{"id":53719,"date":"2019-11-05T12:12:25","date_gmt":"2019-11-05T06:42:25","guid":{"rendered":"https:\/\/blogadmin.forumias.com\/?page_id=53719"},"modified":"2019-11-05T12:12:32","modified_gmt":"2019-11-05T06:42:32","slug":"answered-economics-concerned-solely-with-wealth-and-profits-has-led-to-un-ethical-practices-and-climate-change-in-light-of-this-statement-discuss-the-need-of-adopting-ethical-cons","status":"publish","type":"page","link":"https:\/\/forumias.com\/blog\/answered-economics-concerned-solely-with-wealth-and-profits-has-led-to-un-ethical-practices-and-climate-change-in-light-of-this-statement-discuss-the-need-of-adopting-ethical-cons\/","title":{"rendered":"[Answered] \u201cEconomics concerned solely with wealth and profits has led to un-ethical practices and climate change.\u201d In light of this statement discuss the need of adopting ethical considerations into business behaviour."},"content":{"rendered":"\n
Demand of the question<\/strong>
Introduction. <\/strong>Contextual Introduction.
Body. <\/strong>Impact of unethical business. Importance of ethics in business.
Conclusion. <\/strong>Way forward. <\/td><\/tr><\/tbody><\/table>\n\n\n\n

Importance of ethics in the business world is superlative and global. New trends and Issues arise on a daily basis which may create an important burden to organisations and end consumers. Nowadays, the need for proper ethical behaviour within organisations has become crucial. The public scandals of corporate and misleading practices, have affected the public perception of many organizations. The recent expansion of global business and fall of trade barriers worldwide have further underlined the interest in the topics of ethical behaviour and social responsibility in business and economics. Unethical business practices are detrimental to both human rights and environmental conservation.<\/p>\n\n\n\n

Impact\nof sole focus on wealth and profits in business:<\/strong><\/p>\n\n\n\n

  1. Unethical\npractices leading to human rights issues: <\/strong>Mostly corporate undertaking work under the rules of corporate governance\nto enhance its profits totally sidelines the business ethics which are must for\nthe society in which an organisation prevails. This lead to unethical practices\nlike forced land acquisition, corruption in administration leading to poor\nhuman rights.<\/li>
  2. Climate Change:\n<\/strong>Clear violation of environmental\nrules, norms and laws has led to climate change issue.E.g. The ignorance of Volkswagen regarding the environmental factors\nwhile launching the engines emitting enhanced level of NOx just for their\nprofit goals sets an example of poor business ethics.<\/li>
  3. Decrease\nin public trust and confidence: <\/strong>Due\nto unethical business practices, public confidence in a corporation\u2019s ability\nto self-govern is low. A number of scandals had shaken the landscape and\nrattled investor confidence. Recent Ponzi schemes and company scandals in the\nbusiness industry has developed a reputation for its lack of ethics. <\/li>
  4. Inequalities:\n<\/strong>Focus on profit of oneself not only\nsnatch others from incomes but also widens gap between rich and poor. Often\nlabour laws are ignored, employees are under-paid, chairmen are paid\nextravagantly, leading to overall inequality as was shown in Oxfam report, indicating\n50% income is in hands of rich 2-3% people.<\/li><\/ol>\n\n\n\n

    Importance\nof Business Ethics:<\/strong><\/p>\n\n\n\n

    1. Corresponds\nto Basic Human Needs: <\/strong>The basic\nneed of every human being is that they want to be a part of the organisation\nwhich they can respect and be proud of, because they perceive it to be ethical.\nThe basic needs of the employees as well as the managers compel the\norganizations to be ethically oriented.<\/li>
    2. Credibility\nin the Public: <\/strong>Ethical values of an\norganisation create credibility in the public eye. People will like to buy the\nproduct of a company if they believe that the company is honest and is offering\nvalue for money.<\/li>
    3. Credibility\nwith the Employees: <\/strong>When employees\nare convinced of the ethical values of the organisation they are working for,\nthey hold the organisation in high esteem. It creates common goals, values and\nlanguage. Perceived social uprightness and moral values can win the employees\nmore than any other incentive plans.<\/li>
    4. Better\nDecision Making: <\/strong>Respect for ethics\nwill force a management to take various economic, social and ethical aspects\ninto consideration while taking the decisions. Decision making will be better\nif the decisions are in the interest of the public, employees and company\u2019s own\nlong term good.<\/li>
    5. Profitability:\n<\/strong>Being ethical does not mean not\nmaking any profits. Every organisation has a responsibility towards itself also\ni.e., to earn profits. Ethical companies are bound to be successful and more\nprofitable in the long run though in the short run they can lose money.<\/li>
    6. Protection\nof Society: <\/strong>Ethics can protect the\nsociety in a better way than even the legal system of the country. Where law\nfails, ethics always succeed. The government cannot regulate all the activities\nthat are harmful to the society. <\/li><\/ol>\n\n\n\n

      Business\nethics should take into consideration the following factors:<\/strong><\/p>\n\n\n\n

      1. A\nbusiness should aim to have fair dealing with everyone dealing with it.<\/li>
      2. Ethics\nshould be fixed for everyone working in the organisation at any level and their\nimplementation should be linked with reward- punishment system.<\/li>
      3. Any\nviolation of ethics should be detected at the earliest and remedial measures\ntaken immediately.<\/li>
      4. Business\nethics should be based on broad guidelines of what should be done and what\nshould be avoided.<\/li>
      5. The\nethics should be based on the perception of what is right.<\/li><\/ol>\n\n\n\n

        Thus each and every corporate organisation should work not just for the profit sake but for the sake of society too through various kind of initiatives under corporate social responsibility. Primary objective of corporations is to expand the profits of their shareholders But they should maintain minimum values and norms of the society in which they operate. Sometimes desire for more profit, compel them to take decision which may prove harmful to society in which they are operating.<\/p>\n","protected":false},"excerpt":{"rendered":"

        Demand of the question Introduction. Contextual Introduction. Body. Impact of unethical business. Importance of ethics in business. Conclusion. Way forward. Importance of ethics in the business world is superlative and global. New trends and Issues arise on a daily basis which may create an important burden to organisations and end consumers. Nowadays, the need for… Continue reading [Answered] \u201cEconomics concerned solely with wealth and profits has led to un-ethical practices and climate change.\u201d In light of this statement discuss the need of adopting ethical considerations into business behaviour.<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":49132,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-53719","page","type-page","status-publish","has-post-thumbnail","hentry","entry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/53719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=53719"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/53719\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media\/49132"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=53719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}