Business Ethics
The issue of business ethics has been front and center for over a decade, following on the heels of the accounting scandals that led to the passage of the Sarbanes-Oxley Act. That those scandals came in such rapid succession and occurred in such large companies shocked the financial world out of its complacency with respect to ethics.
But the issue of business ethics has been around longer than that -- note the true moral dilemma posed by bribery in foreign countries, an issue that spawned the Foreign Corrupt Practices Act to curtail the practice. There are other issues, too, in business ethics, not just high level accounting scandals. They do not always involve criminal acts, either. In many cases, businesses are posed with a choice between doing two things that are perfectly legal, but where at least one of the options violates some sense of ethics. I feel that learning more about ethical frameworks helps me in my future role as a manager to understand the nature of these dilemmas, and that this will allow me to handle them better.
Fundamentally, a lot of people in business are basically laissez-faire people, who take the assumption that the free market will resolve all ethical issues in its own way. In one sense, they are right. Enron's stock collapsed and the company went under, for example. The problem is that it took a lot of people with it. Interventions exist to help avoid such collateral damage. Businesses' unethical behavior can ruin lives, and in the case of the recent recession, can cripple the global economy. The reality is that even with the laws we have in place and the frequent dialogue, the current climate for business ethics is not strong.
In many instances ethical dilemmas arise from conflict between two stakeholder. When Milton Friedman famously argued that the role of business was to increase its profits, he was essentially putting forth the idea that of all stakeholder...
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