Ethical Issues Faced By The World Witnessed A Financial Crisis Essay

Ethical Issues Faced By The World Witnessed A Financial Crisis Essay

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The Merriam-Webster dictionary defines ethics as “rules of behavior based on ideas about what is morally good and bad; the principles of conduct governing an individual or a group”. Merriam-Webster dictionary also defines substandard as “below what is considered acceptable or normal, of a quality lower than prescribed by law”. Because of unethical conducts in the USA and Europe, the world witnessed a financial crisis. The global financial crises in 2008 affected hundred and thousands of people all over the world because of unethical business conducts. Integrity is the backbone of most successful companies. Lauren’s company has a good reputation and strive to maintain it, but as a recent graduate and a new employee, she is likely to face ethical conflicts in her new position, especially difficult business ethical decisions that suppose to be on the desk of top executives. She will be faced with challenges that will hinder her success and even relationships in the company. Lauren’s role as a quality supervisor and signing off on a substandard product is unethical and deviates from the basic approaches to ethics, which includes; the Utilitarian, rights, fairness, common good and virtue approaches.

The Utilitarian approach to ethic analyze whether the said behavior foster the “greatest good for the greatest number”. This approach focuses on the consequences of a given action. Achieve the greatest good to the large number while minimizing the harm. Since Lauren role was to test the device for technical and environmental functionality, it is incumbent on her not to sign off on the product because it missed it quality mark. If this device was a part of an aircraft that carries hundred of people, it will be beneficial to...

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The above approaches to ethics has to be considered before making any vital business decision that will affect a greater majority in the community, like what happened during the financial meltdown of 2008. Lauren has to consider her virtues, being fair, rights and common good of the greater community over the expectations of her managers in other to sign off on a substandard product. Also, the company’s protocol and reputations has to be maintained, it will be unethical as a stockholder for Lauren to sign off on a substandard device. Although her company will benefit in profit in the short run, it will eventually tarnish the brand in the long term. Lauren has to pay particular attention to the facts and the ethical considerations in other to make a wise decision on an action that advances the common good of all stockholders involved.

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