Business Ethics

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The aim of this essay would discuss on whether ethics is required or optional on business. On this essay it will analyse four ethics theory, namely Milton Friedman, R. Edward Freeman, Albert Carr and Carroll. Milton Friedman and Albert Carr illustrate that ethics is required whereas Edward Freeman and Carroll state ethics is optional. After analysing these theories, it is difficult to find out that whether ethics is optional or required. However choosing on whether ethics is optional or required would depend on the objective and personal characteristic on managers or leader. Furthermore this essay would state on the understanding on ethical behaviour or being a ethical organisation. By defining the meaning of business ethics, Crane and Matten (2007) illustrated that business ethics is the study of business situations, activities, and decision where issues of right and wrong are addressed. Society often expects organisations to behave an ethical behaviour toward their stakeholders such as employees or suppliers. However the amount of expectation from business to the society is not clear. There have not got an obvious bottom line on whether the amounts of ethical behaviour need to achieve from business or could business avoid providing ethical behaviour in some part of business. The debate between ethics is required or optional are never been terminative. By considering ethics in business as a whole, this essay will discuss whether ethics is required or optional on business Other theorist, Freeman, believe that management has a fiduciary duty to all its stakeholders and that the interests of the stockholder ought not to have priority over the interests of the other stakeholder (Bowie and Werhane, 2005) which know as the stakeholder theory. This is unlikely the two theories mentioned before, the concept of this theory concentrates on stakeholder rather than the Corporate social responsibilities. By understanding this theory, it seems that business needs to certain...
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