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Business Ethics, Economic Theory and Business Practice

Business Ethics, Economic Theory and Business Practice
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  Business Ethics, Economic Theory and Business Practice Dr C Chendroyaperumal Professor and, JAssociate Professora!eetha Management choola!eetha "ngineering College#ey $ords%"thics, &usiness ethics, &usiness Practice, "conomic 'heory. Abstract (n essence the sur!i!al of the man)ind depends on the economic acti!ities or businessacti!ities of a country. 'he *uality of life in a country, in turn, depends on the ethical practices in business. Hence business ethics is being gi!en increasing scholarly attentionthese days. &usiness practices are primarily guided by the economic and managementtheories. 'his paper attempts to sho$ that economic theory lays the foundation for  +ustification for unethical business policies and practices. 1Business, Management and Ethics 'he series of scandals and scams in the - th  century, $ith the recent  cam notoriouslysmiling at the economic system, has brought the rene$ed sharp focus and raging discussionon ethics in business and management. /or, in essence, the sur!i!al of the man)ind dependson the economic acti!ities or business acti!ities of a country. 'he *uality of life in a country,in turn, depends on the ethical practices in business. &usiness practices are primarily guided   by the economic and management theories. 'his paper attempts to sho$ that economictheory lays the foundation for +ustification for unethical business policies and practices. 2Ethics – Modern View 'he scholarly discussion on ethics, professional ethics, business ethics is galore in theliterature. 'here are numerous definitions for ethics, professional ethics, business or corporateethics and morality. 'he $ord 0ethics0 is 1commonly used interchangeably $ith 0morality0.Hence, let us first understand clearly the meaning of these concepts and see $hether there isany common idea present in all these concepts. 2"thics, also )no$n as moral philosophy is a branch of philosophy that addresses *uestions about morality3that is, concepts such as goodand e!il, right and $rong, !irtue and !ice, +ustice, etc. Ma+or branches of ethics include%Meta4ethics, about the theoretical meaning and reference of moral propositions and ho$ their truth4!alues 5if any6 may be determined7 8ormati!e ethics, about the practical means of determining a moral course of action7 Applied ethics, about ho$ moral outcomes can beachie!ed in specific situations7 Moral psychology, about ho$ moral capacity or moral agencyde!elops and $hat its nature is7 Descripti!e ethics, about $hat moral !alues people actuallyabide by9 5http%::en.$i)$i)i:"thics6. ;hereas 2Professional ethics concerns themoral issues that arise because of the specialist )no$ledge that professionals attain, and ho$the use of this )no$ledge should be go!erned $hen pro!iding a ser!ice to the public95http%::en.$i)$i)i:Professional_ethics6. 2&usiness ethics 5also )no$n as corporateethics6 is a form of applied ethics or professional ethics that e<amines ethical principles andmoral or ethical problems that arise in a business en!ironment. (t applies to all aspects of  business conduct and is rele!ant to the conduct of indi!iduals and business organi=ations as a$hole. Applied ethics is a field of ethics that deals $ith ethical *uestions in many fields suchas medical, technical, legal and en!ironmental ethics. &usiness ethics can be both a normati!e  and a descripti!e discipline9 5http%::en.$i)$i)i:&usiness_ethics6. 2Morality 5fromthe >atin moralitas  1manner, character, proper beha!ior16 is a sense of beha!ioral conductthat differentiates intentions, decisions, and actions bet$een those that are good 5or right6 and bad 5or $rong6. A moral code  is a system of morality 5for e<ample, according to a particular  philosophy, religion, culture, etc.69 5http%::en.$i)$i)i:Morality6. (t is also $orthunderstanding the relationship bet$een la$ and ethics. 2A relationship e<ists bet$een la$and ethics. (n some instances, la$ and ethics o!erlap and $hat is percei!ed as unethical isalso illegal. (n other situations, they do not o!erlap. (n some cases, $hat is percei!ed asunethical is still legal, and in others, $hat is illegal is percei!ed as ethical. A beha!ior may be percei!ed as ethical to one person or group but might not be percei!ed as ethical by another./urther complicating this dichotomy of beha!ior, la$s may ha!e been legislated, effecti!elystating the go!ernment?s position, and presumably the ma+ority opinion, on the beha!ior. As aresult, in today?s di!erse business en!ironment, one must consider that la$ and ethics are notnecessarily the same thing.9 5Anstead, usan M., 6. ometimes the modern !ie$ holdsthat B&usiness is one thing, "thics is another? 5&ragues, eorge, --6.  3Ethics – Indian View A more than --- year old (ndian $or) on management B'he Panchatantra? not only dealt$ith the importance of ethics for man)ind and prescribes ethical li!ing 5normati!e ethics inthe modern parlance6 but also clearly defined ethics in the simplest terms that sho$s thecommon idea running in concepts li)e ethics, professional ethics, corporate ethics, moralityin the follo$ing $ords. 'he Panchatantra goes to the e<tent of saying that only ethical li!ingis li!ing as in “Each transitory day, o manTo moral living give; Else, like the blacksmith’s bellows, youSuck air, but do not live.” (yder, !"#$%&  Hence the Panchatantra emphasised the moral learning as of primary importance and treatednon4moral learning as a curse and useless as in “'on"moral learning is a curse,  dog’s tail, nothing less,That does not save )rom )lies and )leas, 'or cover nakedness.” (yder, ! "#$%& 'he Panchatantra goes to the e<tent of calling those people $ho practice unethical or non4moral conduct is capable of rotting the society and are reduced to the merest li!ing tinycreature, as in “ rotten ear among the wheat, mong the birds a bat, *s he who s!urns the moral lawThe merest living gnat.” (yder, ! "#$+& 'he Panchatantra regards that the best of the useful output from the mortal man)ind isBmorality?, and that there hurdles in its practice, as in “The )lowers and )ruits are better than the tree; etter than curd is butter said to be; etter than oil"cake, oil that trickles )ree; etter than mortal man, morality. (yder, ! "#$+&The !raise o) constant stead)astness Some wise !ro)essor sing; ut moral earnestness is swi)t,Though many )etters cling. (yder, !"#$+& 'he Panchatantra defines the moral la$ or ethics briefly as harmlessness to anyone andunethical beha!iour is harming another, as in  -orget your !rosings mani)old;The moral law is brie)ly told;To hel! your neighbor this is good;To inure him is devilhood.” (yder, !"$#+&  'he Panchatantra also holds that the scholars and the $ise hold that harmlessness or notharming anyone is Bright? and harmfulness or harming anyone is B$rong?7 Bright? is al$aysright and B$rong? is al$ays $rong and ne!er Bright? and hence the Panchatantra prescribes the practice of right, i.e. ethics, in need and deed, as in The saint, however dee! his need,Still shuns the guilt o) evil deed;Still does the deeds that brings no shameTo honourable name and )ame. (yder, !"/01&The wise in need still does the deed That kee!s his honor bright2The shell a !eacock ate and dro!!ed, emains a !early white. (yder, !"/01&3rong is wrong; the wise man never 3rong as right will treat; 'one would drink, however thirsty,3ater in the street. (yder, !"/01& (n the modern era, the ethical practice by the corporates seems to be Boptional? if the practice is not illegalE Ho$e!er the Panchatantra categorically prescribes to do the right, i.e. ethical, as if it is the life, as in “4o the right, the right, the right,Till the breath o) death;Shun the wrong, although the right  5ead to death o) breath.” (yder, !!"/01"/0/& According to another (ndian $or) on management B'hiru))ural?, $hich is more than ---years old, there is nothing most profitable to the li!ing beings 5especially the man)ind6 thanethics since it not only yields $ealth but also yields gro$thE as in )ural4 and there isnothing more profitable than ethics but also there is nothing more destructi!e than ethics$hen forgotten, as in #ural4. சறப   ஈனம   சலவம   ஈனம   அறததஉஙகஆம   எவ   உயரக   5#ural46
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