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Ethical and Moral Decisions in Business
Ethics alone tend to be defined as a moral code of conduct that is
perceived to be the right thing to do. An ethical decision means doing
what is right, as apposed to assessing the most profitable course of
action.
In the past, free market ideology was that corporations were kept
responsible to customers, shareholders, workers and society by
customer and investor behavior, seen in share price. Millions of
individual “voters” in the market place ensured they behaved. “Bad”
corporations were punished by selling. “Good” corporations were
rewarded by buying. “Market forces will sort it all out”. This
ideology weakened the idea of business ethics and accountability as
the most profitable and secure were the best for investment and how
they held and maintained this position wasn’t a consideration.
Today, the increasing involvement of the media in business affairs has
resulted in members of the public being more informed and less
tolerant of what they consider to be immoral behaviou…
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…e business ethics to restore confidence and protect
themselves against tomorrow’s headlines? What will be the new “Gold
Standard” for business ethics and corporate governance? How much
further than legal minimum requirements for business ethics should
corporations go to ensure sustainable success? Whatever happens it
will all just be the next image that is in-keeping with public
requirements and profit will always remain the driving force behind
business. Economies and society simply wouldn’t survive any other way.