The Concept of Business Ethics

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THE CONCEPT OF BUSINESS ETHICS
BY
JIMOH KABIR AYODEJI

Table of contents
1. Introduction……………………………………………………………………….………….……….3 2. Literature review……………………………………………………………………….….……….3 3. Meaning of Ethics and business Ethics………………………….…………….……….4 4.1. What is Ethic?...................................................................4 4.2. Definitions of Ethics………………………………….……………..…………….…..5 4.3. What is Ethical Behavior?....................................................6 4.4. Goal of a Theory of Ethics…………………………………………………....…….7 4.5. Business Ethics……………………………………………..………………..…..………7 4.6. Definition of Business Ethics……………………….………………..…..……….7 4.7. Importance of Business Ethics………………………………………..….………8 4. Organization and Business Ethics…………………………….………………………….…..10 5.8. Stakeholder versus Shareholder………………………………...............12 5.9. Management and Business Ethics………………….…………………….……13 5. Arguments for Implementation of Business Ethics…………………………….…….13 6. Arguments against Implementation of Business Ethics………………………..…13 7. Conclusions…………………………….………………………………………………………………….14 8. Recommendations………………………………………………………………….………………….14 9. References………………………………………………………………………….………………………15

1. Introduction
The concept of business ethics is relatively new, having become an issue and an organized field of study only since the 1970s. Although numerous factors have contributed to the increased interest in business ethics, a chief influence has been a shift in societal values that underlie the business system. The change in American values has been characterized, in general, by a move away from traditional Judeo-Christian ethics toward pluralism, relativism, and self-fulfillment. The end result has been a diminished base of universal moral norms and a subsequent interest in, and concern about, resolving ethical conflict. Understanding the evolution of morality in the United States is crucial to the study of business ethics

2. Literature review
 There is a big difference between what you have a right to do and what is right to do. - Justice Potter (1983) Stewart Never let your sense of morals get in the way of doing what’s right. - Isaac Asimov (1998) Man is a social animal. Though rules of nature control humans as they control other living beings, man himself has derived certain principles to govern his own individual and group behavior. These rules, in the form of behavioral standards may differ across cultures and times, but their basic objectives are always mutual existence and peace within the particular community or the social group. By ensuring security and protection of the group these standards helps in the survival of the particular community or a social group and thus its members. These standards of behavior are called “ethics.”Few socio-biologists argue that humans have biologically inherited capacity to make ethical judgments by evaluating actions as either good or evil internally in an organization, apart from the organizational culture, its top leadership and their ideologies also influence ethical orientation of a people. As in the case of individuals, organizations irrespective of their size are also monitored and evaluated by a set of ethical standards. Apart from internal ethical code of conduct, external entities like professional and legal bodies, government and other public interests groups influence the norms of behavior for organizations. International bodies like United Nations and other non-government organizations like Amnesty International also influence these norms. They try to govern ethical concerns that are globally important by influencing policies and rules framed by the governments. 3. Meaning of Ethics and business Ethics

4.1. What is Ethics?
 A few years ago, sociologist Raymond Baumhart asked business people, “What does ethics mean to you?” Among their replies were the following:“Ethics has to do with what...
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