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Review of literature on business ethics
Review of literature on business ethics
Aspects of what business ethics is
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Business ethics; what does it really mean? Some say it’s an oxymoron and the two words can’t exist together as a concept. These people will tell you that within business, there is no room for ethics and ethical behavior. Others will explain the need for businesses to practice good ethical and moral values within their company, and the importance of this to our society. For me, in the past, I honestly never gave the idea or term a second thought. Now after learning so much of business in our society I have a firm understanding of business ethics and I’ve developed my own personal view that reflects it. At the roots of proper business ethics is undoubtedly, understanding. As with life, all truths and therefore all ‘rights’, come with understanding. You can mimic steps and follow guidelines but that’s mere “window dressing” as according to Milton Friedman, an American economist (Friedman). With understanding you can find the bottom line and follow that which causes the best over all results for the majority of those concerned. What exactly does that mean?
To start to answer that question we have to look at the definition of business ethics. Business, as according to Merriam-Webster's Online Dictionary: “Noun: employment; profession; vocation; any occupation for a livelihood; trade; firm; concern.” And here is the definition of "ethic," also from Webster's Dictionary: “Noun, pl.: philosophy which treats of human character and conduct, of distinction between right and wrong, and moral duty and obligations to the community.” So business ethics is concerned with human character, understanding, and distinction between right and wrong, and moral duty, within a livelihood, trade or occupation. Given this definition you can see how there is much debate and confusion as to what business ethics really is.
Business ethics is more of a concept than it is a definable term. Seeing that the definition is somewhat vague, and that business ethics is seen more as a concept, we can assume the concept to be relativistic in nature. Even so, that doesn’t mean it doesn’t exist or can’t be defined more clearly. That just means it exists in many forms and for many different reasons, with many different definitions.
Practicing the right business ethics means getting down to the bottom line. In the end who will the action affect and how? To what extent will it help, and why? W...
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...e is one thing I’ve learned it’s not to judge a book by it’s cover. Not to jump to conclusions, or think my first impression is the right impression. Business is a whole world I never knew. It’s one that shape our lives. As individuals we have responsibilities to, in essence, take care of each other. Is it business ethics? Who or what is business anyway but you and I? It’s human ethics and the bottom line.
Works Cited
Cicero (106-143 B.C.). Excerpt from De Officiis, Book III. In L. Cunningham & K. Gunn (Eds.), Business & society—A journey of discovery, 5th edition (pp. 275-283). Boston: Pearson Custom Publishing
Friedman, Milton. “The Social Responsibility of Business Is to Increase Its Profits,” New York Times. Magazine, September 13, 1970. Web. 16 Mar. 2015
http://www.colorado.edu/studentgroups/libertarians/issues/friedman-soc-resp-business.html
Merriam-Webster: Dictionary and Thesaurus. 2015. Web. 16 Mar. 2015
http://www.merriam-webster.com/
Mill, John S. “From On Liberty, Chapter 2: Of the Liberty of Thought and Discussion.” The Broadview Anthology of Victorian Prose 1832-1901. Ed. Mary E. Leighton and Lisa Surridge. Peterborough: Broadview, 2012. Print.
It's difficult not to be cynical about how “big business” treats the subject of ethics in today's world. In many corporations, where the only important value is the bottom line, most executives merely give lip service to living and operating their corporations ethically.
Business ethics are a the codes of conduct and company lays out so it's employees follow a righteous moral compass that's in the same direction as the company's.
Trevino, L. K., & Nelson, K. A. (2011). Managing business ethics: Straight talk about how to do it right. New York: John Wiley.
According to Milton Friedman the doctrine of "social responsibility" in business is just a result of the political mechanism. By saying "there is one and only one social responsibility of business–to use it resources and engage in activities designed to increase its profits so long as it stays within the rules
Trevino, L., & Nelson, K. (2011). Managing business ethics - straight talk about how to
(Mallor, Barnes, Bowers, & Langvardt, 2010) Business ethics is when ethical behavior is applied in a business environment, or by a business. There are many situations that can arise in which a person is experiencing an ethical dilemma. They have to choose between standing by their own personal ethical standards or complying with their companies ethical standards. In some instances, some have to choose whether to serve their own personal interests, or the interests of the company.
Business ethics simply can be defined as the application of business values in the business practice of a company (Seawell 2010, p. 2). For a multinational company, business ethics is one of the critical aspects need to be taken into account in business decision-making processes. Failure to give attention on ethics may bring consequences on company’s reputation (Meyer & Jebe 2010, p. 159). The company is expected not only to pursue its own profits but also contributing to the environmental and social welfare of the community where it operates (Svensson & Wood 2008, p. 308).
According to Business Ethics Definition, business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities.
By definition, ethics refers to "a set of principles of right conduct." It is also defined as "the rules or standards governing the conduct of a person or the members of a profession," (www.thefreedictionary.com) and in business may be considered the standards governing the conduct of people in the business environment. Business ethics is the behavior that a business adheres to in its daily dealings with the world. It relies on values as a way of guiding behaviour in business.
Treviño, L. K., & Nelson, K. A. (2007). Managing business ethics: Straight talk about how to do it right Fourth ed., Retrieved on July 30, 2010 from www.ecampus.phoenix.edu
In the business world there are many fundamental aspects and situations that can lead to several issues. In order to find an optimal and professional solution, business decision makers need to apply moral and ethical standards. And it is at that moment in which business ethics perform its role. Business ethics, which is in charge of examine how companies and individuals should act in business situations, is very essential in order to reach a common agreement and to work within the laws of business and solve an arisen dilemma. Working of the hand of ethical business companies, employees, investors, directors, and even individual officers can be beneficiated and obtain most favorable outcomes.
Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2011). Business Ethics: Ethical Decision Making and Cases. Mason, Ohio: South-Western Cengage Learning.
The textbook defines business ethics as “the accepted principles of right or wrong governing the conduct of business people.” Business ethics also govern the members of a profession and the actions of an organization. Many organizations put into place an ethical strategy which is “a course of action that does not violate accepted principles.” These principles are used to guide organizations and employees to make the right decisions.
Business ethics are a set of moral rules that govern how a business operates, how people should be treated within an organization, and how business decisions are made. They are a crucial part of employment and in managing a sustainable business, mainly because of the serious consequences that can result from decisions made with a lack of regard to ethics. Even if you don’t believe that good ethics don’t contribute to profit levels, you should realize those poor ethics have a negative effect on your bottom line in the long-run. Every business in every industry has certain guidelines to which its employees must stick to, and regularly outline such aspects in employee handbooks.
Ethics is the study of right or wrong and the morality of the choices that individuals make. That basicly means the set of morals or responsibility that a person, group, or field have. Ethics can also be classified as code of morals. In business there are ethics that portray to business. These are called business ethics, business ethics just happen to be the application of ethics, morals, into the business field. Some examples of business ethics are obeying all rules and regulations even when nobody 's looking, which is pretty self explanatory, you shouldn’t be breaking rules. Even if it is as simple as washing your hands after you use the restroom or straight up lying to your customers, they are the ones making you money so if they find out