Introduction
The word ‘ethics’ means standards of right and wrong behavior. Another word often used is ‘morality’. Today, things have got more complicated:
- There is no longer one agreed moral code. Most people have a weak sense of religion or none at all. So their morals must come from somewhere else.
- There are competing religious and social moral codes, especially for multinational companies ("MNCs") operating in different parts of the world and employing people from different cultures.
- The pursuit of profit has become a goal in its own right, and this puts pressures on people to compromise their standards.
- Businesses are only the people who work there; businesses have group cultures with their own norms and standards.
- Greater wealth in the western economies means people have less tolerance for ethically dubious behavior. So there are higher expectations of how businesses should behave.
- Businesses have to sell to consumers and employ workers who have their own standards and opinions. There is a competitive pressure for better behaviour from businesses.
- Many managers and owners have ambitions of social acceptance and recognition e.g. knighthoods or honorary PhD.
- Modern technology creates ethical dilemmas which never existed until quite recently. Medical products, and gene technologies, are a good example of this.
Last modified: Saturday, 9 October 2021, 5:00 AM