PDF | The purpose of this article is to define ethics, then critically examine its importance in business. In the process, I will research at least. “Download for free at” but not limited to PDF and HTML) and on every physical printed page the following. “Business ethics” is a concise, but in many ways misleading, label for an interdis- ciplinary field covering a vast range of normative issues in the world of.

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Business Ethics . Three Versions of Virtue Ethics: Virtue 1, Virtue 2, and Virtue 3 Virtue 1: Aristotle's Virtue Ethics. This is the book Business Ethics (v. ). This book is licensed under a Creative Commons by-nc-sa ( ethics be exemplified and what principles are essential in doing business? Business ethics also becomes a challenge for training and informing employees .

Larger economic issues such as immigration , trade policy , globalization and trade unionism affect workplaces and have an ethical dimension, but are often beyond the purview of individual companies.

The business' actions and decisions should be primarily ethical before it happens to become an ethical or even legal issue. Fairness The three aspects that motivate people to be fair is; equality, optimization, and reciprocity. Fairness is the quality of being just, equitable, and impartial. This misuse is from late arrivals, leaving early, long lunch breaks, inappropriate sick days etc. This has been observed as a major form of misconduct in businesses today.

One of the greatest ways employees participate in the misuse of company's time and resources is by using the company computer for personal use. Consumer Fraud There are many different types of fraud, namely; friendly fraud, return fraud, wardrobing, price arbitrage, returning stolen goods.

Fraud is a major unethical practice within businesses which should be paid special attention.

Consumer fraud is when consumers attempt to deceive businesses for their very own benefit. Abusive Behavior A common ethical issue among employees. Abusive behavior consists of inflicting intimidating acts on other employees.

Such acts include harassing, using profanity, threatening someone physically and insulting them, and being annoying. Since few goods and services can be produced and consumed with zero risks, determining the ethical course can be problematic.

Business Ethics Books

In some case, consumers demand products that harm them, such as tobacco products. Production may have environmental impacts, including pollution , habitat destruction and urban sprawl. The downstream effects of technologies nuclear power , genetically modified food and mobile phones may not be well understood.

While the precautionary principle may prohibit introducing new technology whose consequences are not fully understood, that principle would have prohibited the newest technology introduced since the industrial revolution. Product testing protocols have been attacked for violating the rights of both humans and animals.

These companies often advertise this and are growing in popularity among the younger generations. Main articles: Private property and Property rights The etymological root of property is the Latin 'proprius' [] which refers to 'nature', 'quality', 'one's own', 'special characteristic', 'proper', 'intrinsic', 'inherent', 'regular', 'normal', 'genuine', 'thorough, complete, perfect' etc.

The word property is value loaded and associated with the personal qualities of propriety and respectability, also implies questions relating to ownership. A 'proper' person owns and is true to herself or himself, and is thus genuine, perfect and pure. For instance, John Locke justified property rights saying that God had made "the earth, and all inferior creatures, [in] common to all men". Blackstone conceptualized property as the "sole and despotic dominion which one man claims and exercises over the external things of the world, in total exclusion of the right of any other individual in the universe".

During this time settlers began the centuries-long process of dispossessing the natives of America of millions of acres of land. Property, which later gained meaning as ownership and appeared natural to Locke, Jefferson and to many of the 18th and 19th century intellectuals as land, labor or idea, and property right over slaves had the same theological and essentialized justification [] [] [] [] [] [] It was even held that the property in slaves was a sacred right.

Taney in his judgment stated, "The right of property in a slave is distinctly and expressly affirmed in the Constitution". Natural right vs Social construct[ edit ] Neoliberals hold that private property rights are a non-negotiable natural right.

Persons and things, are 'constituted' or 'fabricated' by legal and other normative techniques. Penner views property as an "illusion"—a "normative phantasm" without substance. Davies counters that "any space may be subject to plural meanings or appropriations which do not necessarily come into conflict".

Private property has never been a universal doctrine, although since the end of the Cold War is it has become nearly so. Some societies, e. When groups came into conflict, the victor often appropriated the loser's property. Property does not exist in isolation, and so property rights too. Ethics of property rights begins with recognizing the vacuous nature of the notion of property. Main articles: Intellectual property and Intellectual property rights Intellectual property IP encompasses expressions of ideas, thoughts, codes, and information.

Boldrin and Levine argue that "government does not ordinarily enforce monopolies for producers of other goods.

This is because it is widely recognized that monopoly creates many social costs. Intellectual monopoly is no different in this respect. The question we address is whether it also creates social benefits commensurate with these social costs. The US Constitution included the power to protect intellectual property, empowering the Federal government "to promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries".

We show through theory and example that intellectual monopoly is not necessary for innovation and as a practical matter is damaging to growth, prosperity, and liberty". Such drugs have benefited millions of people, improving or extending their lives.

Journal of Business Ethics

Patent protection enables drug companies to recoup their development costs because for a specific period of time they have the sole right to manufacture and distribute the products they have invented.

Roderick Long, a libertarian philosopher, observes, "Ethically, property rights of any kind have to be justified as extensions of the right of individuals to control their own lives. Thus any alleged property rights that conflict with this moral basis—like the "right" to own slaves—are invalidated.

In my judgment, intellectual property rights also fail to pass this test. To enforce copyright laws and the like is to prevent people from making peaceful use of the information they possess. If you have acquired the information legitimately say, by downloading a book , then on what grounds can you be prevented from using it, reproducing it, trading it?

Is this not a violation of the freedom of speech and press? It may be objected that the person who originated the information deserves ownership rights over it. Rule utilitarianism — is put in place to benefit the most people by using the fairest methods possible.

Act utilitarianism — makes the most ethical actions possible for the benefit of the people. Each has its own organized system of beliefs, ceremonies, and worships and each offers a prescription for the positive endeavor in both lives and in business. Also, in our global world, business means dealing with people of different religions, and ignoring or misinterpreting religious ethical approaches can cause serious problems.

Judaism: Jewish Business Ethics Jewish business ethics is a form of applied Jewish ethics that examines ethical issues that arise in a business environment. The subject thus receives an extensive treatment in Rabbinic literature, both from an ethical and a legal point of view. Employees should avoid spending too much time online e. Christianity: Crucial Principles 1.

Stewardship — Christian businessmen and women are called by God to conduct their business according to a sacred standard that transcends traditional business ethics. After God created the earth and everything in it, God appointed mankind to be stewards of the earth.

As Christian business professionals, the Lord has entrusted us with his resources, both physical and financial, to manage them with care and skill. We honor the Lord in our business by observing and following his principles. Trust — The Lord desires for us to trust him in everything.

It includes our professional lives as well. To the Lord, there is no distinction between the two. Justice — The Lord delights in justice. Therefore, we must conduct business fairly. We must not cheat our employees. Instead, we pay them fair wages and ensure that their work conditions are appropriate. Not only is fair treatment a Biblical principle, it is likely to improve business as employees will tend to work more productively and happily. Instead of cutting corners on service and prices, we provide exactly what we promise and we charge what is fair.

We only engage in endeavors that are pleasing and acceptable to the Lord, and we refrain from those that may be profitable but involve sin. Diligence — The Lord expects us to productively use whatever knowledge and resources he has given to us, no matter how great or small.

Idleness and laziness have no place in the life of a Christian business professional. Instead, God instructs that hard work is essential in conducting business profitably.

Generosity — The Lord is generous, especially towards the underprivileged. Christian business professionals go beyond worldly expectations of generosity to help the least of society. We do things such as hire refugees or ex-convicts, open stores in unsafe city neighborhoods to reach people with the gospel, and donate large earnings to charitable organizations instead of reinvesting it in our own organization. Business Ethics for Islam The Prophet Muhammad emphasized that honesty and kind dealings with customers are the secrets of success in business.

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The Prophet gave many teachings on business and economic issues, he covered almost every aspect of business and economics. The prophet is reported to have said, complete when the two parties involved departing with mutual consent. Honesty — Islam requires its adherents to be honest in their dealings with Muslims and non-Muslims alike. A man keeps on telling the truth until he becomes known as a truthful person. Proficiency A Muslim, no matter what his occupation may be, must carry out his duties with efficiency and to the best of his ability, making efficiency his guiding principle in all his endeavors.

Hinduism: Non-violence It is estimated that about million of people practice Hinduism, mainly in India. Hinduism is the third religion in the World by a number of believers, behind Islam and Christianity. Ethical Principles of Hinduism: ahimsa Non-Violence , detachment abandonment of the fruits of the action , Truthfulness, Not to steal, Self-control, discipline, appropriate words and thoughts, and motivation to achieve the goal. Karma action is one of the salient features of Hinduism and the teaching of Gita, thus, a person has the right to do his karma but not to think of its fruits.

Having created institutes of excellence both in the Indian industry and the social world, this group symbolizes the true essence of Indian ethics. To begin with, 63 percent of the capital of parent firm, Tata Sons Limited, is held by Tata Philanthropic Trusts, which has sponsored and promoted a variety of public institutions of excellence including hospitals, education and research centers, and scientific and cultural establishments.

The five core Tata values that underpin the way they describe their business processes include: Integrity: To conduct business fairly, with honesty and transparency such that everything done stands the test of public scrutiny. Understanding: To be caring, show respect, compassion, and humanity for colleagues and customers around the world and always work for the benefit of India. Excellence: To constantly strive to achieve the highest possible standards in their day-to-day work and in the quality of goods and services they provide.

Responsibility: To continue to be responsible, sensitive to the countries, communities, and environments in which they work, always ensuring that what comes from the people goes back to the people many times over. Buddhism: Maxims for Business Buddhism is an ancient philosophical system that follows the teachings of the Buddha.

They let their chance pass by. This short aphorism is a reminder of two things: 1. If you have a good work ethic and a great attitude, very little will stand in your way. This maxim, from the Dhammavadaka, is perfect for those in business, and a good reminder you can send to your favorite workaholic. This saying, from the Sutta Nipata, instructs the mind and heart to be balanced, objective and mindful of the fog of pride.

Remember to be calm, and not to obsess too much about positive or negative feedback. If you do a job long enough, you are bound to have great moments of achievements, as well as great moments of failure. Take a deep breath and remember for a moment that every action you take, in business and in life, is part of a larger journey of self-discovery.

These words from the Buddha can be exhilarating and helpful to reinvigorate the waning worker, as well as an indication that what you choose to put your entire self into really does matter. These days happen to everyone, and with a deep breath and a mindful moment, you can incorporate this saying from the Buddha into your work day and gladly turn to concentrate on the moment. The Buddha wishes to communicate here that nothing is permanent, and that adaptation and flexible fluidity are paramount to happiness and avoiding disappointment and suffering.

Roll with it. Go with the flow. Keep calm and carry on.

Business ethics

When you concentrate on the small things, the big things fall into place and this is often true for the business world.

Take heart, workers, and know that your small efforts can amount to great success. Confucian ethics are described as humanistic. This ethical philosophy can be practiced by all the members of a society. Confucian ethics is characterized by the promotion of virtues, encompassed by the Five constants: The Five Constants are: 1. Ren — benevolence, humaneness 2. Yi — righteousness or justice 3. Li — proper rite 4. Zhi — knowledge 5. Xin — integrity The other virtues are: 1. Zhong — loyalty 2.

Xiao — filial piety 3. Jie — continency 4. Cheng — honesty 5.

Shu — kindness, and forgiveness 6. Lian — honesty, and cleanness 7. Chi — shame, judge, and sense of right and wrong 8. Yong — bravery 9. Wen — kind and gentle Liang — good, kindhearted Gong — respectful, reverent Jian — frugal Humaneness Ren is the Confucian virtue denoting the good feeling a virtuous human experiences when being altruistic.

It is considered the essence of the human being endowed by Heaven and at the same time the means by which man can act according to the principle of Heaven and become one with it. The ethical principles could provide a set of useful rules and guidelines for the business activities. The central doctrine of Confucianism, Ren, which means goodness, benevolence, humanity, and kind-heartedness, occupied a prominent role in balancing ethics with the pursuit of profits. Rite and Right Li means rite, reason, ratio.

It also means custom, mores, rules, propriety, and ceremonies. Li exerted great influences on business activities. It was helpful in setting ethical principles that guide interpersonal relationship in a hierarchical society. Li was helpful in keeping the paternal feudal system alive and was also important in directing people to behave ethically and politely.

It has played an indispensable role even in modern business activities where quality services and politeness to customers are priorities. Integrity In addition to Ren and Li, Xin another virtue meaning integrity, honesty, and trustworthiness, was also important in directing business activities.

Only when ethical integrity was highlighted could justice be practiced and harmony is achieved in the business community. The idea that honesty and trustworthiness could lead to a harmonious and benign society found lots of followers among overseas Chinese business people. In addition, loyalty does not mean subservience to authority.

This is because reciprocity is demanded from the superior as well.

Filial piety is central to Confucian role ethics. What underpins this ideology is the concept of respect within a business context. Respect between all with whom you conduct business with should be something we imitate from the Chinese business culture, as Confucius said; without feelings of respect, what is there to distinguish men from beasts?

Taoism: Action without Action Taoism or Daoism is a spiritual, philosophical, and religious tradition of Chinese origin that emphasizes living in harmony with the Tao. It is at one the beginning of all things and him way in which all things pursue their course. The Tao also is something that individuals can find immanent in themselves. Good Behavior Taoist believe such good behavior is an essential part not only of self-improvement but of improving the world as a whole.

Leadership by Example Taoist texts suggest that the ideal way for a leader to run their country is by example and with minimal intervention: a.

I take no action and the people are of themselves transformed. I love tranquility and the people are of themselves rectified. I do not engage in affairs and the people of themselves become rich. I have no desires and the people of themselves become simple. So a good leader is one that the people respect and whose instructions are willingly followed. The good leader achieves this by living virtuously in private and living publicly so as to influence his people for the good.

Shintoism: The Way of the Gods Shinto way of the gods also called kami-no-michi is an ethnic religion of the people of Japan. Shin or kami refers to the divinity, or sacred essence, that manifests in multiple forms: rocks, trees, rivers, animals, places, and even people can be said to possess the nature of kami.

This means that each believes that every single thing, including people, has its own soul or spirit, or numen as the Japanese call it. Work is understood to be a self-expression of the great life force, and Japanese people unconsciously and sometimes consciously, try to unify themselves with the great life force by concentrating on their own work. Superiority of Groups The second aspect of transcendentalism that affects Japanese working practices, and therefore ethics, is the emphasis on groups.

In the group environment, a group is considered to be superior to its ordinary members mainly because, while the group is expected to be able to connect with the numen of the universe in a direct way, the members of the group individually are not related to the force in the same way.

The only way for the members to connect with the life force is through the activities of their group. Four Circles of Business Relationships Groups exist on all levels, but in Japan, there four concentric rings that encompass them all.Such drugs have benefited millions of people, improving or extending their lives.

A 'proper' person owns and is true to her or himself, and is thus genuine, perfect and pure. This debt of gratitude is sometimes abused by those who have done well to other as they may ask favors or things that may either be unreasonable or beyond the means of the one in debt.

Xin — integrity The other virtues are: 1.

The International Business Development Institute is a global non-profit organization that represents nations and all 50 United States. Chapter 10 on changing work environments and future trends is the chapter most likely to date quickly. Outside of corporations, bucket shops and forex scams are criminal manipulations of financial markets. This global culture is now used as reference for everyone and we end up with consumer from anywhere comparing themselves mainly with country of the G8.

These are manifested in the ability to adjust too often difficult circumstances and prevailing physical and social environments. Thus, most utilitarians hold the position that business choices must be evaluated by calculating the net benefits of each available alternative action.

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