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Research Paper: Ethics in Business - Essay Example

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Research Paper: Ethics in Business

When adhered to, such moral values enhance the performance and profitability of the firm since it attracts and maintains customers together with their trust in the products or services offered by the business. The companies' basic moral principles according to Cory (2004:2) "are honesty, acting in good faith and in an equitable and just manner without betraying the trust of the stakeholders and by treating them as equals, practicing reciprocity, avoiding the exploitation of others, and acting from your own free will without forcing your will on your partners". It is virtues like honesty and acting in good faith that in our case study we see Steffan, in his capacity as the project manager violating deliberately.
There is need for business to develop and faithfully practice these moral values for purposes of well societal being. Unfortunately they fail to do that. Incidentally it is the managers and the CEOs who often are accused of violation of core values of the society like in the case of Steffan Larson who disregards Lauren's advice. They are usually morally blind and instead throw their focus on profit making. This is largely so because of shareholders' pressure for profit generation and the capitalistic economic arena in which they operate. But this notion is disputable since even in non-profit making organizations there is open deviation from set rules and regulation. They therefore do business without caring about people's lives, the environmental, political, social, and moral values. International corporations also want to be exempted from certain core values of a given place if in their view the values will conflict with their set objects, a theory Bowie (2002:3) calls relativism. He says that the international corporations want to know if they should do in Rome as the Romans do before they can start a business.
In the business, several ethical issues emerge. Those major ethical issues we are going to observe, however, are fourfold. First, there is the meta-ethical issue. It regards the appropriateness of using the moral language to some other entities other than to human beings, for example corporate structures, economic systems (capitalism or socialism) and corporations. It is necessary to evaluate this ethical aspect of the business in relation to profit making or at large customer attraction and or retention. The ethic here is more discipline oriented. It views business from the perspective of a given discipline such as management, accounting, economics, law, marketing and finance (Frederick 2002: xv). Then there is this issue of ethical behaviours on both the workforce and the managers. There is a great room for check on how corporations can be structured to instill ethical behaviours on the managers as well as the workers. Thirdly, there is the issue of unethical behaviours of larger corporations regarding matters of price control and most importantly their constant dishonour of the social contract with the community. Economic actor that tries to discern its ethical duties without recognizing the social contracts in the communities it impacts can fall a victim to moral myopia (Donaldson & Dunfee 1999: 8). Finally ...Show more

Summary

Ethics according to Milton S, Robert A and James H (2001:15) is defined as a discipline that involves investigation into the moral judgments people make and the rules and principles on which such judgments are based. Ethics in business on the other hand is the act of a business or business employees to follow to the letter certain basic moral principles when transacting with their customers…
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Research Paper: Ethics in Business essay example
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