Final answer:
Utilitarianism is the ethical principle that seeks to maximize the common good by considering the consequences of actions and aiming to produce the greatest benefit for the greatest number of people.
Step-by-step explanation:
The ethical principle that aims to optimize the common good or benefits of all constituencies is Utilitarianism. According to Utilitarianism, an action is considered morally right if it produces the greatest amount of pleasure or satisfaction for the greatest number of people. This contrasts with Ethical Egoism that focuses on one's own interests, Deontological Ethics that is concerned with duties, rules, and obligations, and Virtue Ethics which emphasizes the cultivation of character and virtues.
Utilitarian theorists argue that the principle of utility is the most reasonable guide to determining what contributes to the common good because it considers the consequences of actions and seeks to maximize overall happiness or welfare. While philosophers like Adam Smith have argued that unfettered self-interest can indirectly serve the common good, this has been criticized due to potential conflicts between personal interests. Utilitarianism, in contrast, directly targets the maximization of the common good without relying on such indirect effects.