21-07-2012, 02:14 PM
BUSINESS ETHICS
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MEANING OF ETHICS
Ethics has a variety of meanings. Some of them are:
The term comes from the root words ‘ETHICOS’ (Greek) and ‘MORALIS’ (Latin) both meaning Character, habit or behavior.
Ethics is a set of inner guiding moral principles that a person or group uses to analyse and interpret a situation and then decide what is the ‘Right’ and appropriate way to behave.
Ethics is a set of moral principles.
Morals are accepted standards of behavior and rules about whether an action is good or bad, right or wrong.
Ethics is a discipline dealing with that which is good or bad and moral duty and obligation.
Ethics is about good and evil, right and wrong and of duty and obligation in human conduct and how we reason and make choices about them.
MORALITY AND MORAL STANDARDS
Morality are the standards that an individual or a group has about what is right and wrong or good and evil. Moral standards are the norms we have about the kind of action we believe are morally right and wrong as well as the value we place on the objects we think morally good or bad. They are normally expressed as general rules or statements. Eg. Killing innocent people is bad.
ETHICAL ISSUES
Ethical issue is a situation, problem or opportunity in which an individual must choose among several actions that must be evaluated as right or wrong.
Ethical issues in work place include:
- Sexual harassment.
- Discrimination in pay and promotion.
- Right to privacy.
- Discrimination on the basis of caste & creed.
ETHICAL VALUES
Ethical values are the principles that are held as worthwhile for individual honour and social life and well being.
These values control the behavior of the person and the society and channelize the individual efforts for the pursuit of common benefits.
Values create credibility with the public as the individual is expected to follow those values.
ETHICAL SYSTEMS
Moral philosophy – values people use in deciding what is right or wrong.
Universalism –Individual must uphold certain basic values like honesty.
Teleology – an act is right if it produces a desired result.
- Egoism – maximum benefit for the individual.
- Utilitarianism – Maximum benefit to a maximum number.
BUSINESS ETHICS
Business Ethics is the study of Moral standards of right and wrong in business decisions. The field of business ethics includes the values, beliefs and the moral stds governing the day to day conduct of the business. It mainly concentrates on those standards of morality as they apply to business policies and practices.
CONTEXT OF BUSINESS ETHICS
Business as a social institution with a specific responsibility Viz:
1. - production of goods and services needed for the society.
- distribution of these goods and services to the members of the society equitably.
2. It uses the resources like land, lobour, capital and technology which belong to the society in the process of converting them into goods and services.