just subject to compliance with the law: however, recently codes of practice have been approved in this field.

In economics and business ethics, a coercive monopoly is a firm that is able to raise prices and make production decisions without the risk that competition will arise to draw away their customers. A coercive monopoly is not merely a sole supplier of a particular kind of good or service (a monopoly), but it is a monopoly where there is no opportunity to compete with it through means such as price competition, technological or product innovation, or marketing; entry into the field is closed. As a coercive monopoly is securely shielded from the possibility of competition, it is able to make pricing and production decisions with the assurance that no competition will arise. It is a case of a non-contestable market. A coercive monopoly has very few incentives to keep prices low and may deliberately price gouge consumers by curtailing production.

Coercive monopolies can arise in free market or via government intervention to institute them. Some conservative think tanks, such as the Foundation for Economic Education, define coercive monopolies solely as those established by the government or via the illegal use of force, excluding monopolies that arise in the free market.