Review of Business Ethics and Global Business Assignment

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Introduction
Ethical aspects of businesses here in the United States have had many implications in recent years. From the Martha Stewart being found guilty for insider trading, to Bernie Madoff’s pyramid scandal, leaving many retirees working throughout their retirement because the man they trusted spent their hard earned money on a frivolous lifestyle filled with yachts and houses bigger than many of us have ever seen. Then there is Enron who left a path of destruction greater than hurricane Katrina. Stakeholders were left without jobs after years, many non-profit organizations that depended on the company for donations were forced to close down, and the wake that was left behind was devastating for years to follow.
The Enron scandal made Congress realize that these unethical practices could and probably would happen again. “The Invisible Hand” (Pearson Learning Solutions, 2011) was not working. This led to the “The Governmental Duty Perspective” (Pearson Learning Solutions, 2011) Sarbanes Oxley Act Known as ‘S.O.X’ which was established by US Congress in July 2002 (Anand & Pei Fong, 2005) following many of these fraudulent incidents. Because of S.O.X, “European corporations are threatening to withdraw from American stock exchanges; and in Asian a number of companies have cancelled or delayed plans to list in the US, opting instead of other means of raising capital”. (Anand & Pei Fong, 2005)
According to Pearson Learning Solutions, 2011:
The Invisible Hand approach essentially posits that the only duty management has is to make profits and enhance stockholder wealth in a legal and moral fashion. Without the presence of guardians, such a model may not yield the best results for individual consumers and investors, es...

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...s (1st ed.). Retrieved from vitalsource.com Chapters 6- 8.Web site: http://online.vitalsource.com/#/books
Rakas, S. (2011). Global Business Ethics- Utopia or Reality. Megatrend Review, 8(2), 385-406. Retrieved from ebscohost.com Web site: http://ehis.ebscohost.com/eds/detail?sid=a5fa9e88-d94e-4bb3-a6eb-8750f06a6255%40sessionmgr4001&vid=1&hid=4111&bdata=JnNpdGU9ZWRzLWxpdmU%3d#db=bth&AN=70970531
Sun, L. (2014). In BusinessDictionary.com (Ed.), Impact of Globalization on Small Businesses. Retrieved from BusinessDictionary.com Web site: http://www.businessdictionary.com/article/583/impact-of-globalization-on-small-businesses/
Thomas, J. (2007, January). Globalization creating new ethical problems in Asia. Message posted to The Advertiser-Tribune.com: http://www.advertiser-tribune.com/page/content.detail/id/501961/Globalization-creating-new-ethical-problems-in-Asia.html

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