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Social Contract Theory:-
Social contract theory is best defined as the agreement which human beings have made to protect themselves from each other. This theory explains that the principles of ethics which we are following now days are made by us for our benefits. We make rules according to our wisdom and nature so we can eliminate various negative elements from our lives such as fear. Another important element which this theory has enlightened is that the power is essential for protection and implementation. The labor union is one of the great example for social contract theory as in this a group of people fights for whole employees and this group is selected by the votes of the majority of the employee which empowers the group to take necessary steps for the welfare of the employees as well as to protect the rights of the employees too. Different culture has different people who possess different ideas and nature so the way of perceiving ethics is also different of every culture. This theory helps in explaining the difference because this theory tells us that the ethics are made not founded so the made principles could be different for any one due to difference in thoughts. There are various different issues exists related to business ethics such as no proper environment, no proper facilities, unreasonable wage rate etc, which could be solved with the help of social contract theory as define above. With the help of this theory the employees make their unions to support them in gaining their rights via using their number strength.
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