Before we discuss the importance of ethics in business, it is very essential to examine a prominent theory when conducting business ethics and that is utilitarianism. This theory accounts for the concepts of duty or obligation, rights, and justice. It is routine that the utilitarianism theory is divided up into two groups. These two groups are that of teleological and deontological theory. The teleological approach deals with consequences. “It states that whether an action is right or wrong depends on the consequences of that action” (DeGeorge, 2010, P.42) The deontological theory, in contrast to teleological theories such as utilitarianism, deny that consequences are relevant to determining what we should do. “Deontologists typically propose that we have a duty to perform certain acts not because of some benefit to ourselves or others, but because of the nature of these actions or the rules from which they follow” (Boatright, 2009, P.31). According to the textbook, individuals who mix the teleological and deontological approaches might be called ethical pluralist.
The aforementioned information is very necessary to understand how to answer the question of the importance of ethics in business. The ethical theory provides a baseline for what we expect the standards of ethics to be. It is very apparent that we has human beings would come to a cohesive agreement that business ethics is important. This is because we assume that it is better to be right than wrong, moral than immoral, good than bad or just than unjust. In reality this is not a very acceptable answer because it fails to go into detail why we think it is better. The only evidence proves being good is better than being bad is religion, the government, and our elders.
It may seem that this response is an iota short of being loquacious; however, ethics in business can be so ambiguous you have to consider all the variables to understand how ethics are viewed in our culture. The complexities of ethics in business are something that even ancient scholars possessed a challenging time understanding how to couple ethics with society. Nevertheless, ethics in business is very important because the primary goal should be to protect people and society. In my opinion ethics is very important in business especially when it relates to being ethically correct with customers and employees. Customers and employees position themselves as the foundation and framework of any company. Therefore, practicing ethical behavior with those two parties should be considered fundamental.
The society in which we live money is the leading force for survival, security, and classism. In most cases this is the motive that drives unethical behavior. Personally, I believe that ethics is very important in business because it holds executives accountable for unethical behavior. Even if you are in business and you have no compassion for the employees employed by the company or the customers, the mere fact that being unethical in business can sometimes jeopardize the welfare of the company. For example the beech-nut company who were accused of producing bogus apple juice, that in turn was nothing more that sugar water, suffered enormous scrutiny because of their deception to customers and they could not defend whether the apple juice was healthy for babies or not. The lack of ethics that were displayed in this case and the uncertainties regarding the health hazard prevented Beech-Nut from being a company with longevity. In conclusion, having strong ethics in business would be more conducive than detrimental to the company. Therefore, being ethical in business shows society that your company can be trusted and people would be more inclined to do business with your company.
Discuss the problem of assigning monetary value to things. How could it be argued that it is? Appropriate to assign monetary value to things like friendship, love, and...