There is an understanding recently that corporations don’t only act to make money, but that as “moral agents that are accountable for their conduct to their employees, investors, suppliers, and customers” (Ferrell, Fraedrich, Ferrell 207). As corporations necessarily act…
Since they are morally responsible, there is a greater need for them to act in ethical manners than if their actions caused no harm to anybody.
One example could be international trade and the food industry. Ethically speaking, a lot of food from third-world countries is problematic because it is farmed using slave or child labor, or both. So if there were a major food company like Hershey’s which bought their cocoa through unethical channels, that company would be having a very negative effect on people who were being forced to farm cocoa beans. This would be an unethical act, and one that would effect society at large as well.
On the positive side, though, there are many companies who sponsor elementary schools when purchases or made, or who sponsor community-oriented events and initiatives. In this case, the organizations can be good moral agents, as well as “top corporate citizens” who have made sure that they act ethically as well as just out of a sense of what is economically good for their company (Ferrell, Fraedrich, Ferrell ...
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According to the task, these ethics can be explained in many different theories of ethics that include virtue ethics, rationality, utilitarianism, communitarianism, social ethics and normative ethics. Hence, international business ethics and corporate governance can be explained in various ways (Casson 95).
Business ethics are rules as well as standards which an organization is required to follow while performing its activities or operations. It mainly consists of moral standards which vary among organizations and it also helps in determining the right and the wrong decisions.
For example, according to the limited knowledge of the researcher, Magna Carta of 1215 was the first legal reference for ethics in UK (Holme, 2008). However, magnitude of importance for ethical perspective of business operation has been increased manifold in recent years after the financial scams by corporate such as Enron, Lehman Brothers, Worldcom, Nortel and many others came to the light.
Business ethics theories are often adopted by organisations seeking to curb practices that are deemed as corrupt. They usually have moral principles that organisations can implement to make sure that all the workers operating in the company conform to accepted codes of behaviour
Examples of ethical issues concerning three different issues have been explained along with their alleged law suits that have flagged these issues in the United States.
Business ethics are the moral eternal, abstract, and the
To some, the suggestion that an orderly and analytical process of decision making, not only on a personal level – but more so in business, should include the discussion of highly controversial ethical issues, about which
The other group of business people takes it as avoiding activities that portray bad image of the company. If the above are not considered as business ethics the business institutions may suffer loss or may earn the business bad reputation.Business people believe that if good business ethics are adhered to then the business will experience an upward trend with a lot of profit.
A similarity between ethics in the United States and ethics in Asia is that they address a variety of similar factors such as pollution, corruption, fraud and contracts among others. Although approaches to dealing with
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