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However, this interest in business ethics has grown significantly during the 20th century, reaching a peak today due to several main reasons: First and foremost is the unique role of corporations in the modern society.This form of business, whose economic and social power may be immense and involves numerous stakeholders, motivated further thinking regarding the means in which possible negative influence of corporations can be restricted.As mentioned earlier, issues of business ethics have a long history, and are thoroughly referred to in civilian and religious writings.
The company should be prepared to pay costs for instituting and maintaining ethical values in the company. (iii) Ethos: Characteristics of a community or of a culture.
Myth No.4: MIS is amoral: Management information systems (MIS) is neither immoral nor moral. There are violations of privacy and questionable use of data or putting the MIS in wrong perspective. Code of values by which a group or a society lives. (iv) Moral: Concerns regarding principles of right and wrong. (v) Morality: It is the standard that an individual or a group that knows that is good, what is right and which is proper.
Myths are popular unexplained beliefs but not truths.
There are 5 myths: Myth No.1: Business and ethics do not go together: Business runs on scientific management principles whereas ethics is religious. 2: Ethics in business is relative: Ethics is in the thinking and eyes of the man who sees business.
Third, a new wing of economic and legislative thinking in all fields of ethics (e.g.
in medicine and environmental issues) has also transformed the line of thought towards businesses, from perceiving them as mechanisms for creating value to active members of the society with individual sets of responsibilities.
The golden rule is that a person should have gold to rule.
There is lot of misconceptions or myths about business ethics and business should be done with ethics in mind.
1 Introduction Dated back to Code of Hammurabi some 4,000 years ago, business ethics is a social science, whose main aim is to define and examine the responsibilities of businesses and their agents as a part of the general moral environment of a given society.
The products of this field of research are sets of rules and codes of conducts, which serve as a means of protection from the possible infringements of moral codes as a result from the general activities and responsibilities of a firm to its stakeholders (e.g.