Business Ethics and Corporate Governance
Chapter 1 : Business Ethics - An Overview
Ethics
Nature of ethics
Objectives of ethics
Business ethics
Nature of business ethics
Relationship between ethics and business
The Unitarian view of ethics
The Separatist view of ethics
The Integration view of ethics
Stages of ethical consciousness in business
Need for business ethics.
Chapter Summary
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This chapter provides an insight into the subject of
ethics and business ethics. Many philosophers have expressed different views
about ethics. But they all agree that, in essence ethics deals with what is
right or wrong. Similarly the term business is defined as a primary economic
institution through which people in modern societies carry on the task of
producing and distributing goods and services.
Thus, business ethics is
nothing but an application of ethical judgments to business activities. There was an argument whether ethics should form a
part of business or not. This resulted in three different views: Unitarian
view, Separatist view and Integration view. Unitarian view argues that
morality and ethics are related to business. |
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The Separatist view expressed that, business should concentrate on profits,
and ethics and morality do not form a part of business. The Integration view
defined a new area called business ethics, where ethical behavior and
business are integrated. The external forces like government, market system,
law and services will guide the ethical behavior of the business. Finally,
the chapter discusses about the need or necessity for business ethics –
business in order to survive in the long run should concentrate on the
welfare of the society.
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Short Case Studies / Caselets