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Business ethics professors say The Business Ethics Blog is Wayne Norman, Duke University]. Laura Hartman, DePaul University]. Home About F. Encyclopedia of Business Ethics Subscribe.
Business Ethics vs. Like this: Like Loading Are Video Games Dangerous? Hi Prof, Thank you for putting it briefly. Every business has a set of rules the employees have to follow, and these rules also include business ethics. Business ethics include the policies and rules regarding subjects such as discrimination, bribery, responsibilities as an employee, etc. There are lawyers in most companies that overlook the guidelines of business ethics and make sure they are being followed.
Ethics simply means moral character and discipline. Always doing the right thing and being disciplined comes under ethics.
In business, ethics are very important to maintain the sanctity of it. A business is only considered successful if it is run by honesty and with proper ethics.
A business should be led keeping the profit of its employees, stakeholders, and everyone related to it, but also, it should be led keeping its customers in mind. CSR, when conducted in good faith, is beneficial to corporations and their stakeholders. This is especially true for stakeholders that have typically been given low priority and little voice, such as the natural environment and community members who live near corporate sites and manufacturing facilities.
CSR in its ideal form focuses managers on demonstrating the social good of their new products and endeavors. It can be framed as a response to the backlash corporations face for a long track record of harming environments and communities in their efforts to be more efficient and profitable. Pushback is not new. Charles Dickens wrote about the effects of the coal economy on nineteenth-century England and shaped the way we think about the early industrial revolution.
The twentieth-century writer Chinua Achebe, among many others, wrote about colonization and its transformative and often painful effect on African cultures. Stakeholder communities left out of or directly harmed by the economic revolution have demanded that they be able to influence corporate and governmental economic practices to benefit more directly from corporate growth as well as entrepreneurship opportunities.
The trend to adopt CSR may represent an opportunity for greater engagement and involvement by groups mostly ignored until now by the wave of corporate economic growth reshaping the industrialized world. Corporations have responded to stakeholder concerns about the environment and sustainability. In , Dow Jones began publishing an annual list of companies for which sustainability was important.
Sustainability is the practice of preserving resources and operating in a way that is ecologically responsible in the long term.
There is a growing awareness that human actions can, and do, harm the environment. Destruction of the environment can ultimately lead to reduction of resources, declining business opportunities, and lowered quality of life. Enlightened business stakeholders realize that profit is only one positive effect of business operations.
In addition to safeguarding the environment, other ethical contributions that stakeholders could lobby corporate management to make include establishing schools and health clinics in impoverished neighborhoods and endowing worthwhile philanthropies in the communities where companies have a presence.
Other stakeholders, such as state governments, NGOs, citizen groups, and political action committees in the United States apply social and legal pressure on businesses to improve their environmental practices. For example, the state of California in enacted a set of laws, referred to as the California Transparency in Supply Chains Act, which requires firms to report on the working conditions of the employees of their suppliers.
The law requires only disclosures, but the added transparency is a step toward holding U. As instances of this type of pressure on corporations increase around the world, stakeholder groups become simultaneously less isolated and more powerful. Please note: comment moderation is enabled and may delay your comment. There is no need to resubmit your comment. Notify me of followup comments via e-mail. Written by : eva. User assumes all risk of use, damage, or injury.
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