BUSINESS ETHICS

Business Ethics

Business Ethics

Introduction

Discussion on ethics in business is necessary because, business can go unethical, and there are plenty of evidences as in today on unethical corporate practices. Even Adam Smith, in whose name neo-liberal laissez-faire is advocated opined that 'People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices' Business does not operate in vacuum. Firms and corporations operate in the social and natural environment. By virtue of existing in the social and natural environment, business is duty bound to be accountable to the natural and social environment in which it survives . Irrespective of the demands and pressures upon it, business, by virtue of its existence is bound to be ethical, for at least two reasons: one, because whatever the business does affects its stakeholders . and two, because every juncture of action has trajectories of ethical as well as unethical paths wherein the existence of the business is justified by ethical alternatives it responsibly chooses One of the conditions that brought business ethics to the forefront is the demise of small scale, high trust and face-to-face enterprises and emergence of huge multinational corporate structures capable of drastically affecting everyday lives of the masses.( Harwood, 1996)

Ethical Issues Within Today's Business Environment

Ethics covers a wider area in terms of business. Ethical values, one should follow in business should satisfy the customers, employee and employer. There are values that should be satisfied internally within the organization, between the employer and employee or between employees. With the advancement of growing technologies, competitors in market are also growing. This had resulted in various ethical issues in any business. Every business organization must comply with these principles to be ethically valued. Some ...