Further, many home owners lost their homes due to foreclosure and this impacted the society in a negative way.
The stock markets were no exception to this problem and most companies saw their stock prices dive down. This prevented them from accessing the required capital for expansion and at the same time, many individual investors lost heavily. A good percentage of Americans saw the erosion of their 401K and this placed further financial difficulties in their personal lives.
Conclusion
In short, the unethical practices used by the banks in a wide array of activities including lending had a big impact on the economy. They used many tactics such as shadow banking, creating complex instruments, predatory lending, fraudulent mortgage contracts and sub-prime lending to bring the financial industry on the brink of disaster. It is hoped that regulators, financial executives and the people would be more wary in the future to prevent such…...
Vioxx demonstrates the unethical practice perpetuated within the business community. Typically, the pharmaceutical companies often put their financial interests above the health and safety of drug users. The paper also highlighted the unethical drug approval process implemented by FDA. The paper suggests that the government should introduce tougher drug approval process to ensure that FDA approves only the ethical products into the market.
The case provides the overview of a controversy that involves Vioxx, a drug produced by the U.S. based Merck (Merck & Company), a leading global pharmaceutical company in the United States. Vioxx is an anti-inflammatory drug used for the treatment of acute pain and arthritis without irritation. Merck launched Vioxx in 1999 for the treatment of the acute pain and arthritis and ever since the drug was launched, medical experts had written series of reports about the cardiovascular risks associated with the long usage of Vioxx. Years…...
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References
Appleby, J, Krantz, M. (2004). Merck estimates $2.5B impact from pulling Vioxx plug. USA Today 2004 Sept 30.
Mancinelli, S.M. (2006).Placing Blame for the Vioxx Debacle. Harvard University's DASH repository.
Phua, K.L. (2008). "Vioxx and the other Cases of Approved Pharmaceutical Products Withdrawals from the Market: Ethical Issues in Ensuring the Integrity of Drug and Medical Device Research, Development and Commercialization." International Medical University .Kuala Lumpur.
Presley, H. (2005). Vioxx and the Merck Team Effort . The Kenan Institute for Ethics at Duke University.
casts light upon the unethical practices carried out in the domain of marketing strategy. The paper identifies basic ethical issues explaining how customers are trapped and they lose confidence in the organizations and their marketing campaigns.
Marketing is considered as the backbone of a business organization which enables it to communicate with the customers. It is an unquestioned fact that business is driven by the customers who are primary revenue generators and no business can survive without customers (Kotler). The core objective behind establishment of a business is to earn profit and the customer is the sole body driving the process of profit generation.
Profit generation is the function of increasing gap between cost and price of item sold or increasing the number of items sold. The former option is difficult to practice in every industry and it may be a temporary approach. Hence the business practitioners tend to focus on…...
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Works Cited
Harvard Business Review. Harvard Business Review of Increasing Customer Loyalty. USA: Harvard Business Press, 2011. Print.
Kotler, Philip. Principles of Marketing. New Delhi: Pearson, 2010. Print.
Offshoring an Ethical Business Practice?
The practice of offshoring jobs is one that has been discussed at length by both by critics and proponents. Proponents argue that it is an unavoidable outcome of trade agreements that are both necessary and helpful to the global economy. Critics disagree and find offshoring to be destructive to the economy. As Sir James Goldsmith has pointed out in his argument against the General Agreement on Tariffs and Trade (GATT), offshoring wrecks the domestic infrastructure by removing jobs from American cities, which negatively impacts American families. The North Atlantic Free Trade Agreement (NAFTA) serves as another example: nearly one million American jobs were lost within the first five years of the trade deal taking effect (Muhho, 2014). From the standpoint of of Buddhist Ethics, refraining from harming living things is a precept that one should follow. This same idea has been perpetuated by numerous other…...
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References
Cahn, Steven; Markie, Peter. Ethics: History, Theory and Contemporary Issues (Fifth
Over 100 of that group will be allowed to participate in a special training session that both teaches and tests medical preparation and fire suppression skills, and which will allow those who pass to gain entrance into the department (eese 2011). Those who are not selected will be eligible to partkae in a $30 million dollar monetary award that was largely facilitated by the National Association for the Advancement of Colored People. The fact that such a venerable organization had to become involved with this particualr grievance of African-American firefighters is largely indicative of the fact that such unethical practices of hiring -- which directly influence the amount of those promoted -- are based upon discriminatory measures against African-Americans.
In conclusion, it has been conclusively demonstrated that there is a history of unethical practices in regards to the promotion of African-American firefighters that continues throughout contemporary times. In some respects,…...
HTC's Code Of Ethics
Hospitality estaurant Training Center (HTC) is seeking to create an ethical workplace as it provides training to underprivileged youths in culinary arts skills and techniques. The ethical goals and priorities of HTC include creating an ethical workplace, commitment to ethical behavior, setting ethical examples, and developing positive business value and social change. In this regard, HTC employees will be required to comply with all environmental, safety, and fair practice laws when conducting their various responsibilities. As part of compliance with the relevant laws, the company's employees are required to be responsible and ethical when dealing with the firm's public image, products, partnerships, and finances. Secondly, HTC requires employees to demonstrate respect to the management and their colleagues when carrying out their work. Third, at HTC, employees should demonstrate professionalism and integrity in the workplace. Fourth, all employees are required to protect the company's property by treating it…...
(Freyhofer 104)
Globalizing clinical research has reportedly proven to be one solution for America's pharmaceutical paradox. Doctors prescribe more than 10 prescriptions for the average American each year. Only one person in 350, however, will submit themselves to be a participant in experimental drug testing. On the other side of the globe, however a profusion of under-treated, poor, physician-trusting patients who live in Latin America, Eastern Europe, and Southeast Asia provide the rapid, positive results needed for new drugs to receive quick approval. One review noted that 99% of controlled trials published in China netted positive results upon the drug/treatment being investigated. (Shah 23) In Nigeria during 2002, thirty Nigerian families filed a class-action suit against Pfizer, who allegedly violated the Nuremberg Code in 1996 as they presided over an experiment on Nigerian children suffering with meningitis. esearchers reportedly forced a risky, unapproved, experiment on unsuspecting subjects who, as a…...
Bagley, Margo A. "Patent First, Ask Questions Later: Morality and Biotechnology in Patent Law." William and Mary Law Review 45.2 (2003): 469+.
Chapter 14: The Federal Policy for Human Subject Protections (The Common Rule)." Retrieved 28 November 2006 at the.doe.gov/ohre/roadmap/achre/chap14_2.html.http://www.
Embryonic stem cell research fails in many ways to reader," The Times Leader, October 27, 2006.
Fence Post." Daily Herald (Arlington Heights, IL) 27 Aug. 2005: 16.
Unethical Leadership
Leadership is not an inherited gift or a family heritage. Becoming a leader is a deliberate and planned process of personal and professional development that must be carried out experientially. It requires one to have the courage to say both "yes" and "no' to an everlasting chain of large and small tests. In order to become a true leader, one must be prepared to define his/her values, character, and leadership style. The resilient, tough leaders make this process a way of life, not only in business, but within their families, communities, and the world (Chandler, 2009).
Leadership can be described as "a process of social influence through which an environment is provided where personal, professional, and/or organizational goals can be successfully achieved" (Bahreinian, Ahi & Soltani, 2012). In today's rapidly-growing and spirited industry, efficient management is the major cause of making an organization superior to the other. If truth be…...
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References
Atkins, P.W., & Parker, S.K. (2012). Understanding Individual Compassion in Organizations: The Role of Appraisals and Psychological Flexibility. Academy of Management Review, 37(4), 524-546.
Bahreinian, M.R., Ahi, M.A., & Soltani, F. (2012). The Relationship between Personality Type and Leadership Style of Managers: A Case Study. Mustang Journal of Business & Ethics, 3, 94-111.
Brown, M.E., & Mitchell, M.S. (2010). Ethical and Unethical Leadership: Exploring New Avenues for Future Research. Business Ethics Quarterly, 20(4), 583-616.
Chandler, D.J. (2009). The Perfect Storm of Leaders' Unethical Behavior: A Conceptual Framework. International Journal of Leadership Studies, 5(1), 69-93. Retrieved January 9, 2013, from http://www.regent.edu/acad/global/publica
Unethical 'Best Practices'
Corporate Governance Case Study: Enron
Enron, the seventh-largest American corporation, collapsed in December 2001 in what most people refer to as the 'New Economy's first major failure'. Following its collapse, Congressional committees immediately embarked on inquiries to determine the cause(s) of its bankruptcy. Once investigations were complete, it was evident that the corporate governance mechanisms employed by the company had contributed to its downfall. The company employed the Anglo-American model of corporate governance, which places substantial emphasis on shareholder rights as opposed to stakeholder rights, and which, in addition, is management-dominated and has a unitary board structure with a single powerful leader. Driven by an urge to keep shareholders appeased by paying them more even when the company's resources were strained, Enron's managers employed off-balance sheet transactions with SPEs, and were able to hide huge amounts of debt that was often collaterized with the company's stock. The CFO, Andrew…...
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References
Hartman, L.P., DesJardins, J.R., & MacDonald, C. (2013). Business Ethics: Decision-Making for Personal Integrity & Social Responsibility (3rd ed.). New York, NY: McGraw-Hill.
Pies, I., Beckmann, M. & Hielscher, S. (2010). Value Creation, Management Competencies, and Global Corporate Citizenship: An Ordonomic Approach to Business Ethics in the Age of Globalization. Journal of Business Ethics, 94(1), 265-278.
Rhode, D.L. (Ed.). (2006). Moral Leadership: The Theory and Practice of Power, Judgment, and Policy. San Francisco, CA: John Wiley & Sons.
NHS Corporate Social esponsibility Practice
In a contemporary business environment, organizations are struggling with the new roles to meet the needs of present generation without compromising the needs of future generation. Within a business environment, stakeholders are calling upon corporate organizations to implement operations that will meet the societal values and the natural environment. Organizations are also being called upon to apply principles of corpo-rate social responsibility (CS) in the business operations. Corpo-rate social responsibility (CS) is the process where corporate organizations demonstrate the inclusion of social responsibility and environmental concerns in their business activities. (D'Amato, Henderson, & Henderson, 2009). It is no longer acceptable for a firm to conduct business without demonstrating societal concern.
The objective of this report is to evaluate the current Corporate Social esponsibility practice of National Health Service (NHS). The report uses Carroll's pyramid models to demonstrate the effectiveness of NHS Corporate Social esponsibility practice, structure, purpose,…...
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References
Bowie, N.E. (1999). Business Ethics and Normative Theories. Black well Publishing. UK.
Burton, B.K., Farh, J.L. & Hegarty, W.H. (2000). Comparison of a Cross-Cultural Corporate Social Responsibility Orientation: Hong Kong vs. United States Students. Teaching Business Ethics, 4(2):151-167.
Carroll, A.B. (1999). Evolution of a Definitional Construct of Corporate social responsibility Business and Society, 38(3): 268-295.
D'Amato, A. Henderson, S. & Henderson, S.(2009).Corporate Social Responsibility and Sustainable Business. CCL Press. USA.
A Utilitarianism Analysis of the Practice of Dumping
Introduction
Coined by Mother Jones magazine, the term “dumping” is used to describe the practice of selling products in other countries, typically developing nations, after they have been banned for sale in the United States. Although still widely practiced, dumping has been criticized as an immoral business practices that inevitably causes harm to others, usually for profit or to avoid the financial losses that would be caused by being forced to withdraw products from the marketplace. To determine the validity of these criticisms, this paper provides a review of Case 1.1, “Made in the U.S.A. – Dumped in Brazil, Africa, Iraq” from a utilitarianism perspective, followed by a summary of the research and important findings concerning these issues in the conclusion.
Review and Analysis
The history of dumping unsafe or otherwise banned products in other countries by U.S. companies is lengthy and damning at first glance.…...
These benefit the local company as well as the entire region.
Leverage financial and other investments in the community. ecause nonprofit organizations mobilize vast reserves of goodwill, corporate investment in the community can have tremendous reach in building a better corporate profile and in strengthening public support of the private sector. (Kanaga, 1998)
The work of Nae and Grigore (nd) entitled: "An Overview of European Multinational Corporations" the social and political changes brought about by globalization have raised new questions as well as expectations about governance and social responsibilities. More and more companies of all sizes and sectors are recognizing the importance of their role in society and the real benefits of adopting a proactive approach to Corporate Social Responsibility (CSR)." (Nae and Grigore, nd)
V. FIDUCIARY DUTIES as a GUIDE to ETHICS
The work of Young (2007) entitled: "Fiduciary Duties as a Helpful Guide to Ethical Decision-Making in usiness" states that the…...
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Bibliography
Charoenpong, Kittiyaporn (nd0 Technology Effect on Ethics in the Workplace. Dusit Thani College Academic Resource Center. Web Opac. Online available at http://lib.dtc.ac.th/article/dtc/0007.pdf
Okpara, J.L. (2003) Can Corporate Ethical Codes of Conduct Influence Behavior? (an Exploratory Study of Financial Managers in a Developing Economy. XI International Conference Brussels, Belgium July 11-13, 2003)
Kanga, W.S. (2004) Corporations Must Act Ethically CIPE's Board of Directors, delivered in Bucharest in 1998 at a conference on the "Role of the Corporation in Today's Society. Economic Reform Today. No. 1 19999. Economic Reform Today. http://www.cipe.org/publications/ert/e31/e31_1.pdf
Fiduciary Duties as a Helpful Guide to Ethical Decision-Making in Business (2007) Journal of Business Ethics 74:1-15 DOI 10.1007/s10. Springer 2007.
Ethics can be defined as standards employed by people to make a determination of what is the right course of action to undertake in a given situation. Ethics are reliant on a logical and rational set of principles to come to a decision, which in essence, is a cognitive procedure or practice. Ethical dilemmas come about pretty much on a daily basis. It is imperative to take note that situations or circumstances that are uncomfortable or tough, but that do not necessitate a choice are not considered ethical dilemmas (Allen, 2013).
The first aspect for an ethical dilemma is that there has to be an agent or person who has to make a decision on which the best or ideal course of action is to undertake. Secondly, there has to be numerous courses of action that one can select from. Finally, regardless of what course of action is undertaken, there is…...
Scope and StandardsHistory of Psychiatric-Mental Health PracticeThe history of psychiatric-mental health practice is unfortunately one in which some rather unethical practices appear to have been accepted by and large by communities at one time or another. However, after reflecting on the evolution of psychiatric-mental health nursing, the deinstitutionalization movement stands out to me as a significant turning point. This shift from large-scale mental institutions to community-based care models is one that I view as helpful overall. At the same time, I recognize that there are challenges that remain as a result. For instance, this change does permit patients to live in less restrictive environments and encourages patient autonomybut it has also exposed the lack of adequate community resources for mental health in some cases, particularly where support networks are needed. If we can really understand the best way to support mental health practice, we can keep this positive change going…...
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ReferencesPsychiatric-Mental Health Nursing: Scope & Standards of Practice (2022). APNA.
Business Research
The unethical research behavior discussed was conducted by yeth, and is symptomatic of the systemic issues that the pharmaceutical industry has with respect to research. The article details a case involving yeth that resulted in class action litigation. The ethical issue in this case is fraudulent research. The allegation is that yeth fabricated research by using "vendors to produce ghostwritten manuscripts and place them into medical journals." The research produced was therefore entirely fraudulent, but passed off in medical journals as legitimate research. The objective of placing this research in the journals was to legitimize the new drug that yeth was about launch, Prempro, a menopausal hormone therapy.
The larger issue is publication planning, described by Fugh-Berman (2010) as "the process by which pharmaceutical, biotech and medical device companies produce and release articles in medical journals and posters at meetings to establish key marketing messages." These companies use academics to…...
Lesser-Known but Interesting Essay Topics on Code of Ethics for Supply Chain Management
1. The Ethical Implications of Artificial Intelligence (AI) in Supply Chain Management
Explore the ethical considerations surrounding the use of AI in automating supply chain processes, such as decision-making, inventory management, and supplier selection.
2. Ethical Supply Chain Management in the Era of Globalization
Examine the challenges and opportunities in maintaining ethical practices in global supply chains, considering issues of cultural diversity, labor laws, and environmental standards.
3. The Role of Blockchain Technology in Enhancing Ethical Supply Chains
Investigate the potential of blockchain technology to ensure transparency, traceability, and accountability....
Poor leadership is the primary factor contributing to business failures.
Introduction:
Begin by establishing the significance of leadership in business success. Highlight statistics or research demonstrating the correlation between effective leadership and organizational prosperity. State the thesis statement clearly, emphasizing the detrimental impact of poor leadership on business outcomes.
Body Paragraph 1: Lack of Vision and Strategic Direction
Explain how poor leadership can hinder the establishment of a clear vision and strategic direction for the organization. Discuss the consequences of having a leader who fails to inspire and mobilize employees towards a common goal. Provide examples of businesses that failed due to....
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