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Economic crisis is, clearly, a consequence of unethical behavior exhibited by businessmen. This is, nonetheless, traceable to the moral fibre of our business people right from graduate school to the real business world. This moral weakness comes in the form of cheating and other foibles . In these schools, students are erroneously made to believe dishonest practices of these sorts are acceptable standards and commonplace. The environment there exposes students to the get-it-done-at-all-cost syndrome.
Principles that shift their priorities from meeting the needs of customers to protecting shareholders’ interests are taught.
The remedy, though, lies still with these schools disabusing the perception by initiating stringent integrity measures. 1 ? Unethical behavior in business: how it affects the economy, it’s correlation with cheating in graduate school, and how it can be curbed The current economic crisis, no doubt, is a by-product of unethical behavior in business.
This behavior, of a truth, has stifled morality by bringing values and norms which, hitherto, were not dragged to the extremes, to the front burner in business circles.
Who would not dare to believe that the economic crisis that has rocked today’s financial environment is a reflection of bad moral practices on the part of the stakeholders? The obvious indicators are greed and unguarded risk-taking, semblances of profit-making and entrepreneurship respectively. This new trend in practices is traceable to our business graduate schools, where students learn the trick of the trade.
Priorities in this schools have somewhat been misplaced because of the looseness of schools to enforce core values that foster integrity at the expense of profit-making.
Business schools, for the most part, are notoriously competitive which might incite student to adopt a me-first attitude(Greg,2009). Students are indoctrinated with principles that seek to meet the needs of shareholders at all costs, even if it takes lowering the overall preference for customers. As the truth goes: the presence of those who wish to offer inferior goods tends to drive the market out of existence(Arkelof, 2003).
Nevertheless, this newfangled trend can be kept at bay if faculty members of our so-called business schools insure the academic integrity of the students while still in business school. This can be done by placing a sledge hammer on dishonest practices that erode the individual’s super-ego like cheating, even outright lying. In these school’s administration, a lot can be done , ranging from the creation of multiple versions of students’ examinations and tests to ensuring no grey-area exist in matters needing a student’s individual approach to work or those requiring him to work in a team(The Chronicle, 2002).
1. Arkelof, George: The market for ‘Lemons. ’: Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics. Vol. 84, No. 3. (1970). 2. Greg, Samuel: “Risky business: Keynes Moral Hazard and the Economic Crisis. ” Public Discourse: Law and the Common Good(March, 2009) 3. Mangan, Katherine: “The Chronicle of Higher Education”( September, 2002).
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