Synergy between law and business ethics - Dissertation Example

men intent on trying to maximise profit in business present a disposition for resisting illegal or immoral conduct based only on a fear of sanction imposed by law. Ethics, morality, virtue and that which is good means little, if nothing, to bad men. Because profit is important for business, and laws are rules that emerge after compromise between conflicting ideologies and ethical points of view to present grey areas and loopholes, creative attempts at circumvention are always possible. However, business itself cannot remain aloof from ethical conduct to remain unconcerned about business ethic because to do this presents a risk of damage and loss arising out of a lack of harmony with stakeholders.

Thus, it makes sense for business to emphasise on an ethical culture in addition to compliance with law, and it makes sense for a government to enact and to implement fair laws to regulate business while emphasising on the ethic in business to deliver for all stakeholders. History has demonstrated that law alone cannot deliver good business, and business depends on those that are well versed in both business and ethics to make the right decisions. For Aristotle, virtue, and personal integrity mattered most and this is still significant in the present day and age.

Thus, a need exists for a synergy between law and business ethic to deliver ethical business in a society, and this dissertation examines this synergy of law and business ethics. (This page intentionally left blank) CHAPTER 1: BACKGROUND AND OBJECTIVES ______________________________________ Business ethics derive from a broader concept of ethics that attempts to examine what is right and wrong behaviour for the conduct of business under a set of impressed circumstances. 1 Ethics is a branch of philosophy that tries.

The author of the dissertation "Synergy between law and business ethics" considers that business ethics derive from a broader concept of ethics that attempts to examine what is right and wrong behaviour for the conduct of business under a set of impressed circumstances. Ethics is a branch of philosophy that tries to understand better morality, the derivation of moral principles and the application of morality to conduct of business or individuals. Within the context of business, no special set of ethical principles applies only to the world of business, and immoral acts are wrong regardless of whether or not a businessperson has committed them.

Business ethics helps decide about what is right and wrong within the context of business settings to understand better moral issues arising from business practice, decision-making and the working of institutions. The conduct of business presents many challenges to those involved in business and reports of insider trading, fraudulent earning statements, and manipulation of corporate statements. demonstrates ethical challenges associated with the conduct of business. Ethical conduct must prevail in employment relationships, in relationship between business and customers, product safety, compensation of workers, sustainability in business operations and commitment of business to the uplift of a society in which it operates, etc.

Failure of a business to act in an ethical manner damages parties that deal with a business, the society in which a business operates and the business itself.