Business Ethics from Profit domain - Essay Example

Outline: Introduction: Body: Business Ethics from Profit domain Business Ethics against laws Business Ethics from Moral rules Conclusion: Business Ethics Abstract This paper will focus on the three germane ways in which the business standards can be reached: Business ethics from profit domain, Business ethics against laws as well as Business ethics from moral rules. Introduction Moral standards that are used by individuals to judge behavior is referred to as ethics, while behavior that businesses up holds in its daily its activities across the globe is what is referred to us business ethics. A specific business can have diverse ethics. Business ethics is concerned with how businesses relate with the globe at large as well as their one-on-one relationship with their individual customers. Most business across the globe has earned bad reputation as a result of just being in the world of business. In the eyes of most people, the bottom line of business in making money, and this action is referred to as capitalism. Indeed, it is not wrong to have a means of generating money in the business world, but the manner in which it is being done is what counts, hence, a concern in business ethical behavior. It is conflicting to resolve the existing tension between a philosopher who believes in ethics in business and a money minded business owner. To fine the conflict the paper will look at three different ways that will lead the business world into business ethical standards (Chryssides and Kaler, 12-13). Business Ethics from Profit domain There has been an argument that business and ethics have a symbiotic correlation in which naturally ethics emerges from the businesses which are profit oriented. As a result of this, there are two ways of explaining the ethical standards. One, the application of good ethics in the business results to successful business. In general, it means that when businesses practice moral standards, they earn profits. However, this is not usually the case; for instance, making of safe products is profitable since product liability is decreased. In addition, businesses are profitable if employees privacy is respected, since there will be increased motivation hence efficiency. (Hartley, 44), Argues that, the only way a business can earn long-term interests, it’s by seeking trust from the public. However, this version has its weakness; for instance, most business that upholds moral practice will attain an economic advantage in the long run only. Little incentives are provided to businesses that seek profits within a short time. In addition some business morals may not be economically viable whether in the long run or short term. On the other hand, moral business depends on what it is being the product or service that will earn the business good profit. Therefore, the conflict that exists between business ethics and profits is incidental. The Second way is that, the profit motive in a free market which is competitive will bring about business ethics. Meaning that, if safe products are demanded by consumers, or if employees demand for their privacy, then consumers will purchase from or the individuals would wish to be employed in business that have their demand. It is therefore obvious that, good businesses lead to standard ethics, when business standards are observed by individuals involved in the business it is automatic to attract the consumers. However, the assumption that consumers and employees will demand there need to be met is challenging. The consumers may desire poor products if they are making a saving and the employees will forego their needs if they are compensated with high pays. It is important to note that not every ethical behavior in a business will lead to profitability. Business Ethics against laws The other strategy of business ethics is that the ethical obligation in a business encounters laws constrains. Across the globe, morality from the westernized has been put into legal laws such as harassments, killings and fraud. For instance, what can count as marketing that is responsible or privacy that is adequate in the work place. As a result of this, unreasonable acts for businesses to operate, in an environment where there is conflict, and it seem to be optional. Then the unreasonable moral requirements are more profound when it comes to some societies with staunch external morality sources. For instance the Muslims, who are restricted from being, charged interests from relief aid loans from banks or cooperates. Hence, such countries are not ruled by the Muslim laws but by the strong external morality which is a binding factor in the Muslim business rather than what the laws require. In general, without having a standardized ethical system of business that is external to the existing laws then the society will have optional moral rules, as well as the business individuals. However, observing legal business ethics may prompt business to follow the right thing as laid by the laws. Nevertheless, the law always lags behind the ethical condemnation of specific unscrupulous, but legal business activities. For instance, in the past years, companies dealing with drugs had exaggerated claims of curativeness which was miraculous and the exaggeration has been stemmed by the governments. There is a possibility that time will come when business activities will be deeming immoral, but legal. In addition, laws are only applicable in nations where laws related to business are conscientious moral. A situation that is different to developing nations whose laws are less sophisticated as well as their regulatory agencies. Business Ethics from Moral rules Finally, the introduction of morality should be done externally from the law as well as from the profit motive. It is accepted by most business philosophers, and that a business which is proper is more of laws that are being enforced. It is advisable that businesses avoid harming acts, they should be fair with their practices, respecting of human rights, be autonomous as well as being genuine to their activities. Businesses sustaining the principles, they do appeal to the global notion of business ethics. However, they are general since they do not highlight what counts as harm, unfairness, and the violation of individual’s rights. The principles seem to be abstract in nature hence difficult to implement as well as their guide line are complex in some situations. Focusing on the specific approach will be necessary, knowing consumer’s interests, society, employees as well as the stake holders (Balachandran and Chandrasekaran, 44-45). However, the importance of corporate code of ethics in business attempts to foster good relation within the public or decrease legal liability, and they act as models of understanding the manner in which moral principles can be articulated and be introduce in the world of business. The approach on the other hand, stipulates the morality of specific action without being an ensnared issue in the problem of deducing. It the corporate codes are eliminated, then the rules will seem to be mere rule of prudence unless a distinct character of morality is established. As a result of that, it will mean that moral principles in the business world should be relied on in spite of them having their own draw back as indicated. If institutions or companies are operated in a way that they are in a position to identify the central role of a business that is structured plays in the community, then they will work as one to foster the developments that are entailed by business institutions. For instance businesses initiate as well as improve the lifestyle in the community at large locally and internationally. Conclusion We notice that the three ways have there on challenges in the world of business ethics. Ethics as a subject is complex and it has been controversial since time in memorial. In business as well we expect to encounter controversy in the application of ethics. However, if any of the three approaches are followed, then business individual will be brought close to the morally accepted behavior. In addition, close attention to the consumers as well as the profit motive will cause some sprouting of morality in the business world. It is therefore necessary for the business individuals to seek more moral guidance from the laws that have been stipulated. By being in touch with the jeopardizing cases that has caused business to fail helps us to identify ways that we as business people can behave in order to sustain or business. Further Reading: Business Corporate Ethics http://www.washingtonpost.com/wp-dyn/business/specials/corporateethics/ Business Ethics Articles from George S. May International Company http://ethics.georgesmay.com Business Ethics Forum http://www.managementlogs.com/business_ethics.html Work Cited  Chandrasekaran, Balachandran. Corporate Governance and Social Responsibility. PHI Learning Pvt. Ltd.2009 Hartley, F. Robert. Management Mistakes and Successes. John Wiley and Sons, 2010 Kaler, H. John. An introduction to business ethics. Cengage Learning EMEA, 1993 Read More