Ethical Theory and Business Practice



Ethical Theory and Business Practice

Introduction

Ethics and morality should be an integral part of our whole existence and must be present in any activities that we develop. It is the ethical and moral behavior which fills us with pride and makes us eternally wise. In the business world, and particularly in the conduct of a trade, the implementation of a strategy, the omission of relevant information or misinformation, may be beneficial economically. Indeed, one could say that a business has been good not only because both parties have benefited but because one has taken more advantage (from the point of view of the latter). It could establish a good business in the moral sense, and bad business in the economic sense, as the moral sense looks for a sincere beneficial agreement for both parties, and the economic sense sought out an advantage from the point of view of the expectation (or sometimes directly at the expense of naivety or ignorance of the other party).

What is the moral point of view, and why is it important?

Moral point of view in business environment or simply the business ethics is a kind of professional or applied ethics that deals with the observance of moral values and ethical principles and ethical problems that arise in business environment. Business morality encompasses almost every aspect of business conduct and it also deals with the individual conduct in relation to the organization. The term business morality has a broad application with both normative and descriptive dimensions; it normative in nature when pursued as career specialization or corporate practice but it becomes descriptive when it is being learned and understood in academics. Today, the variety of moral issues reflects the relation of profit-making and profit-maximizing endeavors with non-commercial and non-economic concerns. Business morality has ...