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The Role of Ethics in Business

John T Mathew
Management Student
ABV- Indian Institute of Information Technology and Management Gwalior (MP), India
jtm_1560@rediffmail.com
Abstract -- Ethics can be viewed as the rules and values that determine what goals and actions people should follow when dealing with other human beings. People invented this term because it does not always coincide with self-interest. Business ethics, however answers the question: “How can one do good by doing well?” A business manager cannot make the right decisions without understanding management in particular as well as ethics in general. Business ethics in management is carried out in the real world. We will go through the public sentiments towards business ethics. There are two key branches of Business ethics, i.e. Descriptive ethics & normative ethics. Ethics is something you feel, not something you think. Ethics is a highly developed field that needs better close reasoning. It has a number of features that seems to influence one’s behaviour as they provide a language and conceptual framework with the help of which one can talk and think about ethical issues. It helps to improve the business conduct in general. Keywords – Ethics, organization, business, models, management. INTRODUCTION TO ETHICS

Ethical codes have been prepared along with the development of human civilization. Earlier, people might have found some of their actions was wrong and others to be right. The question here is: what is right and what is wrong gave birth to ethical and unethical codes. Ethics involves a discipline that examines good or bad practices within the context of a moral duty of an individual or the organization as a whole.

The word ethics is derived from the Greek word ‘Ethikos’ and Latin word ‘Ethicus’ which means custom or character. The concept of ethics deals with human beings. So, it is a social science. Ethics is a branch of philosophy which is considered as

Ribhanshu Raj
Management Student
ABV- Indian Institute of Information Technology and Management Gwalior (MP), India
ribhanshu.raj1986@gmail.com

normative science because it is much concerned with the norms of human beings.

In the words of Peter F. Drucker: “Ethics deals with right actions of individuals”.

Ethics includes the following:
1. Well based standards: Ethics refers to well based standards of right and wrong that prescribe what humans ought to do. 2. Ethics refers to the study and development of one‘s ethical standards.

Value system indicates a hierarchy based on ranking of an individual‘s values in terms of their intensity. A well defined value system is a moral code. Indian Ethics inculcates good value system among individuals. Why should business people/ managers be ethical? Some managers answer in a negative manner (they say that they have no reason to be ethical), some behave positively (they should be ethical but identify their ethical duty with making a legal profit for the same). Four important Ethical questions that comes to mind are:

What is?
What ought to be?
How do we get from what is to what ought to be?
What is our motivation for acting ethically?
BUSINESS ETHICS
The public’s interest in business ethics gradually increased during the last four decades and can be seen as the result of media’s interruption. Business ethics is nothing but the application of ethics in business. Business ethics is the application of general ethical ideas to business behavior. Ethical business behavior facilitates and promotes good to society, improves profitability of an organization, fosters business relations and employee productivity. Business ethics is related with the behavior of business man in doing a business. Unethical practices create problems to businessman and businessman units. Business ethics are developed with the due course of time and custom. A custom differ from one business to another. If a custom is adopted by businessman...
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