Business law Essay Example | Topics and Well Written Essays - 500 words - 27

Business law - Essay Example The faculty chair of the department of economics at the University of Iceland, Gylfi Zoega, justifies the practice by recapping that it was a universal problem. â€Å"In New York, you have the same problem, right?† The actors use the utilitarian philosophy to vindicate their actions. The utilitarian philosophy holds that actions are rational if they result to a ‘summum bonum’, the greatest good and a happy end to a greater number. It contravenes the hedonistic approach where an individual acts for their own good and happiness. The revolving door, from a utilitarian perspective could be beneficial to both the private and government sector. For instance, former industry executives bring their rich knowledge and vast proficiency to the private segment and secure the private segment support needed in formulation and implementation of government policies. The former executives further would have sufficient influence over important individuals in government positions thus making it easy for firms to lobby for auspicious state policies and protocols. Moreover, former executives acquired jobs, power and influence and Charles Ferguson presents this as a beneficial approach to the financial crisis that was threatening to engulf America. The predominant notion is that allowing executives to switch positions was at the best interest the public; in reality, this was far from the veracity. However, the utilitarian approach to the revolving door issue was quite imprudent since utilitarianism justifies overlooking or minimization of widely embraced principles and justice in the formulation of ethical decisions. Instead, the actors should have framed their actions to be in line with the deontological philosophy and rights-based philosophy which could have led to the production of a fairly acceptable and justified movie. The deontological philosophy