conflict of interest

Meanings

• noun

  A situation in which an individual or organization is faced with competing loyalties or interests, especially when their professional judgment or actions may be influenced by their own self-interest or by a financial or other incentive.

  - "The doctor had a conflict of interest when prescribing expensive treatments, as he owned a share in the pharmaceutical company that produced them."
  - "The city councilor's decision to approve the new development project raised concerns about a potential conflict of interest, as he owned property in the area."

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Rhymes

Words rhyming with conflict of interest
interference , conference , resistance

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Variants

List of all variants of conflict of interest that leads to same result
conflict of interest

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Etymology

origin and the way in which meanings have changed throughout history.

The term 'conflict of interest' has its origins in the Latin term 'conflicto,' meaning 'to clash,' and 'interesse,' meaning 'interest.' It was first used in English law in the late 16th century.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. The term 'conflict of interest' is often used in various professional fields, including business, law, politics, and healthcare.

2. In the United States, federal laws and regulations require government employees to disclose potential conflicts of interest.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. ethics: The study of moral principles and the rules of conduct that govern a person or group.

2. transparency: The quality of being open and honest in business dealings, especially financial dealings.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

The concept of a conflict of interest has been a common theme in literature and art, often portraying the struggle between personal gain and ethical behavior. One famous example is Shakespeare's Merchant of Venice, where the merchant Shylock faces a conflict of interest between his financial gain and his personal vendetta.

How to Memorize "conflict of interest"

1. visualize
   

   - Visualize a scale with personal interests on one side and professional or ethical responsibilities on the other. A conflict of interest occurs when these two sides pull in opposite directions.

2. associate
   

   - Associate the term 'conflict of interest' with the image of a Venn diagram, where two circles representing personal and professional interests overlap but do not completely intersect.

3. mnemonics
   

   - Remember the acronym C.O.I., which stands for 'Competing Objectives and Interests'.

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