The Three Legal & Ethical Issues in Business in Bangladesh

Topics: Ethics, Law, Business ethics Pages: 6 (1465 words) Published: June 30, 2014
1/27/2014

The Three Legal & Ethical Issues in Business in Bangladesh
Business ethics has both normative and descriptive dimensions. As a corporate practice and a career specialization, the field is primarily normative. Academics attempting to understand business behavior employ descriptive methods. The range and quantity of business ethical issues reflects the interaction of profit-maximizing behavior with non-economic concerns. Interest in business ethics accelerated dramatically during the 1980s and 1990s, both within major corporations and within academia. For example, today most major corporations promote their commitment to non-economic values under headings such as ethics codes and social responsibility charters. Governments use laws and regulations to point business behavior in what they perceive to be beneficial directions. Ethics implicitly regulates areas and details of behavior that lie beyond governmental control. The emergence of large corporations with limited relationships and sensitivity to the communities in which they operate accelerated the development of formal ethics regimes. Ethical issues is pertaining to or dealing with morals or the principles of morality; ethical is pertaining to right and wrong in conduct, involving or expressing moral approval, in accordance with principles of conduct that are considered correct, especially those of a given profession or group. Business ethics are often guided by law, while other times provide a basic framework that businesses may choose to follow in order to gain public acceptance. Business ethics are implemented in order to ensure that a certain required level of trust exists between consumers and various forms of market participants with businesses. Business ethics is the behavior that a business adheres to in its daily dealings with the world. The ethics of a particular business can be diverse. They apply not only to how the business interacts with the world at large, but also to their one-on-one dealings with a single customer. Many global businesses, including most of the major brands that the public use, can be seen not to think too highly of good business ethics. Many major brands have been fined millions for breaking ethical business laws. Money is the major deciding factor. If a company does not adhere to business ethics and breaks the laws, they usually end up being fined. Many companies have broken anti-trust, ethical and environmental laws and received fines worth millions. The problem is that the amount of money these companies are making outweighs the fines applied. Billion dollar profits blind the companies to their lack of business ethics, and the dollar sign wins. Business ethics should eliminate exploitation, from the sweat shop children who are making sneakers to the coffee serving staffs that are being ripped off in wages. Business ethics can be applied to everything from the trees cut down to make the paper that a business sells to the ramifications of importing coffee from certain countries. In the end, it may be up to the public to make sure that a company adheres to correct business ethics. If the company is making large amounts of money, they may not wish to pay too close attention to their ethical behavior. There are many companies that pride themselves in their correct business ethics, but in this competitive world, they are becoming very few and far between. Business Law is the set of law that administers business and commercial transactions. It is often treated to be a branch of civil law and deals with issues of both private law and public law. Business law consists of within its scope such sale of goods, condition & warranty, caveat emptor, titles as principal and agent; carriage of goods, common carrier, carriage by land and sea, railways, post-office, CIF, FOB; merchant shipping; guarantee; marine, fire, life, and accident insurance, voyage policy; negotiable instruments, bills of exchange, promissory note, cheque,...
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