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Discuss the relevance and pertinence of ethics to business
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Discuss the relevance and pertinence of ethics to business
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The concept of business ethics has tried to change the way businesses operate over the years. Business ethics is a form of ethics that governs the actions of businesses to circumvent the affects business has on every day society. But some question its effectiveness in the application of capitalism. Several case studies have shown that this is the case; many companies place the pursuit of money in front of the pursuit of virtue. Although, the majority of companies are not in the spotlight of acting unethically, can we conclude that they follow the ethical norms? It is natural for normal human beings to act ethical but businesses are on a completely different playing field. But could business ethics be clearly possible in capitalism?
In order to understand the debate of business ethics, one must understand the concept of capitalism. Capitalism in its purest form is free enterprise, meaning that the market functions with minimal interference from government and other forces. If this is possible then businesses compete with each other on an equal playing field and whoever has the upper hand can gain much of the market. Each business will fight for there own share of the market and it is basically survival of the fittest, whoever has the better product, price, quality will win over customers.
Capitalism is a free-market approach to economics but one other practice makes capitalism different from any other economical system. Within capitalism investors play a large part in business in capitalism. In theory there are several different kinds of investors in capitalism. One can ‘loan’ money to a company and the company will promise to return that loan with interest but the most common type of investment is ownership into the company or business. This type of ownership takes place through the concept of stock. Stock is an actual stake within the company bought in the stock market. In capitalism the stock’s price can either fluctuate up or down. This notion of the stock market plays the biggest part in a capitalist economy because a companies stock is an indication on how well the company is performing.
Milton Friedman, a University of Chicago professor, suggests that the only responsibility of businesses is to their stockholders. He advocates that a businesses function is to make as much money as possible in any and every way, as long as the rules o...
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...etely different things into the same economy, instead we should compromise into another type of economical system that can have a social conscience and still manage to make a profit.
Recently many companies have had their unethical behavior uncovered and this placed doubt in the minds of many. Capitalism and ethics cannot truly exist together because in capitalism there can be no control and ethics as a form of control. In capitalism Greed is the number one priority in capitalism and ethics cannot sidetrack this priority. Although over the years business ethics and capitalism seemed to have coincided one cannot conclude that the two can coexist because of the many kinds of unethical behavior takes place in our capitalist economy, much of which is still hidden. The unethical behavior uncovered by the government recently is just the tip of the iceberg and I am sure as long as people try to combine ethics and capitalism, unethical behavior will still run rampant, revealed or not. Only one action can deter unethical behavior in the U.S. economy, and that is changing the whole system because if not we will continue to live in an unethical economy where greed is the only precedence.
Many organizations have been destroyed or heavily damaged financially and took a hit in terms of reputation, for example, Enron. The word Ethics is derived from a Greek word called Ethos, meaning “The character or values particular to a specific person, people, culture or movement” (The American Heritage Dictionary, 2007, p. 295). Ethics has always played and will continue to play a huge role within the corporate world. Ethics is one of the important topics that are debated at lengths without reaching a conclusion, since there isn’t a right or wrong answer. It’s basically depends on how each individual perceives a particular situation. Over the past few years we have seen very poor unethical business practices by companies like Enron, which has affected many stakeholders. Poor unethical practices affect the society in many ways; employees lose their job, investors lose their money, and the country’s economy gets affected. This leads to people start losing confidence in the economy and the organizations that are being run by the so-called “educated” top executives that had one goal in their minds, personal gain. When Enron entered the scene in the mid-1980s, it was little more than a stodgy energy distribution system. Ten years later, it was a multi-billion dollar corporation, considered the poster child of the “new economy” for its willingness to use technology and the Internet in managing energy. Fifteen years later, the company is filing for bankruptcy on the heels of a massive financial collapse, likely the largest in corporate America’s history. As this paper is being written, the scope of Enron collapse is still being researched, poked and prodded. It will take years to determine what, exactly; the impact of the demise of this energy giant will be both on the industry and the
Almost everyone knows about animal abuse, so why is there no difference to it? We may not see it, but though we say we love our animals, we often end up betraying them. We think that we are doing good, but in the end we control them, and steal their liberty. How far is too far?
Police violence remains a dire human right violation, especially in the United States. Over the last decade, police have applied force and aggression in ways that leave people wondering if they are discharging their duties. Recently, law enforcement seems to have taken a different turn characterized by aggression and violence when dealing with the public. Cases of unjustified shootings, physical assault, fatal chokings and violent treatment have contributed to the ongoing problem of police brutality in the America. Worse still is the fact that a greater proportion of these cases go unreported and undetected. This has partially encouraged violent police officers to continue applying force when dealing with the public. This new law enforcement
(Mallor, Barnes, Bowers, & Langvardt, 2010) Business ethics is when ethical behavior is applied in a business environment, or by a business. There are many situations that can arise in which a person is experiencing an ethical dilemma. They have to choose between standing by their own personal ethical standards or complying with their companies ethical standards. In some instances, some have to choose whether to serve their own personal interests, or the interests of the company.
Violent video games are becoming more popular among children and adolescents of all ages since its debut approximately 30 years ago. This growing popularity is generating an increasing concern that these sometimes very graphic videos and life like characters can have a negative influence on the younger generation. Although never proven, there has been speculation that some of the high school shootings across the country were committed by students who were habitual players of violent video games. Due to these concerns, a non-profit, self-regulatory organization was established in 1994 by the Entertainment Software Rating Board (ESRB) to appropriately rate all video games from EC (early childhood), E (everyone), E10+ (everyone 10 and over), T (teen), M (mature), and AO (adults only). While assessing the efficacy of violent video game ratings, it is unknown how effective these ratings are for the intended audience (Becker-Olsen & Norberg, 2010).
Business ethics simply can be defined as the application of business values in the business practice of a company (Seawell 2010, p. 2). For a multinational company, business ethics is one of the critical aspects need to be taken into account in business decision-making processes. Failure to give attention on ethics may bring consequences on company’s reputation (Meyer & Jebe 2010, p. 159). The company is expected not only to pursue its own profits but also contributing to the environmental and social welfare of the community where it operates (Svensson & Wood 2008, p. 308).
The term “ethical business” is seen, by many people, as an oxymoron. This is because a business’s main objective is to make as much money as possible. Making the most money possible, however, can often lead to unethical actions. Companies like Enron, WorldCom, and Satyam have been the posterchildren for how corporations’ greed lead to unethical practices. In recent times however, companies have been accused of being unethical based on, not how they manage their finances, but on how they treat the society that they operate in. People have started to realize that the damage companies have been doing to the world around them is more impactful and far worse than any financial fraud that these companies might be engaging in. Events like the BP oil
Explain the connection between the economic model of corporate social responsibility and “free market” or “neoclassical” economic theory.
During these family gatherings we play games, have food, and really just enjoy ourselves. With us being separated it only made us closer. This did not affect our relationships in any way. Growing up we looked out for one another. As all of us graduated high school we are now starting our own lives in a way that we should be. Most of us has started our own family as of now. Now, we get to share a very special moment with our nieces and nephews. Family has always been very special to me not only because we have the same parents but because we grew a bond together. Our bong only expanded as we grew up. Creating a bond with my brothers and also my sister makes me feel very special because I am able to spend the rest of my life with them. It has been such a blessing to watch all of us grow up and start our own families. As of now, I currently have two nieces and two nephews. It is so surprising to see how much we have all grown. We all have accomplished some of our goals, but more to come. Hopefully in the future our own little families will expand. I tend to have a very special connection with all of my nieces and nephews even though we are far
Ethics are the driving force behind good business. Every ethical choice made by a professional can and will have a much different outcome than any unethical choice. Bad ethics can ruin many aspects of a business and as (Gaye-Anderson, 2007) states how quite easily the lives and professional reputation of the employees can even be severally damaged (para. 3). Everything from morale to motivation can be severely affected by poor ethical choices. Customers will take their business elsewhere. Employees will abandon ship. Other, competing businesses reap the benefits of the bad moral choices. Ultimately, the entire business can be brought down by one poor ethical choice.
The world’s economies continue to be divided on by whom their means of production benefit, supply, enrich, and protect. Many debates and altercations have been a result of disagreements between capitalists and socialists. Socialists believe the government is essential in providing equality for all and the allocation of capital goods. But the strength of capitalism can be attributed to an incentive structure based upon the three P’s: (1) prices determined by market forces, (2) a profit-and-loss system of accounting and (3) private property rights. The failure of socialism can be traced to its neglect of these three incentive-enhancing components. (Perry) Socialism gives power to the government to regulate the goods produced, the amount of goods produced, where the goods are distributed, and the price of the goods. This command system does not allow for the creativity, wealth, and freedom that capitalism supplies the citizens. Capitalism provides a market system that permits companies to regulate the economies themselves. Capitalism offers the world’s economy the freedom to manage itself, diversify, prosper, fail, and freedom from regulation in order to supply the world based on demand and creativity. Capitalism is the only social system that rewards merit, ability and achievement, regardless of one’s birth or station in life. Capitalism is the only social system that rewards virtue and punishes vice. This applies to both the business executive and the carpenter, the lawyer, and the factory worker. (Thomson) Capitalism is the world’s dominant economic system. Within it, the means of production and distribution are owned by individuals: private ownership and free enterprise are believed to lead to more efficiency, lower prices, be...
My hypothesis for this study is that video games are not solely responsible for detrimental behaviors such as violence. Also, in regards to the other research questions, video games are only portrayed in a negative light because of their accessibility. It’s an interesting thing to note that video games portrayal as a negative influence to children didn’t really lift off until certain events triggered this point of view, mainly during a series of “rampage shootings at sch...
In the business world there are many fundamental aspects and situations that can lead to several issues. In order to find an optimal and professional solution, business decision makers need to apply moral and ethical standards. And it is at that moment in which business ethics perform its role. Business ethics, which is in charge of examine how companies and individuals should act in business situations, is very essential in order to reach a common agreement and to work within the laws of business and solve an arisen dilemma. Working of the hand of ethical business companies, employees, investors, directors, and even individual officers can be beneficiated and obtain most favorable outcomes.
Business Ethics are much more than the buzz word stories on late night news. The Corporate Social Responsibility of a company goes well beyond that. “Business Ethics are moral guidelines for the conduct of business based on notions of what is right, wrong and fair.” (Bellow, 2012). Individual backgrounds play a huge role in person by person code of conduct can vary from employee to employer. To help solve some grey areas in what is ethically correct, companies now make a code of conduct that is over everyone in the company. This code of responsibility helps employees have better understanding of what is required of each and every one of them. “Corporate Social Responsibility is a business philosophy which stresses the need for
Ethics is the study of right or wrong and the morality of the choices that individuals make. That basicly means the set of morals or responsibility that a person, group, or field have. Ethics can also be classified as code of morals. In business there are ethics that portray to business. These are called business ethics, business ethics just happen to be the application of ethics, morals, into the business field. Some examples of business ethics are obeying all rules and regulations even when nobody 's looking, which is pretty self explanatory, you shouldn’t be breaking rules. Even if it is as simple as washing your hands after you use the restroom or straight up lying to your customers, they are the ones making you money so if they find out