Assess the incompatibilities of Business and Ethics
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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The aim of this essay is to assess the incompatibilities of Business and Ethics. Andrew Crane defines business ethics as the study of how businesses operate, their activities, and decisions where they address the issue of what is right or wrong. Business ethics are a code of conduct that is considered by businesses to be right for example forbidding young children and other employees from being exploited at places of work among others. To sum things up, businesses desist from conducting activities that are inaccurate but also not regulated by the laws. It is the doing of something that is morally upright and accepted by society. Each organization is known to have its own ethics that they abide by. However business and ethics have distinct objectives that is to say a business is always aiming to maximize its profits whereas ethics aim at evaluating human behaviours and acknowledging the moral standards in society which seems to be contradicting each other to a certain extent.
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Assess the incompatibilities of Business and Ethics a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the meaning of business and ethics and their significance to the society
- Understand the various incompatibilities of business and ethics
- Learn how to apply the principle of ethics to any organization
1.0 INTRODUCTION
A business is an organized entity that aims at converting the owner's or investors' investment into profit predominantly through the selling and buying of goods and services. Businesses are either in the public sector, which is one that is governed by the government, or the private sector of the society which is not governed by the state. Ethics are the moral values that govern the behaviors of individuals in a society and the concept is now becoming very essential in the business world. Ethics are like moral values, sometimes not even in the law but they ought to be respected by individuals in society and in businesses. For instance, employee compensation and community outreach are examples of business ethics.
Business and ethics are two contradicting principles because the primary objective of a business is making profits, for private individuals, private companies as well as public companies and shareholders whereas the primary objective of ethics, on the other hand, is doing things as they ought to be done, abiding by a set of rules that are generally acknowledged but not necessarily profitable. This essay is going to examine and discuss in detail the incompatibilities of business and ethics in a society
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