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Business Ethics and the Role of the Corporation - Essay Example

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According to Jennings (2009), the society recognizes the importance of business ethics. Firms regard business ethics as a foundation principle that guides and initiate values and principles. …
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Business Ethics and the Role of the Corporation
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Download file to see previous pages For years, questions are raised on compliance of ethical values whereby many that violate laws, regard to have done so due to a loophole in the law. In this case, their defenses majors on strict compliance with laws that ignores ethical issues of fairness and honesty. Experts such as Dr Michael Novak provide insightful thoughts towards this discussion as he explore on business ethics and the role of the corporation. In examining this, I will answer the following questions as I seek to expound on Dr Novak views on business ethics and the role of the corporation. 1. Why does Dr. Novak have two sets of responsibilities for his definition of business ethics In his thought, Dr. Novak has two sets of responsibilities, which explore on the discussion of business ethics, which involves meeting the responsibilities of small businesses and corporations. The main reason why the Dr. Novak has two sets of responsibilities for his definition of business ethics is because they are vital behaviors that augment success. Business ethics regards an individual who has mastered habits required to fulfill his or her objectives. In his discussion, Dr Novak affirms that, a business serves the common good of the community it serves. In other words, it an economic association that seeks to satisfy customers with their commodities, increase profit margin, creates jobs opportunities and new wealth, and create a pleasing working environment where substantial work is rewarded to generate economic growth. It is considerable to discern that a business corporation falls under that category of augmenting economic growth, customer and employee satisfaction, and serving the community in honesty. Accordingly Dr Novak states that, a business ethic entails creating and imaging a World based on values of individuals, community, realism, creativity, and virtues of enterprises. In involves respecting individual rights to their own creativity and economic initiative. In this light, it means having a culture worth of the benefit of people, the needy, the business and community, and the maker. In a business set up, Dr, Novak regard ethics as the responsibilities of the small business and corporation to promote virtues of enterprise that initiate on creativity and economic initiative. 2. What does Dr. Novak say about the rule of law and its relationship to businesses? In his discussion, Dr. Novak creates notable insights on the rule of law and its relationship to business. He outlines that, the rule of law demands individuals or participants who have mastered habits required for business imperative. The rule of law of business springs its nature towards increasing customer satisfaction with commodities of values; augment a reasonable return on the Business Corporation and economic growth through economic initiatives such as creating job opportunities. This involves promoting ingenuity, invention, and progress through human enterprise, mind, and invention. Still, the statute of the law majors on economic interests of citizens, establish a sense of community, respecting individuals rights hence, shaping a business culture that fosters virtues. With this in mind, the imperative of the law demands people in business to encourage their employees, shareholders to perceive policy issues and political ideas seriously, retires, and participating to electoral campaigns to vote. Following this, business cannot exist without the rule of law. Its relationship to the business entails the following. When individual rights are respected this would increase employee satisfaction, which increases work performance, and eventually boost economic growth. For success, businesses depend on individuals ready to work as a team. Contracts depend on the fulfillment of respect ...Download file to see next pages Read More
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