Ethics Throughout History, There Has Been an

ETHICS Throughout history, there has been an inherent conflict between honesty and profit in business. One the one hand, businesses, like individuals, strive to maintain their personal ethics and honesty in conducting business. However, in order to succeed and remain in business, companies must be profitable. Although businesses often start out maintaining and promoting ethical and honest conduct, often times, the lure of greater potential profits becomes too strong and individuals and companies find themselves compromising their personal beliefs out of greed.

Corporate scandals like those involving the Savings and Loans, Michael Milken, Enron, Global Crossing, and WorldCom (among others) serve as invaluable reminders that corporations, like humans, are flawed and without proper oversight, may be susceptible to ethical failures. This paper analyzes and examines whether honesty in business is more important than profit. Part II outlines and critiques arguments in favor of pursuing honesty over profit. In Part III, arguments in favor of pursuing profit over honesty are discussed and evaluated.

Lastly, this paper concludes with recommendations for balancing the conflict between honesty and profit in business. II. ARGUMENTS IN FAVOR OF PURSUING HONESTY OVER PROFIT multitude of arguments may be made in favor of pursuing honesty over profit in business. First, individuals and companies who seek to maintain and promote honesty over profit in business are sending a message to their employees and customers that businesses are capable of conducting and should conduct their transactions ethically and honestly.

By placing high value on ethics and honesty, corporations may promote a return to the "old days," where deals were completed with handshakes and where a business' or individual's word was worth more than his or her credit limit. Next, individuals and businesses that cherish honesty are not sacrificing any potential customers or profits than those individuals and companies who promote profit over honesty. If anything, businesses and individuals that promote and follow ethics and honesty over profit will likely win over new customers. III.

ARGUMENTS IN FAVOR OF PURSUING PROFIT OVER HONESTY While there are numerous arguments in favor of pursuing honesty over profit in business, there are several arguments in favor of pursuing profit over honesty in business. First, the simple reality is that individuals and businesses need to earn sustained and substantial profits in order to succeed. Businesses and individuals who do not market themselves in a way that is profitable are unlikely to succeed over the long run.

Next, pursuing profit is not just a single-minded or selfish goal; it fosters economic growth, both for employees as well as the economy in general. By pursuing profit, individuals and corporations are able to contribute to the economy, both in maintaining its current state as well as enabling future growth and profitability. Third, arguments may be made that pursuing profit is human nature, the result of Darwinism and the "survival of the fittest" principles.

By placing a high emphasis on profit, individuals and companies often invent new products and technologies, both of which are invaluable to individuals and society as a whole. Fourth, pursuing profit offers individuals and businesses "rewards" for their hard work, as well as motivation to continue such hard work. IV.