Importance of Business Ethics

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The Importance of Business Ethics

Business ethics exemplifies all principles and standards that guide our behavior in the business world. Nowadays, business ethics are two major words not taken seriously. [In fact, there has been a]...series of major financial scandals involving Enron, Tyco International, HealthSouth, Adelphia Communications, WorldCom, Global Crossing, Rite Aid (Garrison, Eric, & Brewer, 2008) to include Lehman Brothers, AIG, M[a]doff, [just] to name a few (Bathula & Gaur, 2011) for unethical behavior. My question is how can these executives be so unethical? It is not like anyone of us, at one point or another, has faced ethical decisions on a daily basis. Yet, we do not commit crimes as these individuals have done so. Does it mean business ethics could lead to decision making, as far as, is it on a personal or a group responsibility level and what are the consequences to such unethical behaviors. Morals tend to be essential as a part of our culture but people separate their personal and business ethics whereas they should be the same. There has been a long-standing debate among philosophers and psychologists (among other scholars) as to what causes people to act the way they do, and how [it influences]…their behavior (Pendse, 2012). [Many] suggest that the debate can be categorized in terms of those who believe in ‘internal forces’ such as a person’s parental upbringing, education, and personality as the primary causes of their behavior, and others who believe that behavior is primarily affected by ‘external forces’ that operate on the person (Pendse, 2012). There are several individuals that say that personal is personal and work is work but many do not realize that their ethics defines their own characteristics.

On a separate view of business ethics, a persons’ behavior is sometimes defined as a group personality which diminishes an individuals’ good character and changes the situational forces operating on that person....
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