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LECTURE 4
BUSINESS ETHICS
Business can be defined as a primary economic institution through which people in modern societies carry on the task of producing and distributing goods and services Business ethics refers to the application of ethical judgments to business activities
BUSINESS ETHICS
The concept of Business Ethics has come to mean various things to various people, but generally it's coming to know what it right or wrong in the workplace and doing what's right
The Unitarian View-Business is a part of moral structure and moral ethics . If business wants to exist flourish and survive in the long run, morality and ethics cannot be separated from the operation of the business. Business has to concentrate in the society and usher in society welfare.
The Integration view of EthicsTalcott Parsons (1902-1979) professor of sociology at Harvard proposed a view called the Integration view. He was of the opinion that ethical behavior and business should be integrated or combined in a new area called Business Ethics. He argued that Business being economic entity has the right to make profits, but at the same time it should discharge the social obligations. According to this view , business and morality are interrelated and are guided by external factors like government, market system, law and society
BENEFITS TO CONSUMERS
Good product no compromises with quality Fair price Address consumer concerns Protect consumer rights
BENEFITS TO EMPLOYEES
Equal opportunity Growth Pride Work-life balance Employee benefits
BENEFITS TO INVESTORS
Safeguard investor rights Avoid unfair practices such as insider trading Transparency Accountability
BENEFITS TO SUPPLIERS
Motivates them to be ethical (for example avoiding child labor/sweatshops etc. Fuels innovation Market for innovative/sustainable technologies Reputation
BENEFITS TO GOVERNMENT
Transparency Taxes Foster a culture of good business practices Less regulation Curb corruption in the government itself
BENEFITS TO ENVIRONMENT
Green businesses Innovation to find more eco friendly practices Sustainability