Globalization and Business Ethics Globalization and Business Ethics Business ethics is a well-institutionalized academic field, which deals with the moral dimension of business activity. In the context of international business, it means the treating of moral questions of international cultures and countries.
Suny Maity Business Ethics: Butcher Retired chairman of the Chase Manhattan corporation. Though business grew and the environment offered more markets and many opportunities, but with it also came duplication of products, child labor, money laundering, environment issues and many other business malpractices.
To add to more of these unethical practices the New Millennium faced the tsunami of business crimes. Cyber crimes, sexual harassment in work places, intellectual property and patent thefts to name a few.
To address these serious issues, this era understood the need and significance of incorporating Business ethics as part of their strategic business programmes and alliances. With the involvement of business ethics as a part of business strategic decision making, many companies have gained a competitive advantage, good will and recognition in Globalization of business ethics global business world.
They have attracted a good workforce and cater to a healthy organization climate. All this has ultimately led to good profits and a healthy competition in the business world. Business ethics, impact of globalization, Contemporary issues. Introduction In the last few decades globalization has become the focal point of all businesses.
Globalization has vital impacts on almost everything from society to environment, technology, transfer of information and knowledge, life and living status of people and culture but most specifically economy and business.
All the organizations have responded to these changes rapidly. With this wide spread of business, corporations face many new challenges.
And in this race to win and account for volumes of growth and success corporate look for gaining competitive advantage by various strategic methods.
The companies very well realize the importance of the customer, environment and society in the dynamic business world. With the advancement of technology, sharing of information is easy and easily accessed, and this raises the issue of how to gain competitive advantage.
And one way the globalized business world has responded to this is by being Ethical in their conduct of business.
Ethics and business have long been a topic of controversy. Where many are of the view that both cannot sail in the same boat, some have made it an important element of their strategic business goals and fulfillment.
Business ethics in the globalized world finds itself in the forefront of almost every vision and mission statements of the corporate. It specifically talks about increase in productivity, optimum use of manpower and materials, use of scientific and managerial tools all in alignment with the dreams and aspirations of the country.
The company accepts and recognizes that honesty and integrity are essential elements in the growth and profit making of the company. A trust worthy company to which you can sell your products as well as invest in. The guiding principles which takes us out from the dilemma of what is right and wrong is what the term Ethics is comprised of.
These are the parameters or the codes of conduct on which the business houses function. These guidelines are acceptable to both the individual and the society. And depict the right ethical behavior of the individual. Ethics is a very wide concept which covers morals, values and issues with being honest to self, organization, society and environment at large.
In simple words doing business morally, honestly and for the good of both people associated with the business like shareholders, stakeholders, customers, suppliers, internal employees and well as external employees and most specifically society and environment.
Business ethics are thus concerned with the values, norms and moral issues relating to business. It attracts people and society from all corners. Consumers, rather society, as a whole continuously demands business houses to work more ethically and incorporate ecological ways to do business.
Thus corporate are increasingly realizing the importance of being ethically and are keeping up with good business practices. Globalization and Business Ethics Globalization is the next buzz word. Everyone seems to talk and discuss issues related to globalization.
This combination of business, ethics and globalization gains much of attention and importance not only from big corporate houses but also society. Therefore issues concerning with globalization and business ethics have become most important in the contemporary society.Ethical Influence of Globalization on Stakeholders Business ethics propel the stakeholders of company towards higher level of performance.
Globalization provides an enabling environment in this endeavor. Shareholders, employees, customers, suppliers, competitors, government and civil society are considered as stakeholders of businesses.
Ethics “The branch of knowledge that deals with moral principles” Business ethics (also corporate ethics) “is a form of applied ethics or professional ethics that . Globalization and Business Ethics Globalization is the next buzz word.
Everyone seems to talk and discuss issues related to globalization. This combination of business, ethics and globalization gains much of attention and importance not only from big corporate houses but also society.
Globalization as defined in terms of the de-territorialization of economic activities is particularly relevant for business ethics, and this is evident in three main areas – culture, law, and accountability.
The dynamic force of globalization will continue to change our perceptions, as it reshapes our lives, the way we make a living and the way we relate.
The changes are . Business ethics is a form of applied ethics.
It aims at inculcating a sense of value orientation within company's employee as to how to conduct business responsibly.