International Business Refers To A Wide Range Of Business Ac

International Business Refers To A Wide Range Of Business Activities C

International business refers to a wide range of business activities carried out across national borders. The globalization of markets, which is an ongoing economic integration and interdependence of countries worldwide, coincides with the growth of international business. In this activity, you will have a chance to discuss your views on ethics in international business. For this discussion activity, respond to the following prompts: Explain why one should be ethical when operating an international business. Although ethics is not the same as self-interest, can one always do well, by doing good? In other words, can one be successful in business (monetarily) solely by doing good (morally)? If a business's ultimate objective is to make the world better, explain how this could be best achieved ethically. In response to your colleagues, discuss why it is beneficial to study business ethics.

Paper For Above instruction

International business operates within a complex web of cultural, legal, and economic environments across different countries. As such, the importance of ethics in international business cannot be overstated. Ethical conduct in international business helps foster trust, build long-term relationships, and maintain reputation—all vital components for sustainable success. When companies adhere to ethical practices, they demonstrate respect for local cultures, adhere to international laws, and promote fair treatment of employees, suppliers, and consumers. This not only prevents legal repercussions but also contributes positively to a company's brand image, which is crucial in competitive global markets (Donaldson & Dunfee, 1999). Moreover, ethical behavior mitigates risks associated with corruption, exploitation, and environmental degradation, issues that are often magnified in less regulated environments. Therefore, acting ethically in international business is both morally right and strategically beneficial.

While ethics and self-interest often seem at odds, they are increasingly intertwined in the context of sustainable business practices. Doing good does not necessarily equate to sacrificing profitability; rather, ethical conduct can lead to economic gains. Numerous studies have shown that companies committed to corporate social responsibility (CSR) often outperform their competitors financially in the long run (Porter & Kramer, 2006). For example, ethical labor practices and environmental stewardship can reduce costs related to legal penalties, operational disruptions, and reputational damage. This highlights that ethical conduct can serve as a form of smart business strategy—a way to do well by doing good.

However, the notion that businesses can solely succeed financially by doing morally good actions oversimplifies the complex realities of global markets. Success in business depends on various factors including innovation, efficiency, market demand, and strategic planning. While doing good is a vital component, it must be balanced with competitiveness and profitability. Ethical practices, therefore, are best viewed as foundational principles that guide decision-making, ensuring that profit motives do not override social responsibilities.

If a business’s ultimate objective is to make the world a better place, ethical considerations must steer its strategies and operations. This includes implementing fair trade practices, reducing environmental impacts, promoting diversity and inclusion, and engaging in social responsibility initiatives that benefit communities. For example, multinational corporations like Unilever have integrated sustainability into their core business models, resulting in both positive societal impact and enhanced financial performance (Unilever, 2022). Such approaches demonstrate that making an impact ethically can be compatible with business success and can lead to a more equitable world.

Studying business ethics is beneficial because it equips leaders and managers with the moral framework necessary for navigating complex dilemmas. Ethical decision-making fosters a culture of trust and integrity within organizations and with stakeholders. It also encourages transparency, accountability, and respect for human rights—all essential qualities for long-term success in global markets. Moreover, a solid understanding of ethics prepares businesses to respond responsibly to societal challenges, ensuring they remain reputable and resilient in a rapidly changing world (Rasche, 2016). In summary, business ethics is not just about morality but also a strategic asset that influences sustainability, competitiveness, and societal well-being.

References

• Donaldson, T., & Dunfee, T. W. (1999). Ties that bind: A social contract approach to business ethics. Harvard Business School Press.
• Porter, M. E., & Kramer, M. R. (2006). Strategy & Society: The Link Between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review, 84(12), 78-92.
• Unilever. (2022). Unilever Sustainable Living Plan. Retrieved from https://www.unilever.com/sustainable-living/
• Rasche, A. (2016). Business ethics and corporate social responsibility: policies and strategies. Academy of Management Annals, 10(1), 461-493.
• Crane, A., & Matten, D. (2016). Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.
• Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2021). Business ethics: Ethical decision making & cases. Cengage Learning.
• Smith, N. C., & Quelch, J. A. (2004). The Power of Corporate Social Responsibility. Harvard Business Review, 82(9), 22-24.
• McIntosh, M., & Hilliard, R. (2019). The role of ethics in global business. Journal of International Business Ethics, 12(3), 45-58.
• Blowfield, M., & Frynas, J. G. (2005). Setting new agendas: Critical perspectives on corporate social responsibility in the developing world. International Affairs, 81(3), 499-513.
• Valentine, S., & Paul, B. (2013). Ethics, CSR, and Business Success. Business Horizons, 56(4), 385-393.