Legal And Ethical Issues In Business

Legal And Ethical Issues In Business

LEGAL AND ETHICAL ISSUES IN BUSINESS . INTRODUCTION Business ethics; these are business activities in light of some part of human quality. It requires the assessment of business practices. It goes past realities to incorporate the "ought to" of a circumstance. 2.

BODY The two customary issues included with ethics: · Ethical Relativism – are there general values that apply to everybody or is everything in respect to individual, nation, organization and so on. · Relates to social relativism. This presumes that diverse people groups reason about ethical quality differs by society, training and religious traditions. Contentions for ER are: i. Empirical proof of social relativism. ii. There is no practical widespread standard that could be connected to everybody.

3. THEORIES · Common Morality Theories a. Based on the idea there is a typical profound quality that all individuals impart by uprightness of common life. b. The most noteworthy commitment in any given situation must be discovered focused around the best adjust of directly over wrong in that specific context. • Rights Theories This ethical hypothesis is focused around the idea that all individuals have human rights that structure the advocating premise of commitments in light of the fact that they best express the reason for profound quality, which is the securing of freedoms or different profits for a right-holder. 4.

CONCLUSION; Business morals hypotheses incorporate the ethical standards or codes an organization executes to guarantee that all people working in the organization demonstration with satisfactory conduct. Entrepreneurs and administrators can utilize a morals hypothesis they esteem most suitable for utilization in their operations. The utilitarian methodology concentrates on utilizing moral activities that will push the most great or worth among a general public while restricting the measure of damage to as few individuals as would be prudent. 5. REFERENCES References; Arnold, D. G., Beauchamp, T. L., & Bowie, N. E. (2013). Ethical theory and business. Boston: Pearson Education. Beauchamp, T. L., & Bowie, N. E. (1997). Ethical theory and business. Upper Saddle River, N.J: Prentice Hall. Brooks, L. J., & Dunn, P. (2010). Business & professional ethics for directors, executives, & accountants. Mason, OH: South Western Cengage Learning. Cross, F. B., Miller, R. L. R., Cross, F. B., & Cross, F. B. (2012). The legal environment of business: Text and cases: ethical, regulatory, global, and corporate issues. Mason, OH: South-Western Cengage Learning. Fernando, A. C. (2010). Business ethics and corporate governance. Delhi: Dorling Kindersley (India), licensees of Pearson Education in South Asia. Mordini, E., & Tzovaras, D. (2012). Second generation biometrics: The ethical, legal and social context. Dordrecht: Springer. Weiss, J. W. (2009). Business ethics: A stakeholders and issues management approach. Australia: South-Western Cengage Learning. Sims, R. R. (2002). Teaching business ethics for effective learning. Westport, Conn: Quorum Books. Walton, C. C., & Duska, R. F. (1998). Education, leadership, and business ethics: Essays on the work of Clarence Walton. Dordrecht: Kluwer Academic Publishers.

Paper For Above instruction

Business ethics emerges as a critical field within organizational studies, delineating the moral principles that guide business practices and decision-making processes. At its core, business ethics involves evaluating actions based on societal norms of right and wrong, extending beyond legal compliance to encompass moral integrity, fairness, and respect for stakeholders (Arnold, Beauchamp, & Bowie, 2013). The complex landscape of ethical considerations in business is characterized by various theories and perspectives that shape the conduct of organizations and individuals alike.

One prominent philosophical approach is Ethical Relativism, which posits that moral standards differ across cultures, societies, and individuals. Ethical Relativism questions the existence of universal moral principles, arguing instead that ethics are shaped by social, cultural, and religious contexts (Beauchamp & Bowie, 1990). Advocates of this view highlight empirical evidence of diverse moral standards worldwide and argue that a universal standard is impractical. Critics, however, contend that this relativism can undermine efforts to establish global ethical norms and challenge the notion of moral progress (Cross et al., 2012).

Complementing relativist perspectives are normative ethical theories, which attempt to establish universally applicable principles. The theory of Common Morality asserts that all humans share a core set of moral values rooted in mutual respect and human dignity, forming a basis for judging ethical behavior (Arnold et al., 2013). This approach emphasizes that moral standards are derived from shared human qualities rather than societal conventions. In contrast, Rights Theories focus on the intrinsic rights of individuals, such as the right to freedom and security, which serve as guiding principles for ethical decision-making. Rights-based ethics maintain that respecting individual rights is fundamental to moral conduct and often serve as a foundation for laws and policies (Beauchamp & Bowie, 1999).

Business ethics also encompasses various models and frameworks that organizations adopt to ensure ethical conduct. Corporate codes of ethics, for instance, provide guidelines for employees to act responsibly and uphold organizational values. These codes are complemented by ethical training programs and leadership initiatives that foster an ethical culture within organizations (Fernando, 2010). A widely utilized approach is utilitarianism, which advocates for actions that maximize overall happiness or benefits while minimizing harm. This consequentialist view encourages managers to evaluate the potential outcomes of their decisions, balancing interests of different stakeholders to achieve the greatest good (Weiss, 2009).

In practice, organizations face numerous ethical dilemmas, including conflicts of interest, employee rights, environmental responsibility, and corporate governance. Resolving these issues often requires a combination of ethical reasoning, stakeholder analysis, and adherence to legal standards. The importance of integrating ethics into corporate strategy is increasingly recognized, as ethical lapses can result not only in legal penalties but also in reputational damage and loss of consumer trust (Sims, 2002). As such, developing an ethical organizational climate is essential for sustainable business success.

In conclusion, understanding and applying business ethics theories is vital for organizations seeking to maintain moral integrity and social legitimacy. Theories such as Common Morality and Rights provide foundational principles, while models like utilitarianism guide practical decision-making. Leaders and managers should select the most appropriate ethical framework for their organizational context, fostering a culture of integrity that aligns with societal expectations and stakeholder interests. As the global business environment becomes more interconnected, the importance of ethical standards that transcend cultural boundaries is more significant than ever (Walton & Duska, 1998).

References

• Arnold, D. G., Beauchamp, T. L., & Bowie, N. E. (2013). Ethical theory and business. Boston: Pearson Education.
• Beauchamp, T. L., & Bowie, N. E. (1997). Ethical theory and business. Upper Saddle River, N.J: Prentice Hall.
• Brooks, L. J., & Dunn, P. (2010). Business & professional ethics for directors, executives, & accountants. Mason, OH: South Western Cengage Learning.
• Cross, F. B., Miller, R. L. R., & Cross, F. B. (2012). The legal environment of business: Text and cases: ethical, regulatory, global, and corporate issues. Mason, OH: South-Western Cengage Learning.
• Fernando, A. C. (2010). Business ethics and corporate governance. Delhi: Dorling Kindersley (India).
• Mordini, E., & Tzovaras, D. (2012). Second generation biometrics: The ethical, legal and social context. Dordrecht: Springer.
• Weiss, J. W. (2009). Business ethics: A stakeholders and issues management approach. Australia: South-Western Cengage Learning.
• Sims, R. R. (2002). Teaching business ethics for effective learning. Westport, CT: Quorum Books.
• Walton, C. C., & Duska, R. F. (1998). Education, leadership, and business ethics: Essays on the work of Clarence Walton. Dordrecht: Kluwer Academic Publishers.