How Does Ethical Culture Affect The Australian Economy

Second Part
The Global Financial Crisis (GFC) was followed by the deepest recession in the world economy since World War II. The Australian economy performed better during this period than most other advanced economies on nearly all relevant indicators. Although financial and economic conditions were stressed, the financial system worked remarkably well (Tony & Morling, 2011). Diverse factors have been stood in to explain this strong Australian economy performance during this recession. These include the strength of Australian financial system, the monetary and fiscal policy response and the Australian government commission’s well performing. This paper looks at only Australian Securities and Investment Commission (ASIC) performance
Are those decisions base on just getting the job done whether it hasn’t ethical value or getting the job ethically right way. Applying this terminology this paper will focus on Australian corporate culture whether it is strong or weak. Secondly it’s going to demonstrate how ASIC performed during the recession complying the ethical issue.
Part1. - It is important to find out does Australia has positive or negative corporate ethical culture. Even though comparing with other countries ethical culture is far more accurate method to discuss Australian ethical culture, there are might be some challenges due to what kind of dimensions are used to compare. For example if comparing the maturity level of ethical culture with different countries the Australian ethical culture is at a different stage of maturity comparing with other countries; such as Europe and US (Institue of Chartered Accountants Australia, 2013). The recent study mentioned in Europe and the US, business ethics is more recognized as a management discipline informed by comprehensive body of range of researches, yet in Australia business ethics is still seen in compliance level. However some author such as Luke Nottage argues
Furthermore the positive ethical culture and ASIC strong performance apparently contributed to help the Australian economy to better perform during the GFC.
Bibliography
Ethics Resource Center, 2010. The Importance of Ethical Culture: Increasing trust and Driving down risks, Arlington: Ethics Resource Center.
Australian Securities and Investments Commission, 2010. Responding to the global financial crisis: the ASIC story, s.l.: The Trans-Tasman Business Circle.
Ethisphere, 2011. WME honorees, Ethisphere TM Institute. [Online]
Available at: http://m1.ethisphere.com/wme2013/index.html#wme2011list
[Accessed 31 July