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Without this duty to take car of one another, government and society would have no reason to exist. Because man is a social creature, it seems reasonable that society is meant to exist, but that society will only be stable as long as everyone in it is treated fairly -- that is, ethically. Therefore, business ethics are not only important for the longevity and profitability of a specific individual business entity, but also for the advancement and stability of society as a whole.
One common business problem is reporting a loss to investors. The Enron scandal involved "creative accounting" to hide losses and so continue outside investment. Had the people at Enron behaved ethically and explained the situation honestly, they almost certainly would have suffered a loss, but the company might have survived. Accounts should always be presented honestly for this reason.
The mortgage issue is somewhat similar to the Enron scandal,...
This illustrates an even more common business ethics issue -- the ability that the prospect of profit has in clouding judgment. In such situations, the most effective way to make a sound ethical judgment is to look at the possible outcomes of a scenario without including profit -- in some cases, increased profit can and should increase the level of risk taken, but when other people's money and homes are involved, profit should not be a part of the calculation.
A third ethical issue common to both of the above issues is one of respect for the consumer. Businesses often lose sight of thefact that al money is eventually attached to individual human being. Keeping in mind the gold rule of treating others as you yourself would like to be treated pretty much guarantees ethical behavior, and as we have seen this can be a help to a business's bottom line, too.
Business Ethics Focus on Merrill Lynch According to Laura Hartman and her co-writer, Joe Desjardins in the work entitled "Business Ethics: Decision Making for Personal Integrity & Social Responsibility" philosophical ethics may be clearly differentiated from theological ethics because theological ethics attempted to disseminate the well-being of an individual on a religious basis while the ethics of an individual's philosophy is such that provisions of justifications that can be applied to
Business Ethics "the High Cost of High-Tech Foods case" The cost of high-tech food continues to arouse debates over the ethical, moral, and practical impacts the foods have on the people, market, and economy. However, it is evident that the proponents and opponents of the motion do not seem to come to agreement as each holds their view right. The situation worsens due to the application of emotions in addressing the matter
Business Ethics Business Law Business ethics are a very important part of the entire business process. It is important to have a firm understanding of the ethical rules of the game in order to perform the best. The purpose of this essay is to discuss and highlight some of the more important effects that ethics plays in business and business law. The essay will discuss the corporation's role within society and
The less direct the impact, the more likely the stakeholder is to use consequentialist considerations to just the actions of managers. For example, government did not react to the need for improved governance and pass Sarbanes-Oxley until after multiple scandals had occurred. Millions of Americans lost money and faith in the financial system was eroded, threatening further harm. If the scandals had not resulted in outcomes so severe, it
Finally, the universalizing stage is often referred to as enlightenment, or having achieved a true understanding of the nature of good virtue. (Fowler, 1995; p.p. 73-145). Clearly, my personal ethical values are heavily influenced by my stage of personal development. As I continue to grow, my values will evolve and adapt to my new way of looking at the world. The way that defining moments influence me will also be
In the long run, Machan & Chesher's argument makes sense -- care for the health and safety of company employees and see the company grow more profitable! Care for one's own health and one will be a better employee! However, management does not always take the long-term vision that, 'if I allow my employee to take a day off for the flu, he or she will be more productive upon