Ethics Theory and Business Practice 5 1 Virtue

Ethics Theory and Business Practice 5. 1 Virtue Theory – Part One Human Flourishing and the Virtuous Mean

aims • to explain how being virtuous might help businesspeople and businesses to flourish • to outline the relationship between virtue, human flourishing, and community • to introduce the doctrine of the virtuous mean and discuss its relevance to business

Aristotle: the relationship between virtue and flourishing/fulfilment virtue an internal relationship flourishing virtue other means rather than an external relationship other means flourishing

virtue and flourishing/fulfilment • being virtuous is an integral part of being a flourishing/fulfilled person • being virtuous is an integral part of being a flourishing/fulfilled business

virtue, flourishing, and community • community provides the context through which and within which a fulfilled life is lived • community also provides the context through which and within which virtue is cultivated and expressed • therefore, the notions of virtue and flourishing cannot be considered other than in relation to being part of a community

a virtuous company and a flourishing company is one which plays its part within a mutually supportive community of stakeholders virtue flourishing company community of stakeholders

how virtuous should we be? the virtuous mean • mean = a condition, quality, or course of action that falls between two extremes • achieving the virtuous mean = displaying a trait to the right extent • neither too much, nor too little

some examples of the virtuous mean deficiency virtue excess stinginess generosity profligacy cowardice courage rashness undue humility proper pride empty vanity boorishness ready wit buffoonery surliness friendliness obsequiousness

identifying the virtuous mean • the virtuous mean is not something that can be calculated with precision • it all depends on the situation

it is helpful to steer away from the extreme: 1. to which virtue is more often contrasted 2. to which you are habitually inclined 3. that you find most pleasurable since this is the extreme to which you are more likely to succumb

theory in practice the virtuous apprentice

the virtuous mean in business • knowing how much is enough • are corporations capable of observing a virtuous mean or are they inherently driven to excess? www. youtube. com/watch? v=a. CGTD 5 Bn 1 m 0&lis t=PLFA 50 FBC 214 A 6 CE 87

key points • virtue theory highlights the importance of virtue to being a flourishing businessperson and a flourishing business • it also highlights how important it is for businesspeople and businesses to play their part within mutually supportive communities of stakeholders • virtue involves the avoidance of extremes • for businesspeople and businesses, virtue also involves knowing how much is enough

references Aristotle (2009/circa 323 BC) The Nicomachean Ethics, D. Ross (trans. ), L. Brown (ed. ). Oxford: Oxford University Press.