HRM 522 Week 10 Discussion 1: Global Management Ethics
Hrm 522week 10 Discussion 1 Global Management Ethics
Analyze the key terms of "capitalism, economics, and business ethics" with a focus on how the countries discussed have changed over the last 70 years. Anticipate the direction these countries will take over the next 30 years. Review the different global management ethics lists found in Table 10-1 and then create one (a better one) of your own. Explain why your list is better than those depicted.
Paper For Above instruction
The evolving dynamics of global management ethics, capitalism, and economic systems over the past 70 years have significantly shaped how nations develop and interact in the international arena. To understand these changes, it is essential to analyze the key terms: capitalism, economics, and business ethics, and observe their transformations across different countries over this period.
Capitalism has historically been characterized by private ownership, free markets, and profit-driven enterprise (Smith, 1776). However, in the last seven decades, countries like China have transitioned from communist economies to market-oriented ones, blending capitalist principles with state control, leading to a hybrid economic model (Naughton, 2007). Similarly, the expansion of global capitalism has expanded from Western countries to emerging markets like India and Brazil, influencing their economic policies and business practices.
Economics, in its broadest sense, refers to the study and management of scarce resources (Mankiw, 2014). In the last 70 years, economic strategies have shifted from protectionist policies to liberalization and globalization, fostering international trade networks and multinational corporations (Bergsten, 1997). Countries like South Korea and Singapore exemplify this transformation, going from low-income to high-income economies through export-driven growth models. The rise of digital economies and technological innovation has further redefined economic interactions, emphasizing the importance of knowledge-based industries.
Business ethics pertains to moral principles guiding corporate behavior (Trevino & Nelson, 2014). Over the past decades, there has been an increased emphasis on corporate social responsibility (CSR), stakeholder engagement, and sustainability. Companies operating globally now face complex ethical dilemmas involving labor practices, environmental impacts, and human rights (Crane et al., 2014). For instance, many multinational corporations have adopted codes of conduct to address ethical concerns abroad, though enforcement remains challenging.
Looking toward the next 30 years, these countries are expected to continue their trajectories towards more integrated and ethically conscious economies. Emerging markets are likely to become dominant driving forces in the global economy, emphasizing sustainable development and inclusive growth. Technological advances, such as artificial intelligence and blockchain, will redefine economic and business ethics frameworks, demanding greater transparency and accountability (World Economic Forum, 2020). The integration of environmental, social, and governance (ESG) criteria into corporate decision-making is projected to become standard practice worldwide.
To assess and improve global management ethics, existing lists (such as those in Table 10-1) provide valuable frameworks but can be incomplete or overly generic. Therefore, I propose a refined global management ethics list based on four core principles: integrity, accountability, sustainability, and respect for human rights.
My list is better because it explicitly incorporates environmental sustainability and human rights considerations, which are critical in today’s interconnected world. It emphasizes proactive responsibility, urging companies to not only avoid unethical conduct but also to actively promote positive social and environmental change. This aligns with contemporary movements towards corporate activism and conscious capitalism.
In conclusion, understanding the evolution of capitalism, economics, and business ethics over the past 70 years allows us to anticipate future trends. Countries will likely prioritize sustainable and inclusive growth, guided by more comprehensive ethical principles that reflect the complexities of modern global commerce. My proposed list aims to foster a more responsible and ethical approach to global management practices, emphasizing proactive engagement and respect for universal human values.
References
Bergsten, C. F. (1997). The future of the international economy. Foreign Affairs, 76(4), 108–124.
Crane, A., Matten, D., & Spence, L. J. (2014). Corporate social responsibility: Strategies, risks, and opportunities. Oxford University Press.
Mankiw, N. G. (2014). Principles of economics (7th ed.). Cengage Learning.
Naughton, B. (2007). The Chinese economy: Transitions and growth. MIT Press.
Smith, A. (1776). The wealth of nations.
Trevino, L. K., & Nelson, K. A. (2014). Managing business ethics (6th ed.). Pearson.
World Economic Forum. (2020). The future of financial infrastructure: An outlook to 2030. Geneva: WEF.