What You Need To Know About Business Ethics

But the first time someone you trust breaks that trust, you never forget it. It stays with you for a very long time if not forever. Indeed, the more common approach is to identify a business activity and then analyze it using intuitions and principles common to many moral and political theories. In the business world, integrity only means doing what is right even when there is an opportunity to do otherwise. Society for Business Ethics , the main professional society for business ethicists, especially of the normative” variety.

In a previous post , I considered the ethics of objects, and arrived at the conclusion that ethics cannot correctly be applied to objects, in that an object is not inherently right or wrong, good or evil, except in its use. Whether you’re new to business or have a background in business, I hope to add some insight to your understanding of business ethics.

This should be ensured by carrying out a comprehensive examination of every decision made in relation to profitability as well as long term value and social responsibility. Donaldson, T. & T.W. Dunfee, 1999, Ties that Bind: A Social Contracts Approach to Business Ethics, Cambridge, MA: Harvard Business Press.

Instead, ethics focuses on the consequences of an action to others, and one of the chief ethical dilemmas is in considering when the harm done to others is justified by the benefit to self. It makes business sense too to take such decisions which are right in this perspective and to spend for them.business ethicsbusiness ethicsbusiness ethics

Business ethics is also related to political economy , which is economic analysis from political and historical perspectives. WAL-MART: The High Cost of Low Price takes you behind the glitz and into the real lives of workers and their families, business owners and their communities, in an extraordinary journey that will challenge the way you think, feel… and shop.