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Business Ethics Study Notes

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BUSINESS ETHICS CHAPTER 8 LEARNING OUTCOMES : 1. Examine the ethical dimension of business, its relevance, and necessity; 2. Compare the stockholder, stakeholder, and social contract theories of business ethics. 3. Recognise the implications of corporate social responsibility in running a business and; 4. Show understanding of the various stages of organizational moral development. The world of business is oftentimes seen as an amoral world. It is viewed as a world solely driven by the profit-motive and business people are often portraayed as ruthless, self-interested individuls. • One of the principle task of ethics is to enforce the values of justice and fairness in situations where there are grave abuses of power and a gross imbalance in the allocation of resources between people that are meant to share them. • Business, is prone to many unethical practices, especially by those who occupy the seats of power of corporations. • Businesses engage in unethical acts to survive and to flourish. • • • How can business fulfill its goal of making money without compromising ethical responsibility? What are some normative models that can be used in assessing a business’s moral development? How can the profit motive and ethics co-exist? MULTINATIONAL CORPORATIONS  Companies that have manufacturing, marketing, service, and administrative operations in many different nations. Globalization  Has brought the world many benefits as the recognized brands su ...
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