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Business Ethics and Corporate Governance


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Chapter 4 : Ethics and Rule of Law

The Rule of Law - An overview
Relationship between law and moral standards

Formulation of law

Corporate moral excellence
Individual process
Group process
Social process
Political process

Rule of law as the basis for moral choice.

Chapter Summary

In this chapter, we discussed law, moral standards, the formation of law and problems associated while formulating law. Law can be defined as a set of rules, established to govern individual behavior.

It also provides a basis for decision making when one is confronted with an ethical dilemma. Moral standards, however, only deal with “right” and “wrong” behavior. The moral standards and the law are related to each other since they deal with certain common issues. This chapter also discusses the formulation of laws. Four processes are involved in the formulation of laws: individual, group, society and political.

The chapter ends with a discussion of problems associated with transforming moral standards to legal requirements.

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