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Business Ethics from Profit domain - Essay Example

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This paper will focus on the three germane ways in which the business standards can be reached: Business ethics from profit domain, Business ethics against laws as well as Business ethics from moral rules…
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Business Ethics from Profit domain

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Business ethics is concerned with how businesses relate with the globe at large as well as their one-on-one relationship with their individual customers. Most business across the globe has earned bad reputation as a result of just being in the world of business. In the eyes of most people, the bottom line of business in making money, and this action is referred to as capitalism. Indeed, it is not wrong to have a means of generating money in the business world, but the manner in which it is being done is what counts, hence, a concern in business ethical behavior. It is conflicting to resolve the existing tension between a philosopher who believes in ethics in business and a money minded business owner. To fine the conflict the paper will look at three different ways that will lead the business world into business ethical standards (Chryssides and Kaler, 12-13). Business Ethics from Profit domain There has been an argument that business and ethics have a symbiotic correlation in which naturally ethics emerges from the businesses which are profit oriented. As a result of this, there are two ways of explaining the ethical standards. One, the application of good ethics in the business results to successful business. In general, it means that when businesses practice moral standards, they earn profits. However, this is not usually the case; for instance, making of safe products is profitable since product liability is decreased. In addition, businesses are profitable if employees privacy is respected, since there will be increased motivation hence efficiency. (Hartley, 44), Argues that, the only way a business can earn long-term interests, it’s by seeking trust from the public. However, this version has its weakness; for instance, most business that upholds moral practice will attain an economic advantage in the long run only. Little incentives are provided to businesses that seek profits within a short time. In addition some business morals may not be economically viable whether in the long run or short term. On the other hand, moral business depends on what it is being the product or service that will earn the business good profit. Therefore, the conflict that exists between business ethics and profits is incidental. The Second way is that, the profit motive in a free market which is competitive will bring about business ethics. Meaning that, if safe products are demanded by consumers, or if employees demand for their privacy, then consumers will purchase from or the individuals would wish to be employed in business that have their demand. It is therefore obvious that, good businesses lead to standard ethics, when business standards are observed by individuals involved in the business it is automatic to attract the consumers. However, the assumption that consumers and employees will demand there need to be met is challenging. The consumers may desire poor products if they are making a saving and the employees will forego their needs if they are compensated with high pays. It is important to note that not every ethical behavior in a business will lead to profitability. Business Ethics against laws The other strategy of business ethics is that the ethical obligation in a business encounters laws constrains. Across the globe, morality from the westernized has been put into legal laws such as harassments, killings and fraud. For ...Download file to see next pagesRead More
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