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These ethics or principles examine moral issues or problems that arise in a business environment. Business ethics therefore applies to all aspects of the firm’s conduct. It is also relevant to the conduct of individuals…
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Download file to see previous pages t business ethics are guided by law while others are just basic framework through which a firm may choose to follow as a strategy to gain public acceptance. It therefore means that business ethics are implemented by companies in order to a certain level of trust or acceptance between clients and different market stakeholders.
A number of biblical scholars have tried to summarize what the Bible has to say about business ethics and so does scholars in business word (Schneider et al. 2003) . A good example is Frederic Phillips, former president of Philips Electronics and Jerry White, a biblical scholar (Richard, 2010). The two individuals provide Caux round table and biblical review of business ethics respectively. Caux Round Table and White’s Biblical principles share a number of similarities in their bid to explain business ethics. The two versions of business ethics for instance believe that the world business community should be actively involved in improving economic and social conditions that can ensure world peace and stability.
Caux Round Table affirms this by arguing that business behaviors or practices the relationship among nations and the prosperity and well-being of us all. In its first principle, Caux Round table concludes that business has a role to play in improving the lives of their employees, customers and shareholders through the wealth they create. In explaining the principle of the economic and social impact of business Caux Round table stipulates that business should contribute to economic and social development not only countries in which they are established but also the community as a whole (Spohn 2009). White’s Biblical principles share on the other hand through the third guideline, being a servant, explains how business impact live of not only their customers but also the community at large. The guidelines also advocate for reasonable profits as any other high charges are likely to exploit the public.
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