2.3 Major Ethical Theories and CSR
An ethical theory can defined as a relatively sophisticated, well thought through
and, at least to some extent cogent and self-consistent theoretical background
answer to the question “what ought I do, morally speaking”, applicable to all or a
broad range of issues. There is a score of such theories available; nevertheless, we
shall focus on just three, namely utilitarianism, the ethics of rights, and
contractualism. Apart from reasons of limited space, our justifications for focusing
on these three theories are as follows: first, they are central in the philosophical
debate of ethical theories. Many of the staple issues in ethical theory are defined in
and by the debate between these major players. Second, these theories and their
concepts and principles largely (though far from completely) define and inform the
academic literature on “the morality of CSR” and business ethics.