Term
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Definition
requires extensive training
involves a significant intellectual component
All involve an important service
usually embedded in some organization
ex: government, law |
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Term
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Definition
doesn't raise any unique moral questions for an individual
Doesn't require much reflection to ensure that professionals act morally
Professionals who act legally and do as those around them do will act immorally in most cases |
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Term
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Definition
The very nature of being a professional raises difficult moral questions
unless one regularly reflects on ones actions and the actions of others she is likely to act wrongly.
Those who follow the herd are likely to find themselves acting wrongly even in normal circumstances
everyday decisions tend to be morally significant |
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Term
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Definition
Greg Smith: first started working for Goldman Sachs loved it
Sachs clients began to trust the organization, so the clients began investing more
Things changed...
Sells clients products that benefit Sachs but not clients.
The culture has changed
both leadership and junior analysts prioritize making money for Goldman Sachs
workers began to brag about ripping off clients
would refer to clients as “muppets” |
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Term
| Professional Client Relationship |
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Definition
The relationship between professionals and their clients is asymmetric
Professionals have extensive training that their clients lack.
This gives them significant power over their clients |
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Term
| Why do the managers and Analysts at Goldman Sachs act this way? |
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Definition
training: maybe it didn't involve a lot of ethics
socialization |
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Term
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Definition
-Most important aspect of professional life is the relationship a professional has with his or her clients.
-How you understand and define the relationship between you and your client will, in large measure, determine the success of your future carreer and your happiness within it. |
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Term
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Definition
The client has the most of the authority and responsibility for decisions
the professional is an expert acting at the direction of the client
the client sets the ends and the professional job is to figure out how to do it |
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Term
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Definition
two free and informed people make an agreement
Professional and clients job is to carry out the terms of that agreement |
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Term
| Strengths of the Contract Model |
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Definition
implies the professional and the client share responsibility for their actions.
Avoids implying that a professional has to take on just any client |
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Term
| Weaknesses of the Contract Model |
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Definition
Does not account for the asymmetry between professionals and clients discussed earlier
Clients need is often way more urgent than the professional
the client has more at stake
Clients need is often way more urgent than the professionals.
The client has more at stake |
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Term
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Definition
| Instead of viewing the relaitonsip as one between two free and equal persons dealing at arms length, some authors suggest the relationship is more personal. |
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Term
| Strengths of the Friendship Model |
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Definition
implies the professional and the client share responsibility for their actions.
Avoids implying that a professional has to take on just any client |
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Term
| Weaknesses of the Friendship Model |
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Definition
A professional need not to love and care for her clients
Asymmetry again
Professional is supposed to favor clients interests but not the other way around |
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Term
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Definition
On the agency account, the client is superior to the professional
All 3 models fail to account for the superiority of the professional
the professional has knowledge and experience that her clients lack.
Like a parent |
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Term
| Preliminary Objection to Parent Model |
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Definition
But Clients are not like children
Fully formed adults who are free agents
Parent model fails to give any authority to client |
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