It is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in business environment. It applies to all aspect of business and is relevant to the conduct of individuals and entire organization. Ethics is mainly concerned with what is good versus bad, what is right versus wrong. Deontology is an ethical theory that holds that actions are right or wrong independent of their consequences. Utilitarianism is an ethical theory that holds that actions are right if they produce the greatest amount of good for the greatest number of people.
Corporate social responsibility is the obligation towards the society assumed by business. The business maximizes its positive effects on society and minimizes and its negative effects. An illustration of of an ethical and social responsibility issue related to the textile manufacturing business. In today’s global business where large multinational corporations like the textile industry face charges of violating human rights in third world countries. Using child labor questions the human rights, ethics and social responsibility of the textile manufacturing industry.
An analysis of how the textile manufacturing illustration applies to decision making and operations in an ethical and social responsible business. The economic responsibilities of business would produce products that society wants at a price that perpetuates the textile business. The textile manufacturing business decides on legal responsibilities where the obey local state federal and global laws. The textile manufacturing business makes decision based on their ethical responsibilities of meeting other societal expectation written or not written by law.
Ethical obligations are a set of “ought to” standards that define a moral course of action and draw a line between right and wrong. Although ethical obligations in business share similarities with legal rules and regulations in determining how a business conduct itself while striving to make profit and achieve strategic company goals. Ethical obligations are really more about discretionary decisions value guided behavior. For example respecting the religious sentiments and dignity of people while advertising for a product.
Legal obligations every business has a responsibility to operate within the laws of the land. Since these laws are meant for the good of the society, a law abiding enterprise is a socially responsible enterprise as well Scope and objectives The scope of ethics indicates its subject matter. Ethics as normative science deals with moral ideal or the good in order to enquire the nature of our conduct. It enquires into the nature of the springs of action, motives, intentions, and voluntary actions and so on. It determines rightness or wrongness of human action.
As a science of morality ethics discusses the contents of moral consciousness and the various problems of moral consciousness. Ethics is concerned with the highest good or absolute good. It investigates the nature of its fundamental notions that is right, duty and good. It includes whatever has reference to free human acts, weather as principle or cause of action or as effect or circumstance of action (merit, punishment etc. ) Ethics discuss the nature of human freedom . ethics investigates what constitutes good or bad, just or unjust. It also enquires into what is virtue, law, conscience and duty?
What obligations are common to all? What is good in all good acts? These questions lie within the scope of ethics. Objectives: Some of the most common ethical obligations in business relate to recruiting and hiring staff, maintaining safe and healthy work environment use business resources wisely and avoiding situations that have the potential to create a conflict of interest, such as accepting gifts from suppliers or making a hiring decisions not because the applicant has the best qualifications but because the applicant is a relative of the business owner.
It also includes considering how and where suppliers get their products and weather to sell the products that are detrimental to the health of customers such as cigarettes and fatty foods.