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Business Ethics: Example

This document discusses various topics related to business ethics, including the definition of business ethics, its importance for gaining consumer trust and business success, examples of unethical practices like child labor, and different approaches to ethics like normative and applied ethics. It also discusses the concept of global ethics and universal ethical values like honesty, responsibility, respect, fairness and compassion that can form the basis of codes of ethics for organizations worldwide.

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Margo Shaez
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67 views

Business Ethics: Example

This document discusses various topics related to business ethics, including the definition of business ethics, its importance for gaining consumer trust and business success, examples of unethical practices like child labor, and different approaches to ethics like normative and applied ethics. It also discusses the concept of global ethics and universal ethical values like honesty, responsibility, respect, fairness and compassion that can form the basis of codes of ethics for organizations worldwide.

Uploaded by

Margo Shaez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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BUSINESS ETHICS:

Business ethics is the study of proper business policies and practices regarding potentially
controversial issues such as corporate governance, insider trading, bribery, discrimination,
corporate social responsibility and fiduciary responsibilities. Law often guides business ethics,
while other times business ethics provide a basic framework that businesses may follow to gain
public acceptance.

Business ethics ensure that a certain required level of trust exists between consumers and various
forms of market participants with businesses. For example, a portfolio manager must give the
same consideration to the portfolios of family members and small individual investors. Such
practices ensure the public receives fair treatment.

Need for Business Ethics


 Stop business malpractices
 Safeguarding consumer’s rights
 Gain confidence of customers
 Survival and growth of business
 Creating goodwill
 Healthy competition
 Consumer satisfaction.
 Building strong relationship with customers and clients

BUSINESS ETHICS: Example


 companies should not use child labor.
Child labour remains one of the major problems afflicting Pakistan and its children. Pakistan has
passed laws in an attempt to limit child labour and indentured servitude, but those laws are
universally ignored. Some 11 million children, aged four to fourteen, keep the country's factories
operating, often working in brutal and squalid conditions.

APPROACHES OF GENERAL ETHICS: A Brief Definition

 META-ETHICS:
It deals with the nature of moral judgement. It looks at the origins and meaning of ethical
principles. Meta-ethics aims to understand the nature of ethical evaluations, the origin of ethical
principles and the meanings of terms used but is value-free.
 NORMATIVE ETHICS:
Normative ethics is concerned with the content of moral judgements and the criteria for what is
right or wrong. Normative ethics, sometimes referred to as moral theory, focuses on how moral
values are determined, what makes things right or wrong and what should be done the practical
means of determining a moral course of action – Standards of rightness and wrongness –
investigates the set of questions that arise when considering how ought one to act – Question:
How should people act?

NORMATIVE-ETHICS: Example
 Murder - the unlawful premeditated killing of one human being by another.

APPLIED ETHICS:
Applied ethical issues are those which are clearly moral issues and for which there are significant
groups of people who are either for and against. Often there is no simple answer as to whether
something is right or wrong as ethical issues tend to be multi-faceted. Possible solutions may
appeal to some ethical principles and not others, just as they may benefit certain groups of people
and not others. medical and nursing ethics.

APPLIED-ETHICS: Example
 The allocation of scarce health resources,
 Pollution

Building a Code of Ethics


For more than twenty-five years, the Institute for Global Ethics has surveyed thousands of people
worldwide, conducted focus groups, and worked with organizations to define sets of core,
shared, ethical values. Sometimes these values set become codes of ethics. Not surprisingly, the
important values chosen by people everywhere tend to look rather similar, even when the value
definition exercise is conducted in a language other than English. Five values have typically
dominated the landscape:

 Honesty
 Responsibility
 Respect
 Fairness
 Compassion

GLOBAL ETHICS:
The concept of Global Ethics proposes that there exists a common base of universal values

Such an ethic generally combines claims about the existence of some universal values and norms
and claims about responsibilities or obligations that are global in scope.

Global ethics is an area of justification of values and norms that are global in kind and into the
various issues that arise.

Towards a Global Ethic: Initial Declaration, also known as the Global Ethic, expresses a


shared set of core values found in the teachings of the world's religious, spiritual, and ethical
traditions. The Global Ethic, mostly drafted by Professor Hans Küng in consultation with several
hundred leaders and scholars, became an official declaration of the Parliament of the World's
Religions in 1993. For the first time in history, representatives of all the world's religions agreed
that there are common ethical commitments foundational to each of their traditions:

GLOBAL-ETHICS: Example
 Management of global problems such as climate change and environmental problems,

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