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Ethics in business entails responsibility primarily because any business activity involves dealings and other forms of relationships with other people. More importantly, the core purposes of any company and the ways in which they execute these purposes play an important role in ethical business standards. The planning processes involved in creating the needed business activities should nonetheless incorporate ethics so as to build trust among the stakeholders and to shape the organization’s integrity (Hosmer, 1994). On the other hand, it has been argued that good ethics is not necessarily good for all businesses and that not all deviations from ethical standards can be harmful to any business organization (Schwab, 1996).
Conceivably, business ethics can be coined with “the right thing to do” in business as it is in moral significance.
Like the social responsibility position, it sees corporations as playing an important role in addressing social needs. But unlike this perspective, it refuses to see these activities as an obligation above and beyond managers' fiscal responsibilities; it sees them as the essential part of business (Byron, 2006).
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As such, this business excellence view represents a real paradigm shift. It asks us to turn away from the endless debates over whether there can be too little or too much ethics in business, to the recognition that modern business is all about ethics. Within the framework of this perspective, the only important question is which, among its many ethically necessary activities, a company finds most relevant to its business success.
Literature Review
Ethics and ethical issues surround our lives, and libraries abound with great thinkers' attempts to understand them.
Business ethics is no exception. In recent years, some of the finest minds from philosophy, business, and management have converged to explore the forces at work in the ethics of business. These scholars presently provide more useful and interesting approaches to business ethics than at any point in our history. In order to enforce contracts in business and thus assuage the misallocate costs of agency, reputation of a company is one of the most important values that consumers take note of. In simple logic, consumers who “know” and “perceive” a company’s service to be in its utmost sense of connection with them will reign supreme as they feel that they are more secured under their care (Laszlo, 2008).
Viewing business ethics as a “free-thinking self-interest that always pays in the long run” is excessively straightforward. Even though reputation can be a perceived as a valuable asset, not being fixed to a finicky system of ethics has a preference assessment. Therefore, the call for a prevalent set of laws and regulations that contain behavior confirms such connotation. Being ethical may cost time and effort for many—hence, it is valuable believed that objectives surpass investor worth. In a morale-inclined point of view though, several critics contend that business ethics is oxymoronic (Hunt & Vitell, 1986). This statement however, often gives a spur to commerce practitioners further stating that it is only fallacy of contention.
Economists suppose that ‘ethics’ is a good business investment precisely for the reason that such entails positive externalities (Trevino & Nelson, 2006). A manifestation of this would be its ability to create a foundation of trust from among stakeholders and consumers thus sustaining a professional relationship that also involves loyal and innovative long-term cooperation. It is important in every corporation to have a bracket of support from its constituents as business will always involve social interaction—and numbers will not be able to suffice that.
Thoughts On Paul Camenisch Business Ethics Essay. (2020, Jun 01). Retrieved from https://studymoose.com/business-ethics-27-new-essay
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