Read Marianne Jenning's articalwhy an international environment code of ethics would be good - Essay Example

Task: Why an international environment of ethics would be good Success in the business fraternity comprises of differentelements ranging from management, marketing and production. A synergy of these factors creates a perfect business mix that promotes economic sustainability while motivating the return on direct investment. Without regulations, directions, and jurisdictions, businesses can diverge into an array of malpractices. In the spate of globalization, international code of business ethics has sprouted to ensure fair competition and operation.

The codes take into account cultural relativism, economic inequality, host country constitutional guidelines and dynamic cultures. Despite criticism, international code of business ethics has various merits.Arguably, different countries hold varied cultural values in terms of language, social custom, and non-verbal communication (Smeltzer and Jennings 58). It is a non-contested fact that long-term survival and operation of any business relies on how well a business conforms to host country traditions.

The inability to hook business objectives with surrounding ethical needs create an ethical vacuum leading to conflict of interest. Additionally, businesses root in trust and ethical commitment, which has a direct bearing on the economic life. In many cases, such businesses end up law suits and court battles in the name of implementing accepted social standards and responsibilities. In this light, cultural imperialism, highlights an existing business dilemma that calls for limitation and control through the international code of ethics.

Similarly, a business system is a cycle of operations focusing on the limited resources to create a stable economic system. It is an inter-dependency of system based connections, society, demand, quality, and most importantly price. Non-regulation as noted by Kosolov, Martin and Peterson cited in Smeltzer, Larry and Jennings (1998) is non-existent. Every business has the sole responsibility of regulating behaviors and working within existing economic tenets; however, this has remained a problems as evidenced in the Security Exchange Act of 1934 (Smeltzer and Jennings 59).

In the act, maintaining a crucial economic flow involves holding certain ethical factors constant. From this perspective, international code of ethics prove worthwhile in bringing order and equitable trading environment in the raven business risk taking atmosphere.The political, social, and economic structures of different countries roots for varied business treatment. The hypocrisy mixed to surging inflation and high cost of living have brought various business to the ground as they have to conform to local practices while depending of the international standards for fundamental values.

For example, the minimum wages should conform to culture specific and moral norms from a global perspective (Smeltzer and Jennings 64). Decentralizing these ethical loopholes has led to exploitation of labor privileges poking holes on the ability of trust to hold the business environment. Therefore, international business code of ethics remains a viable option for businesses.In conclusion, the legislative, social, political, cultural, and social tenets present new challenges for business growth in the spate of globalization and technological advancement.

Evidently, it is impossible to encourage a global village of businesses while encouraging diversity from different angles. This calls for an international code of ethics for businesses, which promotes coherence, accountability and control. Monitoring economic systems without the standards create malpractices and exploitation not forgetting the contemporary menace of corruption.Works CitedSmeltzer, Larry and Jennings, Marianne. “Why an international code of business ethics would be good for business?

” Journal of Business Ethics; 17.1 (1998) 57-66. Print