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Business Ethics - Essay Example

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Author Tutor Course Date Business Ethics Introduction Business ethics include principles and values used to conduct the activities of an organization and manage the workforce. They can be used to rectify any problems occurring in an organization. They apply to different operations of a business; they include international business ethics, strategy and ethics, corporate governance, stakeholder theory, ethics of finance, ethical issues in pricing, corporate citizenship and sustainability…
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Business Ethics
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Download file to see previous pages International Business Ethics These entail rules and regulations set forth to control the business between countries in the world in order to enhance trade between them, bringing out globalization. Globalization diminishes the set barriers between countries on the globe for trade to occur smoothly. Examples of transactions that fall within the ambit of international business ethics include fair trade movement and transfer pricing. The factors looked at to come up with significant international business ethics include the exchange rates, economic growth and rates, working environment, the government control involved and the social ethics involved (Casson 97). International corporations operating in host countries may be perplexed by the customs, rules and laws of the country, some of which conflict with cultural guidelines of their home states. This presents numerous ethical complexities universally; for example, the certain governments’ expectations. Different employees in the many departments in a foreign culture cannot be accorded same salary standards and promotional standards as the ones back home. This is due to different working conditions and environments in the different countries, and also various rules and regulations in conducting business in different countries. For example, economic status of developed countries tends to differ with that of developing countries and the currencies of countries have different values (Casson 97). Various theories of ethics involved include rationality, social ethics and communitarism. Rationality This is a concept used in business, which involves the reasoning of people involved in a business with the motive of solving a problem or achieving a goal in business. As noted by Casson, in international business, the concept of bounded rationality is a key element in the transaction cost theory version of Williamson’s (1975). It also underpins the Hedland’s (1993) arguments that favor the network firm (Casson 98). Various countries’ representatives come together and discuss certain issues affecting international trade and come up with certain guidelines, which benefit each and every player involved in the international business. The various issues discussed include the exchange rates of different currencies of all world countries. In addition, there has been the formation of various organizations that maintain stability of the different world currencies. These include the World Bank and the International Monetary Fund, which assist countries in maintaining a superior economic position and help in times of economic crisis (Casson 98). Social ethics These include the appropriate behaviors of certain peoples as a whole, especially with regard to their different perspectives on things and beliefs in their various cultures. In such societies, the current principles and values dictate how people should act and deal with one another by setting certain behaviors or standards that should be followed by members of society. Factors considered within social ethics include language, race, gender, culture, religion and education, among others. In international business, social ethics is a vital issue as various countries have di ...Download file to see next pagesRead More
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