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In this chapter we first discussed the three categories of ethical theories: metaethics, normative ethics and applied ethics. Metaethics is the study of the origin and meaning of ethical concepts. Broadly, it deals with metaphysical, psychological and linguistic issues. While normative ethics establishes certain moral standards for human behavior. Normative ethics is further classified as:
teleological, deontological and virtue ethics.
In the second part of the chapter, we examined the effect of unethical practices on the market system. Unethical practices like coercion, deceptive information, theft and bribery hamper the effective functioning of the market system. For business to be successful in the long run, it must build up relationships of trust with its suppliers, customers and employees.
The chapter ends with a discussion of the Integrative Social Contract Theory. Social contract theory is an informal agreement concerning behavioral norms. It comprises of three elements: hypernorms, macro social contract and micro social contract. Hypernorms are universal norms that apply to all individuals. Macro social norms provide global norms while micro social norms are developed for community.