Outline the arguments for and against bringing ethics and corporate social responsibility into business
The question of whether or not to bring ethics and corporate social responsibility into business is an ongoing one. “Business ethics is the study of proper business policies and practices regarding potentially controversial issues such as bribery, discrimination and corporate social responsibility” (www.investopedia.com/terms/b/business-ethics.asp). The objective of this essay is to discuss the arguments for and against bringing ethics and corporate social responsibility into business. There are three arguments against bringing ethics into business. The first argument is that the availability of free markets and the pursuit of profit can be guaranteed benefit to all members of the community (Velasquez, 1998). This means that regardless of ethics, companies can contribute to the production requirements of the public. For example, there are some companies in Saudi which contribute to the provision of some modern medical equipment to the general hospitals to improve the health care. There is a counter-argument to this. Most companies have as their target only profit and the reduction of costs without paying attention to the interests of society. For instance, some factories flow chemical waste in rivers and lakes, therefore affecting fish, which is considered an important food source for humans. The second argument is the loyal agent’s argument (Velasquez, 1998).In some cases in business people have the right to reject something which is conflict with their ethics. For example, a Muslim woman was working in a clothing store and the boss asked her to take off her headscarf and adorn herself to attract customers, but the woman told him that her religion did not allow her to do that and the manager tried forcing her. Then she left her job and resorted to the law and won the case. In terms of the counter-argument, behaviour in business is covered by law of...
- Corballis, T., (2011), Argument for and against business ethics and corporate social responsibility, lecture given at Middlesex University.
- Velasquez, M.G., (1998), Arguments for and against Business Ethics, Business Ethics, New Jersey: Prentice Hall.
- Investopedia.com/terms/b/business-ethics.asp, Retrieved August 7, 2011 from http://www.investopedia.com/terms/b/business-ethics.asp.
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