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The Business of Ethics: The Importance of Working With Integrity - Essay Example

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This paper "The Business of Ethics: The Importance of Working With Integrity" discusses business ethics that is sometimes referred to as an oxymoron. The purpose of this paper has been to discuss this statement and either agree or disagree with it…
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The Business of Ethics: The Importance of Working With Integrity
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Download file to see previous pages 1), “The subject of business ethics is one that has a long history of debate in business, academic, and public circles. Views vary on the extent of ethical responsibility that businesses should exercise. The minimalist position, long espoused by Milton Friedman, holds that the only ethical responsibility a business has is to make a profit within the confines of the law. In a free-market society, this single-minded pursuit of profit-making is ultimately in the best interest of society because market forces will maximize the economic well-being of societys members. Furthermore, Friedman argues that corporations are legal, not moral entities, and hence have no ethical obligations.”
However, most people would disagree with the aforementioned viewpoint. Most argue that organizations do have an ethical duty that extends beyond compliance with the law. Kelly (2002, pg. 1) states the opposing viewpoint as, “The modern world is a society of organizations, according to Peter Drucker. Organizations, especially large corporations, exercise enormous power that shapes the world and affects far more than those in a proximate relationship with the organization, for instance, employees, suppliers, creditors, and investors. Corporations owe an ethical responsibility to all of their stakeholders and have a duty to be good corporate citizens. Essentially, corporations derive their legitimacy from society. When they undermine that legitimacy by acting in ways contrary to the interests of society, they can lose that legitimacy and ultimately the business itself, as exemplified by Arthur Andersen.”

Businesses today function in an environment that is under continuous change. The push for global expansion makes things even more chaotic within the typical company, especially their sales departments. Diversity and complexity exist with customers, employees, and the marketplace in general, which means the environment is not likely to foster ethical developments on its own. ...Download file to see next pagesRead More
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