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Relationship between business and ethics
Relationship between business and ethics
Business and society relations
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Business Ethics and the Role of the Corporation
The problem to be investigated is the ethical role that the corporation has when balancing internal strategies with external responsibilities. Dr. Novak explains various responsibilities a business has in his article “Business Ethics and the Role of the Corporation”.
This paper will first discuss why Dr. Novak has two sets of responsibilities in his article on business ethics. Next it will explain what Dr. Novak says about the rule of law and its relationship to business. Finally it will analyze what he means by moral ecology.
Why did Novak Have Two Sets of responsibilities for his Definition of Business?
The first set of definitions included internal business strategies focused on satisfying primary stakeholders along with the needs of the organization. Creating shareholder wealth, growth, satisfying customers with quality products and job creation are mentioned in this first set of responsibilities. Novak refers to “the defeat of envy through upward mobility” (Jennings, 2009) which basically is saying that promotion within the workplace gives people a reason to continue working hard because they will be rewarded. Reward is the basic premise for employment in a capitalistic culture. Because there are few or scarce resources, people will be rewarded according to how hard they work, and how well they work. According to a secondary source Capitalism Crib-Sheet, (Anxiety Culture.com, n.d.) who quotes from the Wealth of the Nations by Smith, “By rewarding the most efficient, competitive people, efficiency and competition are promoted, and everyone benefits more than if inefficiency was rewarded.” (Smith, 1776)
The second set of responsibilities refers to external stakehol...
... middle of paper ...
...ecology”, which I interpreted as meaning love thy neighbor as thyself and do unto others as you would have them do unto you, while still following the laws and making a profit.
References
Anxiety Culture.com. (Ed.). (n.d.). Capitalism Crib-Sheet. Retrieved from
Danner, Peter L. (1971). Affluence and Moral Ecology (4th ed., Vol. 81). Retrieved October 27, 2011, from http://www.jstor.org/pss/2380170
Hellriegel, Jackson. (2009, March 12). In Danny Samson (Ed.), Total Quality Management. Retrieved October 28, 2011, from http://totalqualitymanagement.wordpress.com/2009/03/12/stakeholders-and-corporate-social-responsibility/
Jennings, Marianne M. (2009). Business Ethics (6th ed.) [Case Studies and Selected Readings]. Mason, Ohio: South-Western Cengage Learning.
Smith, Adam. (1776). Wealth of the Nations (5th ed.) [Cannan edition]. London: Methuen & Co., LTD.
Adam Smith, An Inquiry Into the Nature and Causes of the Wealth of Nations, (London: 1776), 190-91, 235-37.
Kohak, Erazim V. "Part II." The Green Halo: a Bird's-eye View of Ecological Ethics. Chicago,
As mentioned previously, Leopold's Land Ethic is a very concise piece of work for what Callicott has shown to be an intricate, environmental, ethical theory. Callicott has dedicated a lot of time to, explaining the components which make up The Land Ethic as a moral theory and to providing a defence against possible criticisms extracted by other thinkers. High ...
Trevino, L. K., & Nelson, K. A. (2011). Managing business ethics: Straight talk about how to do it right. New York: John Wiley.
Smith, Adam. "CHAPTER XI OF THE RENT OF LAND." An Inquiry into the Nature and Causes of the Wealth of Nations. Oxford: Clarendon, 1976. 161. Print.
Trevino, L., & Nelson, K. (2011). Managing business ethics - straight talk about how to
Ethics in business is a highly important concept, as it can affect a company’s profits, salaries paid to employees and CEOs, and public opinion, among many other aspects of a business. Ethics can be enforced by company policies and guidelines, set a precedent when a company is faced with an important decision, and are also evolving thanks to new technology and situations that arise due to technology usage. Businesses have a duty to maintain their ethical responsibilities and also to help their employees enforce these responsibilities in and out of the workplace. However, ethics and the foundation for them are not always black and white. There are many different ethical theories, however Utilitarianism, Kant’s Deontological ethics, and Virtue ethics are three of the most well known theories in existence. Each theory is distinct in that it has a different quality used to determine ethicality and allows for a person to choose which system of ethics works best with both the situation and his or her personal ethical preferences.
Importance of ethics in the business world is superlative and global. New trends and issues arise on a daily basis which may create an important burden to organizations and end consumers. Nowadays, the need for proper ethical behavior within
Seawell, Buie 2010, ‘The Content and Practice of Business Ethics’, Good Business, pp. 2-18, viewed 22 October 2013, .
Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2013). Business ethics: Ethical decision making and cases: 2011 custom edition (9th ed.). Mason, OH: South-Western Cengage Learning.
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
Introduction- to complete this assignment, I chose deontological ethical theory. There are various issues surrounding business ethics. Business ethics is a form of professional ethics and applied ethics which examines principles that are ethical and moral problems that becomes apparent in the environment of business. Applied ethics deal with the ethical questions that comes from the Imelda of technical, business ethics, legal ethics, and medical. The business range and quantity reflects ethical issues to a degree in which business became aware of the odds against non-economic social values. In 1960 the social responsibility movement increased the public consciousness for the role of business that help ethical practices maintain highly and cultivate
I propose a circle of continuous reciprocal influences between ecological theories and ethical norms respecting nature.
Smith, A. (1776). An Inquiry into the Nature and Causes of the Wealth of Nations . Scothland : W. Strahan and T. Cadell, London.
According to Carol Padgett (2012, 1), “companies are important part of our daily lives…in today’s economy, we are bound together through a myriad of relationships with companies”. The board of directors remain the highest echelon of management in any company. It is the “group of executive and non-executive directors which forms corporate strategy and is responsible for monitoring performance on the behalf of shareholders” (Padgett, 2012:1). Boards are clearly critical to the operation of companies and they are endowed with substantial power in the statute (Companies Act, 2014). The board is responsible for directing and steering the company. The board accomplishes this by business planning and risk management through proper corporate governance.