Which Legislation Relates to Concept of Business Ethics

Some possible outcomes of unethical business practices may include: Marx claimed that capitalism was built on the exploitation of labor. Whether it is a statement of fact or a moral condemnation for him is questionable; But it has been understood as a moral condemnation, since “exploitation” is a morally charged term and seems to clearly imply an accusation of injustice. Marx`s claim is based on his analysis of the labor theory of value, according to which all economic value comes from human labor. The only commodity that is not sold at its real value, according to Marx, is human labor. Workers are paid less than the value they produce. The difference between the value that workers produce and what they are paid for is the source of profit for the employer or owner of the means of production. If workers received the value they produced, there would be no profit and thus capitalism would disappear. It would be replaced by socialism and eventually communism, in which all property is social (as opposed to private) and in which all members of society would contribute according to their abilities and receive according to their needs. The result would be a society (and possibly a world) without exploitation and also without the alienation experienced by workers in capitalist societies. Bad reputation of the company.

In an increasingly transparent world, unethical decisions by businessmen are becoming permanent tasks in the company. Social media has become sounding boards for anything deemed unethical or politically incorrect, and anyone from disgruntled employees to dissatisfied customers can rate companies on public company review websites. Norman Bowie dates the birth of business ethics to November 1974, with the first conference in business ethics held at the University of Kansas, which led to the first anthology to be used in the new courses that subsequently appeared in business ethics.12 Whether one chooses this date or another event, it is difficult to identify an earlier period with the type of concerted activity that developed in a short period of time. after. In 1979, three anthologies in business ethics were published: Tom Beauchamp and Norman Bowie, Ethical Theory and Business; Thomas Donaldson and Patricia Werhane, Ethical Issues in Business: A Philosophical Approach; and Vincent Barry, Moral Issues in Business. In 1982, the first individual books in this field were published: Richard De George, Business Ethics; and Manuel G. Velasquez, Business Ethics: Concepts and Cases. Books found a good market, and business ethics courses in philosophy faculties and business schools developed rapidly. The number of textbooks has increased exponentially.

One of the advantages of small businesses is that they can sometimes avoid time-consuming disruptions in the business world. In all respects, whether traditional or modern, ethics is an important issue. Observations and studies show that ethical behaviour is effective. Has. Millage recently wrote in Internal Auditor about the results of the 2005 National Business Ethics Survey (NBES). NBES is conducted by the Ethics Resource Centre. The survey found that 70% of employees at companies with a “weak” ethical culture (as measured by NBES) have observed ethical misconduct in their organizations. Only 34% of employees in organizations with a “strong” ethical culture did so. Employees observed morally destructive behaviors such as discrimination and sexual harassment; is internal, to suppliers, customers and the public; incorrect time; direct flight; and other problems. In any case, such activities lead to higher costs, loss of reputation, poor performance, etc. Ethics are important. Companies must establish clear values that promote ethical practices and social responsibility.

In today`s business climate, businesses are increasingly being monitored by individuals. A company that is based on sound principles has a better chance of remaining competitive in a volatile market. At the same time, the current preoccupation with codes of ethics produces very voluminous documents, sometimes reaching the length of books. A Google search for the term “code of ethics” yielded 17,900,000 hits in January 2006, and a Yahoo search yielded 12,000,000. Much of the current interest may be due to recent corporate scandals and the requirements of the Sarbanes-Oxley Act of 2002. Does the current interest mean that a small business must formulate its own code of ethics? In most cases, it won`t hurt. Credibility of the lost company. Customers are smart enough to track what`s going on ethically. When they hear about a problem, they begin to question the actions of each person in the company. For example, if a board member accepts expensive gifts from customers in exchange for cheap material prices, this situation could cause great concern among other customers and even suppliers. The company can expect to lose business if this unethical behavior continues. However, if business ethicists wrote only for themselves, one might question the relevance of what they wrote to economics.

What they wrote helped inform a large number of teachers who teach business ethics and, in turn, influenced a large number of students who later became practitioners. In addition, many people working in business have also turned to the writings of business ethicists or asked them for advice as consultants on topics, or help writing business codes or designing training programs. In addition, the media often turn to those on the ground for advice, help or sound clips. Many business ethics specialists have sought to enter into dialogue with companies and have often succeeded. The audience was therefore composed not only of colleagues and students, but also of business leaders and the public. Between the scientist in his office and the head of the company also mediated a variety of non-academic consultants, many of whom use the scientific equipment to learn about the state of the art and arguments for or against different positions. Some of them act not only as intermediaries, but also in some way as translators who translate jargon into the language of business. In the absence of established institutional regulations that act as standards of ethical practice, it can be difficult for business leaders to develop rules that protect society without going against the traditional concept of the “hidden hand” in long-standing corporate philosophy.