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Business Ethics Learning Logs (1,2,3,4) - Essay Example

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Name Class Professor Date I. First Entry: Where I stand before taking the course Even before taking the Business Ethics course, I already knew that ethics is important. It is important because it guides an individual or a professional to do the right thing in the dispensation of his or her job or profession…
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Business Ethics Learning Logs (1,2,3,4)
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Business Ethics Learning Logs (1,2,3,4)

Download file to see previous pages... I came to the realization that ethics was important because I was aware that the recent financial crisis that rocked the world that made lives difficult for everybody was rooted in greed and lack of ethical practice in business. This explains why I was appreciative when I took the subject because I will have the opportunity to learn in details what really constitutes an ethical behaviour and to be able to discern the ethical behaviour from the unethical or undesirable one. I believed that this was important to learn especially when we are still in the academe and still in the process of equipping ourselves the necessary skills and knowledge so that it will be ingrained within us to become better professionals in the future. The lessons that we will learn would guide us when we make our choices in any ethical dilemma that we would confront, be it in business or in our daily activities. II. Second Entry – Evaluate The Theories Given the recent scandals that rocked the business and financial world, it now becomes an imperative that each individual entering into the corporate and financial industry must have a sound ethical foundation to avoid similar occurrences in the future. It should begin right in the academe where future professionals, employees or entrepreneurs are being trained and prepared. It is now important because the neglect and disregard for ethical practice in business has contributed to the recent financial and mortgage breakdown that stemmed from greed and lack of ethical practice that made life difficult for everybody. The high incidence of unethical practices in modern business has prompted a stream of organizational research about morality in business (Crane 1999). In fact, industry experts such as Ernst & Young has pointed out that unethical business practice is the main culprit that precipitated the recent economic crisis which caused a lot of jobs and homes to be lost that made life difficult for everybody which is why it is now an imperative not only to integrate but also to stress ethics beginning in the academe when future business professionals are being trained and prepared (Business Roudtable-Institute for Corporate Ethics 2009). The obvious disregard about business propriety is not surprising as Crane and Matten hypothesized that business in itself has been argued to be amoral that to put ethics in business is an oxymoron because they contradict each other (2010). Business in pursuit of its profit motive will invariably set aside ethics as it endeavour to make profit. Actions which may be considered unethical such as lying and deception may even become permissible in the business’ pursuit for profit (Carr 1998 qtd in Crane and Matten 2010). This is consistent with the consequential normative ethic theory that “holds that the moral rightness of acts, which holds that whether an act is morally right, depends only on the consequences of that act or of something related to that act, such as the motive behind the act or a general rule requiring acts of the same kind” (Stanford Encyclopaedia of Philosophy a 2011). In plain language, a business person may be prompted to choose a certain course of action or inaction based on the benefit or the avoidance of harm that may be derived from such action or inaction. In the case of business, it can chose to shun any propriety in conducting business with the idea that it is more expedient to make profit by disregarding ...Download file to see next pagesRead More
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