The Common Consensus Within The Business Field Essay

The Common Consensus Within The Business Field Essay

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The common consensus within the business field is that businesses have a social responsibility to protect and improve the societies they affect. Social responsibility is the belief that businesses and their employees have a duty to act in a manner that benefits their environments and society. The concept of social responsibility stems from ethics, which are simply the moral principles that guide a person’s behavior. However, despite this, it is clear to scholars, researchers, experts, and businessmen alike that sometimes ethics and responsibility are thrown out the window in favor of cutting costs and increasing corporate profits. This tendency for otherwise good businesses to act in badly is known as the Lucifer effect, and is a very real problem. Nevertheless, there are good businesses who practice outstanding ethics and truly act in a manner that is beneficial to all. The problem within business and finance fields is that the public eye often only sees the bad actions, so there is a negative opinion of many business fields, specifically finance. Research shows the opinion of finance workers tends to be negative, and many view the field as selfish and unbeneficial. This viewpoint leads scholars to ask: does finance benefit society?
Part of the problem believed to be a factor in poor business ethics is the lack of emphasis on ethics teaching to business students. In a study done by Maclean and Litzky in 2003, just 23% of the top 13 business schools required students to take a standalone course on ethics. As other researchers point out, some schools claim to teach ethics as part of other generalized subjects. (Breaux, et al.) Outside of school, kids are often taught to save and make as much money as possible, but few parents teach...


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...argue that business is not an inherently bad field, but that the reputation has been soiled by a few bad apples. Given all this information, I tend to agree with the argument that finance and business are not bad fields, they have just been soiled by a few evil people. I believe there are several bad businesses such as the Nestlé Corporation; and good businesses like Microsoft and the Bill and Melinda Gates Foundation that prove cases of evil and corrupt business practices can be linked to the actions of a few evil people in power. I find this argument to be relevant and interesting because unethical business practices often appear in the news, and this influences the public perspective on businesses. Many people tend to think most businessmen are evil, greedy, and corrupt. This is not always the case, and I aim to demonstrate why others should think in the same way.

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