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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...
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
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