Introduction It is said that ethics and profit are not related. In the first place, it is important to understand what this idea or concept of two or more things being related is all about. In this paper, the proponent tries to show important reasons why there is a need to apply ethical standards in business…
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For instance, gaining profit out of illicit or prohibited drugs is possible but this does not mean that the entire activity is accepted as a good act within the society. In fact, the term that something is prohibited justifies further that there is no good about it at all. Ethics and profit may not be related because businesses may come up with different strategic moves that at some point may compromise what is considered morally good within the society. Thus, specifically there is a defined concept within the society for the preservation of life and that everyone is expected to do what is good and right. In line with this, there is a need to understand what ethics is all about. What is ethics? Ethics is concerned about the study of what is to be done (Kerridge, Lowe and McPhee 1). In other words it deals with identifying what is right and wrong (Pojman and Fieser 1). The principles or idea of right and wrong are integrated with the world. From the very beginning, humans have already understood what is right for them and everything that will contribute to their survival is good and that what should be done among them. The trial and error process led them to learn and even until today because humans learned a lot from their experiences. Based on these experiences, the idea of what is good and right has remarkably uncovered. ...
These rules simply try to protect the lives, rights and privileges of everyone. For example, a government may set a minimum wage program among private organizations or institutions. This is to be applied in order to set equal privileges among business men and their workers. In this way, workers are also ensured to receive what they deserve and exploitation will be out of the line. Some companies may come up with idea to generate more profit and one way of doing so is to cut the budget for those privileges that has been allocated for workers. The main issue in here is the generation of profit of business outside the bound of the social contract. Eventually, under the social contract an employee has the right to receive what is due to him. Thus, ethics may necessary be applicable in this case but there is really a need to apply it in order to emphasize the scope and coverage of the social contract and push every business towards its obligations in its employees and vice versa. . Business is associated with the law Under the social contract, business is associated with the law. There are corresponding laws that business should adhere to. For example, every business should adapt a financial reporting standard. One purpose of it is to declare the right figure a company is making in its business in order to pay the right amount due to the government. It cannot be denied that various companies are trying to come up with different financial reports depending on their usage for the sole purpose of gaining considerable amount of profit, which is actually the bottom line of all. In some other countries, tax avoidance and evasion are prevalent it is because profit maximization has become a must. Tax evasion is a serious offense and it has
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