Paper on Business Law and Ethics
Before beginning about the discussion of the of the Law and Ethics, it is very helpful to explain what they stand in the context of the business world. According to the Oxford Dictionary, Law is defined as the system that a particular country or community recognizes as the regulating the actions of its members and may enforce by the imposition of penalties. (www.oxforddictionaries.com/us/definition/american_english/laws, 2013) The same dictionary defines ethics as the moral principles that govern a person’s or group’s behavior. (www.oxforddictionaries.com/us/definition/american_english/ethics, 2013)
The ethics and laws are about the rules, principles, conducts or procedures that the individuals or members of a certain group should follow. Business is about work, occupation, trade or is about creating norms and values. So, business ethics or business law is about the business in which ethics and law is at the central point.
Trade and Business have been the way we create value to each other. In the past, the trade and the relationship was based on trust and common principles, each one doing what they promised and agreed to do. Trading has always been important to civilizations all over the world and across history. No matter where, trading has always been an important part of a nation’s wealth and some cases, survival. (Trade in the Ancient World, 2013)
As the time passed, Business Ethics and the Business Law evolved along the same line. Employees or owners of a company today are governed by those ethical rules and business laws which are set to govern individual and corporate practice. As an employee of a certain company, one is for example expected to do what is best for the guest. At the same time the same employee is expected to do the best for the company. So, the individual is trapped between two ethical decisions. Thus, the study of business ethics and business laws will help one to develop a clear...
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