Define ethical universalism, ethical relativism, and integrative social contracts theory.
What will be an ideal response?
The three schools of thought about ethical standards for companies are:
1. Ethical universalism, which holds that the most fundamental conceptions of right and wrong are universal and apply to members of all societies, all companies, and all businesspeople.
2. Ethical relativism, which holds that differing religious beliefs, customs, and behavioral norms across countries and cultures give rise to multiple sets of standards concerning what is ethically right or wrong. These differing standards mean that whether business-related actions are right or wrong depends on the prevailing local ethical standards.
3. Integrative social contracts theory, which provides a middle position between the opposing views of ethical universalism and ethical relativism. According to integrated social contracts theory, universal ethical principles based on the collective views of multiple societies form a "social contract" that all individuals and organizations have a duty to observe in all situations. Within the boundaries of this social contract, local cultures or groups can specify what additional actions may or may not be ethically permissible.
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