The importance of ethics in economic, financial, legal, social and medical activities

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Philosophers posit differently on theories of ethics. As such there exists a plethora of schools of thought on various subject matters, and so, because ethics plays a core role in our decision-making processes. And, consequently, it determines the outcome of such decisions.

By way of example for the reader, some ethical issues (which are not limited to my stated examples herein) touch on the difference between a commission-based activity which is solely sales and result oriented to that of a professional activity which demands a combination of expertise, resources and time before services can be rendered by the party(ies) to the party(ies) requiring the service; the right to medical and healthcare; the right to and whom to marry; whether or not one ought to bear children; whether or not one ought to be personally or professionally liable for their actions; or whether a combination of professional and personal liability should apply, among others.

Indeed, each profession, business activity, economic activity, medical or financial activity has its own barrier to entry. And the level of the entry barrier differs from low to medium to high. Axiomatically, one could argue that the lower the barrier to entry, the lower the risk of engaging their personal and or professional liability in accepting and performing in a designated activity. For example, when I was reading ethics at undergraduate level for my dual law degree in Irish and English law, although we touched on ethics then, it really was during my professional studies for the Bar in New York State that the notion of moral turpitude came to the fore. And later, additionally, reinforced during my postgraduate for my masters in intellectual and industrial property law and then the inherent application to the ethical rules as they apply to my profession as an Attorney and  Counselor at Law in the State of New York and the ethical rules as they apply to my profession as an Avocat which is a protected title in France, and thus has its own professional rules to entry.

In conclusion, it is incumbent on the parties to understand that their engagement in certain acts imposes an ethical vision which some thinkers such as John Stuart Mill (UK) posit can be limited to utilitarianism where the end justifies the means. Or where thinkers such as Emmanuel Kant (German) posit, in utilitarianism, that the end does not justify the means because one individual ought not be sacrificed for the greater (individual/societal) good.

Marcia B. Moulon, Esq., LLB (Hons), LLM (IP), LEC, EFB

Attorney and Counselor at Law (NY, US) and Avocat (France, EU &  Europe, Attorney at Law (Dominica, OECS & CARICOM), Attorney at Law (Barbados, admitted)