Business ethics

Business ethics (also known as corporate

ethics) is a form of applied ethics or
professional ethics, that examines ethical
principles and moral or ethical problems
that can arise in a business environment.
It applies to all aspects of business
conduct and is relevant to the conduct of
individuals and entire organizations.[1]
These ethics originate from individuals,
organizational statements or from the
legal system. These norms, values, ethical,
and unethical practices are the principles
that guide a business. They help those
businesses maintain a better connection
with their stakeholders.[2]

Business ethics refers to contemporary

organizational standards, principles, sets
of values and norms that govern the
actions and behavior of an individual in the
business organization. Business ethics
have two dimensions, normative business
ethics or descriptive business ethics. 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, most major
corporations today promote their
commitment to non-economic values
under headings such as ethics codes and
social responsibility charters.
Adam Smith said, "People of the same
trade seldom meet together, even for
merriment and diversion, but the
conversation ends in a conspiracy against
the public, or in some contrivance to raise
prices."[3] 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.[4]
Maintaining an ethical status is the
responsibility of the manager of the
business. According to the Journal of
Business Ethics "Managing ethical behavior
is one of the most pervasive and complex
problems facing business organizations
today"[5]

History
Business ethics reflect the norms of each
historical period. As time passes, norms
evolve, causing accepted behaviors to
become objectionable. Business ethics
and the resulting behavior evolved as well.
Business was involved in slavery,[6][7][8]
colonialism,[9][10] and the cold war.[11]

The term 'business ethics' came into

common use in the United States in the
early 1970s. By the mid-1980s at least 500
courses in business ethics reached 40,000
students, using some twenty textbooks
and at least ten casebooks supported by
professional societies, centers and
journals of business ethics. The Society
for Business Ethics was founded in 1980.
European business schools adopted
business ethics after 1987 commencing
with the European Business Ethics
Network.[12][13][14] In 1982 the first single-
authored books in the field appeared.[15][16]

Firms began highlighting their ethical

stature in the late 1980s and early 1990s,
possibly in an attempt to distance
themselves from the business scandals of
the day, such as the savings and loan
crisis. The concept of business ethics
caught the attention of academics, media
and business firms by the end of the Cold
War.[13][17][18] However, criticism of
business practices was attacked for
infringing the freedom of entrepreneurs
and critics were accused of supporting
communists.[19][20] This scuttled the
discourse of business ethics both in
media and academia.[21] The Defense
Industry Initiative on Business Ethics and
Conduct(DII) was created to support
corporate ethical conduct. This era began
the belief and support of self-regulation
and free trade, which lifted tariffs and
barriers and allowed businesses to merge
and divest in an increasing global
atmosphere.

Religious and philosophical origins

One of the earliest written treatments of

business ethics is found in the Tirukkuṛaḷ,
a Tamil book dated variously from 300
BCE to 7th century CE and attributed to
Thiruvalluvar. Many verses discuss
business ethics, in particular, verse 113,
adapting to a changing environment in
verses 474, 426, and 140, learning the
intricacies of different tasks in verses 462
and 677.[22][23][24]

Overview
Business ethics reflects the philosophy of
business, of which one aim is to determine
the fundamental purposes of a company.
If a company's purpose is to maximize
shareholder returns, then sacrificing
profits for other concerns is a violation of
its fiduciary responsibility. Corporate
entities are legally considered as persons
in the United States and in most nations.
The 'corporate persons' are legally entitled
to the rights and liabilities due to citizens
as persons.

Ethics are the rules or standards that

govern our decisions on a daily basis.
Many consider “ethics” with conscience or
a simplistic sense of “right” and “wrong.”
Others would say that ethics is an internal
code that governs an individual's conduct,
ingrained into each person by family, faith,
tradition, community, laws, and personal
mores. Corporations and professional
organizations, particularly licensing
boards, generally will have a written “Code
of Ethics” that governs standards of
professional conduct expected of all in the
field. It is important to note that “law” and
“ethics” are not synonymous, nor are the
“legal” and “ethical” courses of action in a
given situation necessarily the same.
Statutes and regulations passed by
legislative bodies and administrative
boards set forth the “law.” Slavery once
was legal in the US, but one certainly
wouldn't say enslaving another was an
“ethical” act.
Economist Milton Friedman writes that
corporate executives' "responsibility...
generally will be to make as much money
as possible while conforming to their
basic rules of the society, both those
embodied in law and those embodied in
ethical custom".[25] Friedman also said,
"the only entities who can have
responsibilities are individuals ... A
business cannot have responsibilities. So
the question is, do corporate executives,
provided they stay within the law, have
responsibilities in their business activities
other than to make as much money for
their stockholders as possible? And my
answer to that is, no, they do not."[25][26][27]
A multi-country 2011 survey found support
for this view among the "informed public"
ranging from 30 to 80%.[28] Ronald Duska
views Friedman's argument as
consequentialist rather than pragmatic,
implying that unrestrained corporate
freedom would benefit the most in long
term.[29][30] Similarly author business
consultant Peter Drucker observed, "There
is neither a separate ethics of business
nor is one needed", implying that
standards of personal ethics cover all
business situations.[31] However, Peter
Drucker in another instance observed that
the ultimate responsibility of company
directors is not to harm—primum non
nocere.[32] Another view of business is that
it must exhibit corporate social
responsibility (CSR): an umbrella term
indicating that an ethical business must
act as a responsible citizen of the
communities in which it operates even at
the cost of profits or other goals.[33][34] In
the US and most other nations corporate
entities are legally treated as persons in
some respects. For example, they can hold
title to property, sue and be sued and are
subject to taxation, although their free
speech rights are limited. This can be
interpreted to imply that they have
independent ethical responsibilities. Duska
argues that stakeholders have the right to
expect a business to be ethical; if the
business has no ethical obligations, other
institutions could make the same claim
which would be counterproductive to the
corporation.[29]

Ethical issues include the rights and duties

between a company and its employees,
suppliers, customers and neighbors, its
fiduciary responsibility to its shareholders.
Issues concerning relations between
different companies include hostile take-
overs and industrial espionage. Related
issues include corporate governance;
corporate social entrepreneurship; political
contributions; legal issues such as the
ethical debate over introducing a crime of
corporate manslaughter; and the
marketing of corporations' ethics policies.
According to IBE / Ipsos MORI research
published in late 2012, the three major
areas of public concern regarding
business ethics in Britain are executive
pay, corporate tax avoidance and bribery
and corruption.[35]

Ethical standards of an entire organization

can be damaged if a corporate psychopath
is in charge.[36] This will not only affect the
company and its outcome but the
employees who work under a corporate
psychopath. The way a corporate
psychopath can rise in a company is by
their manipulation, scheming, and bullying.
They do this in a way that can hide their
true character and intentions within a
company.

Functional business areas

Finance

Fundamentally, finance is a social science

discipline.[37] The discipline borders
behavioral economics, sociology,[38]
economics, accounting and management.
It concerns technical issues such as the
mix of debt and equity, dividend policy, the
evaluation of alternative investment
projects, options, futures, swaps, and other
derivatives, portfolio diversification and
many others. Finance is often mistaken by
the people to be a discipline free from
ethical burdens.[37] The 2008 financial
crisis caused critics to challenge the
ethics of the executives in charge of U.S.
and European financial institutions and
financial regulatory bodies.[39] Finance
ethics is overlooked for another reason—
issues in finance are often addressed as
matters of law rather than ethics.[40]

Finance paradigm
Aristotle said, "the end and purpose of the
polis is the good life".[41] Adam Smith
characterized the good life in terms of
material goods and intellectual and moral
excellences of character.[42] Smith in his
The Wealth of Nations commented, "All for
ourselves, and nothing for other people,
seems, in every age of the world, to have
been the vile maxim of the masters of
mankind."[43]

Wikiquote has quotations related to:

Adam Smith

However, a section of economists

influenced by the ideology of
neoliberalism, interpreted the objective of
economics to be maximization of
economic growth through accelerated
consumption and production of goods and
services. Neoliberal ideology promoted
finance from its position as a component
of economics to its core. Proponents of
the ideology hold that unrestricted
financial flows, if redeemed from the
shackles of "financial repressions", best
help impoverished nations to grow. The
theory holds that open financial systems
accelerate economic growth by
encouraging foreign capital inflows,
thereby enabling higher levels of savings,
investment, employment, productivity and
"welfare",[44][45][46] along with containing
corruption. Neoliberals recommended that
governments open their financial systems
to the global market with minimal
regulation over capital flows.[47][48][49][50]
The recommendations however, met with
criticisms from various schools of ethical
philosophy. Some pragmatic ethicists,
found these claims to be unfalsifiable and
a priori, although neither of these makes
the recommendations false or unethical
per se.[51][52][53] Raising economic growth
to the highest value necessarily means
that welfare is subordinate, although
advocates dispute this saying that
economic growth provides more welfare
than known alternatives.[54] Since history
shows that neither regulated nor
unregulated firms always behave ethically,
neither regime offers an ethical
panacea.[55][56][57]

Neoliberal recommendations to
developing countries to unconditionally
open up their economies to transnational
finance corporations was fiercely
contested by some ethicists.[58][59][60][61][62]
The claim that deregulation and the
opening up of economies would reduce
corruption was also contested.[63][64][65]
Dobson observes, "a rational agent is
simply one who pursues personal material
advantage ad infinitum. In essence, to be
rational in finance is to be individualistic,
materialistic, and competitive. Business is
a game played by individuals, as with all
games the object is to win, and winning is
measured in terms solely of material
wealth. Within the discipline this rationality
concept is never questioned, and has
indeed become the theory-of-the-firm's
sine qua non".[66][67] Financial ethics is in
this view a mathematical function of
shareholder wealth. Such simplifying
assumptions were once necessary for the
construction of mathematically robust
models. However, signalling theory and
agency theory extended the paradigm to
greater realism.[68]

Other issues

Fairness in trading practices, trading

conditions, financial contracting, sales
practices, consultancy services, tax
payments, internal audit, external audit
and executive compensation also, fall
under the umbrella of finance and
accounting.[40][69] Particular corporate
ethical/legal abuses include: creative
accounting, earnings management,
misleading financial analysis, insider
trading, securities fraud, bribery/kickbacks
and facilitation payments. Outside of
corporations, bucket shops and forex
scams are criminal manipulations of
financial markets. Cases include
accounting scandals, Enron, WorldCom
and Satyam.

Human resource management

Human resource management occupies

the sphere of activity of recruitment
selection, orientation, performance
appraisal, training and development,
industrial relations and health and safety
issues.[70] Business Ethicists differ in their
orientation towards labor ethics. Some
assess human resource policies according
to whether they support an egalitarian
workplace and the dignity of labor.[71][72]

Issues including employment itself,

privacy, compensation in accord with
comparable worth, collective bargaining
(and/or its opposite) can be seen either as
inalienable rights[73][74] or as
negotiable.[75][76][77][78]Discrimination by
age (preferring the young or the old),
gender/sexual harassment, race, religion,
disability, weight and attractiveness. A
common approach to remedying
discrimination is affirmative action.
Once hired, employees have the right to
the occasional cost of living increases, as
well as raises based on merit. Promotions,
however, are not a right, and there are
often fewer openings than qualified
applicants. It may seem unfair if an
employee who has been with a company
longer is passed over for a promotion, but
it is not unethical. It is only unethical if the
employer did not give the employee proper
consideration or used improper criteria for
the promotion.[79] Each employer should
know the distinction between what is
unethical and what is illegal. If an action is
illegal it is breaking the law but if an action
seems morally incorrect that is unethical.
In the workplace what is unethical does
not mean illegal and should follow the
guidelines put in place by OSHA, EEOC,
and other law binding entities.

Potential employees have ethical

obligations to employers, involving
intellectual property protection and
whistle-blowing.

Employers must consider workplace

safety, which may involve modifying the
workplace, or providing appropriate
training or hazard disclosure. This
differentiates on the location and type of
work that is taking place and can need to
comply with the standards to protect
employees and non-employees under
workplace safety.

Larger economic issues such as

immigration, trade policy, globalization
and trade unionism affect workplaces and
have an ethical dimension, but are often
beyond the purview of individual
companies.[73][80][81]

Trade unions

Trade Unions for example, may push

employers to establish due process for
workers, but may also cause job loss by
demanding unsustainable compensation
and work rules.[82][83][84][85][86][87][88][89][90]

Unionized workplaces may confront union

busting and strike breaking and face the
ethical implications of work rules that
advantage some workers over others.

Management strategy

Among the many people management

strategies that companies employ are a
"soft" approach that regards employees as
a source of creative energy and
participants in workplace decision making,
a "hard" version explicitly focused on
control[91] and Theory Z that emphasizes
philosophy, culture and consensus.[92]
None ensure ethical behavior.[93] Some
studies claim that sustainable success
requires a humanely treated and satisfied
workforce.[94][95][96]

Sales and marketing

Marketing ethics came of age only as late

as the 1990s.[97] Marketing ethics was
approached from ethical perspectives of
virtue or virtue ethics, deontology,
consequentialism, pragmatism and
relativism.[98][99]
Ethics in marketing deals with the
principles, values and/or ideas by which
marketers (and marketing institutions)
ought to act.[100] Marketing ethics is also
contested terrain, beyond the previously
described issue of potential conflicts
between profitability and other concerns.
Ethical marketing issues include
marketing redundant or dangerous
products/services[101][102][103]
transparency about environmental risks,
transparency about product ingredients
such as genetically modified
organisms[104][105][106][107] possible health
risks, financial risks, security risks, etc.,[108]
respect for consumer privacy and
autonomy,[109] advertising truthfulness and
fairness in pricing & distribution.[110]

According to Borgerson, and Schroeder

(2008), marketing can influence
individuals' perceptions of and interactions
with other people, implying an ethical
responsibility to avoid distorting those
perceptions and interactions.[111]

Marketing ethics involves pricing

practices, including illegal actions such as
price fixing and legal actions including
price discrimination and price skimming.
Certain promotional activities have drawn
fire, including greenwashing, bait and
switch, shilling, viral marketing, spam
(electronic), pyramid schemes and multi-
level marketing. Advertising has raised
objections about attack ads, subliminal
messages, sex in advertising and
marketing in schools.

Emerging issues

Being the most important element of a

business, stakeholders' main concern is to
determine whether or not the business is
behaving ethically or unethically. The
business' actions and decisions should be
primarily ethical before it happens to
become an ethical or even legal issue. "In
the case of the government, community,
and society what was merely an ethical
issue can become a legal debate and
eventually law."[112] Some unethical issues
are:

1. Fairness The three aspects that

motivate people to be fair is; equality,
optimization, and reciprocity. Fairness is
the quality of being just, equitable, and
impartial.

2. Misuse of company's times &

Resources This particular topic may not
seems to be a very common one, but it is
very important, as it costs a company
billions of dollars on a yearly basis. This
misuse is from late arrivals, leaving early,
long lunch breaks, inappropriate sick days
etc. This has been observed as a major
form of misconduct in businesses today.
One of the greatest ways employees
participate in the misuse of company's
time and resources is by using the
company computer for personal use.

3. Consumer Fraud There are many

different types of fraud, namely; friendly
fraud, return fraud, wardrobing, price
arbitrage, returning stolen goods. Fraud is
a major unethical practice within
businesses which should be paid special
attention. Consumer fraud is when
consumers attempt to deceive businesses
for their very own benefit.[112]

4. Abusive Behavior A common ethical

issue among employees. Abusive behavior
consists of inflicting intimidating acts on
other employees. Such acts include
harassing, using profanity, threatening
someone physically and insulting them,
and being annoying.[113]

Production

This area of business ethics usually deals

with the duties of a company to ensure
that products and production processes
do not needlessly cause harm. Since few
goods and services can be produced and
consumed with zero risks, determining the
ethical course can be problematic. In
some case, consumers demand products
that harm them, such as tobacco
products. Production may have
environmental impacts, including pollution,
habitat destruction and urban sprawl. The
downstream effects of technologies
nuclear power, genetically modified food
and mobile phones may not be well
understood. While the precautionary
principle may prohibit introducing new
technology whose consequences are not
fully understood, that principle would have
prohibited the newest technology
introduced since the industrial revolution.
Product testing protocols have been
attacked for violating the rights of both
humans and animals.With technology
growing there are sources and websites
that provide list and information on
companies and business and that are
"green" or do not test on animals. These
companies often advertise this and are
growing in popularity among the younger
generations.

Property
The etymological root of property is the
Latin 'proprius'[114] which refers to 'nature',
'quality', 'one's own', 'special characteristic',
'proper', 'intrinsic', 'inherent', 'regular',
'normal', 'genuine', 'thorough, complete,
perfect' etc. The word property is value
loaded and associated with the personal
qualities of propriety and respectability,
also implies questions relating to
ownership. A 'proper' person owns and is
true to herself or himself, and is thus
genuine, perfect and pure.[115]

Modern history of property rights

Modern discourse on property emerged by
the turn of the 17th century within
theological discussions of that time. For
instance, John Locke justified property
rights saying that God had made "the
earth, and all inferior creatures, [in]
common to all men".[116][117]

In 1802 Utilitarian Jeremy Bentham stated,

"property and law are born together and
die together".[118]

One argument for property ownership is

that it enhances individual liberty by
extending the line of non-interference by
the state or others around the person.[119]
Seen from this perspective, property right
is absolute and property has a special and
distinctive character that precedes its
legal protection. Blackstone
conceptualized property as the "sole and
despotic dominion which one man claims
and exercises over the external things of
the world, in total exclusion of the right of
any other individual in the universe".[120]

Slaves as property

During the seventeenth and eighteenth

centuries, slavery spread to European
colonies including America, where colonial
legislatures defined the legal status of
slaves as a form of property. During this
time settlers began the centuries-long
process of dispossessing the natives of
America of millions of acres of land.[121]
The natives lost about 200,000 square
miles (520,000 km2) of land in the
Louisiana Territory under the leadership of
Thomas Jefferson, who championed
property rights.[122][123][124]

Combined with theological justification,

the property was taken to be essentially
natural ordained by God. Property, which
later gained meaning as ownership and
appeared natural to Locke, Jefferson and
to many of the 18th and 19th century
intellectuals as land, labor or idea, and
property right over slaves had the same
theological and essentialized
justification[125][126][127][128][129][130] It was
even held that the property in slaves was a
sacred right.[131][132] Wiecek noted, "slavery
was more clearly and explicitly established
under the Constitution as it had been
under the Articles".[133] Accordingly, US
Supreme Court Chief Justice Roger B.
Taney in his 1857 judgment stated, "The
right of property in a slave is distinctly and
expressly affirmed in the Constitution".

Natural right vs Social construct

Neoliberals hold that private property
rights are a non-negotiable natural
right.[134][135] Davies counters with
"property is no different from other legal
categories in that it is simply a
consequence of the significance attached
by law to the relationships between legal
persons."[136] Singer claims, "Property is a
form of power, and the distribution of
power is a political problem of the highest
order".[137][138] Rose finds, "'Property' is
only an effect, a construction, of
relationships between people, meaning
that its objective character is contestable.
Persons and things, are 'constituted' or
'fabricated' by legal and other normative
techniques.".[139][140] Singer observes, "A
private property regime is not, after all, a
Hobbesian state of nature; it requires a
working legal system that can define,
allocate, and enforce property rights."[141]
Davis claims that common law theory
generally favors the view that "property is
not essentially a 'right to a thing', but rather
a separable bundle of rights subsisting
between persons which may vary
according to the context and the object
which is at stake".[136]

In common parlance property rights

involve a 'bundle of rights'[142] including
occupancy, use and enjoyment, and the
right to sell, devise, give, or lease all or part
of these rights.[143][144][145][146] Custodians
of property have obligations as well as
rights.[147] Michelman writes, "A property
regime thus depends on a great deal of
cooperation, trustworthiness, and self-
restraint among the people who enjoy
it."[148]

Menon claims that the autonomous

individual, responsible for his/her own
existence is a cultural construct moulded
by Western culture rather than the truth
about the human condition. Penner views
property as an "illusion"—a "normative
phantasm" without substance.[149]
In the neoliberal literature, the property is
part of the private side of a public/private
dichotomy and acts a counterweight to
state power. Davies counters that "any
space may be subject to plural meanings
or appropriations which do not necessarily
come into conflict".

Private property has never been a

universal doctrine, although since the end
of the Cold War is it has become nearly so.
Some societies, e.g., Native American
bands, held land, if not all property, in
common. When groups came into conflict,
the victor often appropriated the loser's
property.[150] The rights paradigm tended
to stabilize the distribution of property
holdings on the presumption that title had
been lawfully acquired.

Property does not exist in isolation, and so

property rights too.[151] Bryan claimed that
property rights describe relations among
people and not just relations between
people and things[152][153][154][155][156][157]
Singer holds that the idea that owners
have no legal obligations to others wrongly
supposes that property rights hardly ever
conflict with other legally protected
interests.[158] Singer continues implying
that legal realists "did not take the
character and structure of social relations
as an important independent factor in
choosing the rules that govern market life".
Ethics of property rights begins with
recognizing the vacuous nature of the
notion of property.

Intellectual property

Intellectual property (IP) encompasses

expressions of ideas, thoughts, codes, and
information. "Intellectual property rights"
(IPR) treat IP as a kind of real property,
subject to analogous protections, rather
than as a reproducible good or service.
Boldrin and Levine argue that "government
does not ordinarily enforce monopolies for
producers of other goods. This is because
it is widely recognized that monopoly
creates many social costs. Intellectual
monopoly is no different in this respect.
The question we address is whether it also
creates social benefits commensurate
with these social costs."[159]

International standards relating to

Intellectual Property Rights are enforced
through Agreement on Trade-Related
Aspects of Intellectual Property Rights. In
the US, IP other than copyrights is
regulated by the United States Patent and
Trademark Office.
The US Constitution included the power to
protect intellectual property, empowering
the Federal government "to promote the
progress of science and useful arts, by
securing for limited times to authors and
inventors the exclusive right to their
respective writings and discoveries".[160]
Boldrin and Levine see no value in such
state-enforced monopolies stating, "we
ordinarily think of innovative monopoly as
an oxymoron.[161] Further, they comment,
'intellectual property' "is not like ordinary
property at all, but constitutes a
government grant of a costly and
dangerous private monopoly over ideas.
We show through theory and example that
intellectual monopoly is not necessary for
innovation and as a practical matter is
damaging to growth, prosperity, and
liberty".[160] Steelman defends patent
monopolies, writing, "Consider prescription
drugs, for instance. Such drugs have
benefited millions of people, improving or
extending their lives. Patent protection
enables drug companies to recoup their
development costs because for a specific
period of time they have the sole right to
manufacture and distribute the products
they have invented."[162] The court cases
by 39 pharmaceutical companies against
South Africa's 1997 Medicines and Related
Substances Control Amendment Act,
which intended to provide affordable HIV
medicines has been cited as a harmful
effect of patents.[163][164]

One attack on IPR is moral rather than

utilitarian, claiming that inventions are
mostly a collective, cumulative, path
dependent, social creation and therefore,
no one person or firm should be able to
monopolize them even for a limited
period.[165] The opposing argument is that
the benefits of innovation arrive sooner
when patents encourage innovators and
their investors to increase their
commitments. Roderick Long, a libertarian
philosopher, observes, "Ethically, property
rights of any kind have to be justified as
extensions of the right of individuals to
control their own lives. Thus any alleged
property rights that conflict with this moral
basis—like the "right" to own slaves—are
invalidated. In my judgment, intellectual
property rights also fail to pass this test.
To enforce copyright laws and the like is to
prevent people from making peaceful use
of the information they possess. If you
have acquired the information legitimately
(say, by buying a book), then on what
grounds can you be prevented from using
it, reproducing it, trading it? Is this not a
violation of the freedom of speech and
press? It may be objected that the person
who originated the information deserves
ownership rights over it. But information is
not a concrete thing an individual can
control; it is universal, existing in other
people's minds and other people's
property, and over these, the originator has
no legitimate sovereignty. You cannot own
information without owning other
people".[166] Machlup concluded that
patents do not have the intended effect of
enhancing innovation.[167] Self-declared
anarchist Proudhon, in his 1847 seminal
work noted, "Monopoly is the natural
opposite of competition," and continued,
"Competition is the vital force which
animates the collective being: to destroy it,
if such a supposition were possible, would
be to kill society"[168][169]

Mindeli and Pipiya hold that the knowledge

economy is an economy of abundance[170]
because it relies on the "infinite potential"
of knowledge and ideas rather than on the
limited resources of natural resources,
labor and capital. Allison envisioned an
egalitarian distribution of knowledge.[171]
Kinsella claims that IPR create artificial
scarcity and reduce equality.[172][173][174]
Bouckaert wrote, "Natural scarcity is that
which follows from the relationship
between man and nature. Scarcity is
natural when it is possible to conceive of it
before any human, institutional,
contractual arrangement. Artificial
scarcity, on the other hand, is the outcome
of such arrangements. Artificial scarcity
can hardly serve as a justification for the
legal framework that causes that scarcity.
Such an argument would be completely
circular. On the contrary, artificial scarcity
itself needs a justification"[175]
Corporations fund much IP creation and
can acquire IP they do not create,[176] to
which Menon and others object.[177]
Andersen claims that IPR has increasingly
become an instrument in eroding public
domain.[178]
Ethical and legal issues include: Patent
infringement, copyright infringement,
trademark infringement, patent and
copyright misuse, submarine patents,
biological patents, patent, copyright and
trademark trolling, Employee raiding and
monopolizing talent, Bioprospecting,
biopiracy and industrial espionage, digital
rights management.

Notable IP copyright cases include

Napster, Eldred v. Ashcroft and Air Pirates.

International issues
While business ethics emerged as a field
in the 1970s, international business ethics
did not emerge until the late 1990s,
looking back on the international
developments of that decade.[179] Many
new practical issues arose out of the
international context of business.
Theoretical issues such as cultural
relativity of ethical values receive more
emphasis in this field. Other, older issues
can be grouped here as well. Issues and
subfields include:

The search for universal values as a

basis for international commercial
behavior.
Comparison of business ethical
traditions in different countries. Also, on
the basis of their respective GDP and
[Corruption rankings].
Comparison of business ethical
traditions from various religious
perspectives.
Ethical issues arising out of
international business transactions; e.g.,
bioprospecting and biopiracy in the
pharmaceutical industry; the fair trade
movement; transfer pricing.
Issues such as globalization and
cultural imperialism.
Varying global standards—e.g., the use
of child labor.
 The way in which multinationals take
advantage of international differences,
such as outsourcing production (e.g.
clothes) and services (e.g. call centers)
to low-wage countries.
The permissibility of international
commerce with pariah states.

The success of any business depends on

its financial performance. Financial
accounting helps the management to
report and also, control the business
performance.

The information regarding the financial

performance of the company plays an
important role in enabling people to take
the right decision about the company.
Therefore, it becomes necessary to
understand how to record based on
accounting conventions and concepts
ensure unambling and accurate records.

Foreign countries often use dumping as a

competitive threat, selling products at
prices lower than their normal value. This
can lead to problems in domestic markets.
It becomes difficult for these markets to
compete with the pricing set by foreign
markets. In 2009, the International Trade
Commission has been researching anti-
dumping laws. Dumping is often seen as
an ethical issue, as larger companies are
taking advantage of other less
economically advanced companies.

Issues
Ethical issues often arise in business
settings, whether through business
transactions or forming new business
relationships. An ethical issue in a
business atmosphere may refer to any
situation that requires business
associates as individuals, or as a group
(for example, a department or firm) to
evaluate the morality of specific actions,
and subsequently make a decision
amongst the choices. Some ethical issues
of particular concern in today's evolving
business market include such topics as:
honesty, integrity, professional behaviors,
environmental issues, harassment, and
fraud to name a few. It is integral to the
success of an organization that ethics
issues such as these be properly
addressed and resolved. Businesses
should strive to educate themselves on
these issues, and ethical practices in
general. From a 2009 National Business
Ethics survey, it was found that types of
employee-observed ethical misconduct
included abusive behavior (at a rate of 22
percent), discrimination (at a rate of 14
percent), improper hiring practices (at a
rate of 10 percent), and company resource
abuse (at a rate of percent).[180]

The ethical issues associated with

honesty are widespread and vary greatly in
business, from the misuse of company
time or resources to lying with malicious
intent, engaging in bribery, or creating
conflicts of interest within an organization.
Honesty encompasses wholly the truthful
speech and actions of an individual. Some
cultures and belief systems even consider
honesty to be an essential pillar of life,
such as Confucianism and Buddhism
(referred to as sacca, part of the Four
Noble Truths). Many employees lie in order
to reach goals, avoid assignments or
negative issues; however, sacrificing
honesty in order to gain status or reap
rewards poses potential problems for the
overall ethical culture organization, and
jeopardizes organizational goals in the
long run. Using company time or
resources for personal use is also,
commonly viewed as unethical because it
boils down to stealing from the company.
The misuse of resources costs companies
billions of dollars each year, averaging
about 4.25 hours per week of stolen time
alone, and employees' abuse of Internet
services is another main concern.<,[181]
Bribery, on the other hand, is not only
considered unethical is business
practices, but it is also illegal. In
accordance with this, the Foreign Corrupt
Practices Act was established in 1977 to
deter international businesses from giving
or receiving unwarranted payments and
gifts that were intended to influence the
decisions of executives and political
officials.[182] Although, small payments
known as facilitation payments will not be
considered unlawful under the Foreign
Corrupt Practices Act if they are used
towards regular public governance
activities, such as permits or licenses.[181]

Influential factors on
business ethics
Many aspects of the work environment
influence an individual's decision-making
regarding ethics in the business world.
When an individual is on the path of
growing a company, many outside
influences can pressure them to perform a
certain way. The core of the person's
performance in the workplace is rooted by
their personal code of behavior. A person's
personal code of ethics encompasses
many different qualities such as integrity,
honesty, communication, respect,
compassion, and common goals. In
addition, the ethical standards set forth by
a person's superior(s) often translate into
their own code of ethics. The company's
policy is the 'umbrella' of ethics that play a
major role in the personal development
and decision-making processes that
people make in respects to ethical
behavior.

The ethics of a company and its'

individuals are heavily influenced by the
state of their country. If a country is
heavily plagued with poverty, large
corporations continuously grow, but
smaller companies begin to wither and are
then forced to adapt and scavenge for any
method of survival. As a result, the
leadership of the company is often
tempted to participate in unethical
methods to obtain new business
opportunities. Additionally, Social Media is
arguably the most influential factor in
ethics. The immediate access to so much
information and the opinions of millions
highly influence people's behaviors. The
desire to conform with what is portrayed
as the norm often manipulates our idea of
what is morally and ethically sound.
Popular trends on social media and the
instant gratification that is received from
participating in such quickly distort
people's ideas and decisions.
Economic systems
Political economy and political philosophy
have ethical implications, particularly
regarding the distribution of economic
benefits.[183] John Rawls and Robert
Nozick are both notable contributors. For
example, Rawls has been interpreted as
offering a critique of offshore outsourcing
on social contract grounds, whereas
Nozick's libertarian philosophy rejects the
notion of any positive corporate social
obligation.

Law and regulation

“Laws” are the written statutes, codes, and
opinions of government organizations by
which citizens, businesses, and persons
present within a jurisdiction are expected
to govern themselves or face legal
sanction. Sanctions for violating the law
can include (a) civil penalties, such as
fines, pecuniary damages, and loss of
licenses, property, rights, or privileges; (b)
criminal penalties, such as fines,
probation, imprisonment, or a combination
thereof; or (c) both civil and criminal
penalties.

Very often it is held that business is not

bound by any ethics other than abiding by
the law. Milton Friedman is the pioneer of
the view. He held that corporations have
the obligation to make a profit within the
framework of the legal system, nothing
more.[184] Friedman made it explicit that
the duty of the business leaders is, "to
make as much money as possible while
conforming to the basic rules of the
society, both those embodied in the law
and those embodied in ethical
custom".[185] Ethics for Friedman is
nothing more than abiding by 'customs'
and 'laws'. The reduction of ethics to
abidance to laws and customs, however,
have drawn serious criticisms.
Counter to Friedman's logic it is observed
that legal procedures are technocratic,
bureaucratic, rigid and obligatory whereas
ethical act is conscientious, voluntary
choice beyond normativity.[186] Law is
retroactive. Crime precedes law. Law
against crime, to be passed, the crime
must have happened. Laws are blind to the
crimes undefined in it.[187] Further, as per
law, "conduct is not criminal unless
forbidden by law which gives advance
warning that such conduct is criminal".[188]
Also, the law presumes the accused is
innocent until proven guilty and that the
state must establish the guilt of the
accused beyond reasonable doubt. As per
liberal laws followed in most of the
democracies, until the government
prosecutor proves the firm guilty with the
limited resources available to her, the
accused is considered to be innocent.
Though the liberal premises of law is
necessary to protect individuals from
being persecuted by Government, it is not
a sufficient mechanism to make firms
morally accountable.[189][190][191][192]

Implementation
Corporate policies

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As part of more comprehensive
compliance and ethics programs, many
companies have formulated internal
policies pertaining to the ethical conduct
of employees. These policies can be
simple exhortations in broad, highly
generalized language (typically called a
corporate ethics statement), or they can
be more detailed policies, containing
specific behavioral requirements (typically
called corporate ethics codes). They are
generally meant to identify the company's
expectations of workers and to offer
guidance on handling some of the more
common ethical problems that might arise
in the course of doing business. It is
hoped that having such a policy will lead to
greater ethical awareness, consistency in
application, and the avoidance of ethical
disasters.

An increasing number of companies also

require employees to attend seminars
regarding business conduct, which often
include discussion of the company's
policies, specific case studies, and legal
requirements. Some companies even
require their employees to sign
agreements stating that they will abide by
the company's rules of conduct.
Many companies are assessing the
environmental factors that can lead
employees to engage in unethical conduct.
A competitive business environment may
call for unethical behavior. Lying has
become expected in fields such as trading.
An example of this are the issues
surrounding the unethical actions of the
Salomon Brothers.

Not everyone supports corporate policies

that govern ethical conduct. Some claim
that ethical problems are better dealt with
by depending upon employees to use their
own judgment.
Others believe that corporate ethics
policies are primarily rooted in utilitarian
concerns and that they are mainly to limit
the company's legal liability or to curry
public favor by giving the appearance of
being a good corporate citizen. Ideally, the
company will avoid a lawsuit because its
employees will follow the rules. Should a
lawsuit occur, the company can claim that
the problem would not have arisen if the
employee had only followed the code
properly.

Sometimes there is a disconnection

between the company's code of ethics and
the company's actual practices. Thus,
whether or not such conduct is explicitly
sanctioned by management, at worst, this
makes the policy duplicitous, and, at best,
it is merely a marketing tool.

Jones and Parker write, "Most of what we

read under the name business ethics is
either sentimental common sense or a set
of excuses for being unpleasant."[193]
Many manuals are procedural form filling
exercises unconcerned about the real
ethical dilemmas. For instance, the US
Department of Commerce ethics program
treats business ethics as a set of
instructions and procedures to be followed
by 'ethics officers'.,[34] some others claim
being ethical is just for the sake of being
ethical.[194] Business ethicists may
trivialize the subject, offering standard
answers that do not reflect the situation's
complexity.[186]

Author of 'Business Ethics,' Richard

DeGeorge writes in regard to the
importance of maintaining a corporate
code, "Corporate codes have certain
usefulness and there are several
advantages to developing them. First, the
very exercise of doing so in itself is
worthwhile, especially if it forces a large
number of people in the firm to think
through, in a fresh way, their mission and
the important obligations they as a group
and as individuals have to the firm, to each
other, to their clients and customers, and
to society as a whole. Second, once
adopted a code can be used to generate
continuing discussion and possible
modification to the code. Third, it could
help to inculcate in new employees at all
levels the perspective of responsibility, the
need to think in moral terms about their
actions, and the importance of developing
the virtues appropriate to their
position."[195]

Ethics officers
Following a series of fraud, corruption, and
abuse scandals that affected the United
States defense industry in the mid-1980s,
the Defense Industry Initiative (DII) was
created to promote ethical business
practices and ethics management in
multiple industries. Subsequent to these
scandals, many organizations began
appointing ethics officers (also referred to
as "compliance" officers). In 1991, the
Ethics & Compliance Officer Association —
originally the Ethics Officer Association
(EOA)—was founded at the Center for
Business Ethics at Bentley University as a
professional association for ethics and
compliance officers.[196]
The 1991 passing of the Federal
Sentencing Guidelines for Organizations in
1991 was another factor in many
companies appointing ethics/compliance
officers. These guidelines, intended to
assist judges with sentencing, set
standards organizations must follow to
obtain a reduction in sentence if they
should be convicted of a federal
offense.[197]

Following the high-profile corporate

scandals of companies like Enron,
WorldCom and Tyco between 2001 and
2004, and following the passage of the
Sarbanes–Oxley Act, many small and mid-
sized companies also began to appoint
ethics officers.[198]

Often reporting to the Chief Executive

Officer, ethics officers focus on uncovering
or preventing unethical and illegal actions.
This is accomplished by assessing the
ethical implications of the company's
activities, making recommendations on
ethical policies, and disseminating
information to employees.[199]

The effectiveness of ethics officers is not

clear. The establishment of an ethics
officer position is likely to be insufficient in
driving ethical business practices without
a corporate culture that values ethical
behavior. These values and behaviors
should be consistently and systemically
supported by those at the top of the
organization.[200] Employees with strong
community involvement, loyalty to
employers, superiors or owners, smart
work practices, trust among the team
members do inculcate a corporate
culture[201][202]

Sustainability Initiatives

Many corporate and business strategies

now include sustainability. In addition to
the traditional environmental 'green'
sustainability concerns, business ethics
practices have expanded to include social
sustainability. Social sustainability
focuses on issues related to human
capital in the business supply chain, such
as worker's rights, working conditions,
child labor, and human trafficking.[203]
Incorporation of these considerations is
increasing, as consumers and
procurement officials demand
documentation of a business' compliance
with national and international initiatives,
guidelines, and standards . Many
industries have organizations dedicated to
verifying ethical delivery of products from
start to finish,[204] such as the Kimberly
Process, which aims to stop the flow of
conflict diamonds into international
markets, or the Fair Wear Foundation,
dedicated to sustainability and fairness in
the garment industry.

As mentioned, initiatives in sustainability

encompass “green” topics, as well as
social sustainability. There are however
many different ways in which
sustainability initiatives can be
implemented in a company.

Improving Operations: Perhaps the most

evident manner in which an organization
can implement sustainability initiatives is
by improving its operations and
manufacturing's process so as to make it
more aligned with environment, social, and
governance issues. Johnson & Johnson
incorporates policies from the Universal
Declaration of Human Rights, International
Covenant on Civil and Political Rights and
International Covenant on Economic,
Social and Cultural Rights, applying these
principles not only for members of its
supply chain but also internal operations.
Walmart has made commitments to
doubling its truck fleet efficiency by 2015
by replacing 2/3rds of its fleet with more
fuel-efficient trucks, including hybrids. Dell
has integrated alternative, recycled, and
recyclable materials in its products and
packaging design, improving energy
efficiency and design for end-of-life and
recyclability. Dell plans to reduce the
energy intensity of its product portfolio by
80% by 2020.[205]

Board Leadership: The board of a

company can decide to lower executive
compensation by a given percentage, and
give the percentage of compensation to a
specific cause. This is an effort which can
only be implemented from the top, as it
will affect the compensation of all
executives in the company. In Alcoa, an
aluminum company based in the US,
“1/5th of executive cash compensation is
tied to safety, diversity, and environmental
stewardship, which includes greenhouse
gas emission reductions and energy
efficiency” (Best Practices). This is not
usually the case for most companies,
where we see the board take a uniform
step towards the environment, social, and
governance issues. This is only the case
for companies that are directly linked to
utilities, energy, or material industries,
something which Alcoa as an aluminum
company, falls in line with. Instead, formal
committees focused on the environment,
social, and governance issues are more
usually seen in governance committees
and audit committees, rather than the
board of directors. “According to research
analysis done by Pearl Meyer in support of
the NACD 2017 Director Compensation
Report shows that among 1,400 public
companies reviewed, only slightly more
than five percent of boards have a
designated committee to address ESG
issues.” (How compensation can).[206][205]

Management Accountability: Similar to

board leadership, creating steering
committees and other types of
committees specialized for sustainability,
senior executives are identified who are
held accountable for meeting and
constantly improving sustainability
goals.[205]

Executive compensation: Introducing

bonus schemes that reward executives for
meeting non-financial performance goals
including safety targets, greenhouse gas
emissions, reduction targets, and goals
engaging stakeholders to help shape the
companies public policy positions.
Companies such as Exelon have
implemented policies like this.[205]

Stakeholder Engagement: Other

companies will keep sustainability within
its strategy and goals, presenting findings
at shareholder meetings, and actively
tracking metrics on sustainability.
Companies such as PepsiCo, Heineken,
and FIFCO take steps in this direction to
implement sustainability initiatives. (Best
Practices). Companies such as Coca-Cola
have actively tried improve their efficiency
of water usage, hiring 3rd party auditors to
evaluate their water management
approach. FIFCO has also led successfully
led water-management initiatives.[205]

Employee Engagement: Implementation of

sustainability projects through directly
appealing to employees (typically through
the human resource department) is
another option for companies to
implement sustainability. This involves
integrating sustainability into the company
culture, with hiring practices and employee
training. General Electric is a company that
is taking the lead in implementing
initiatives in this manner. Bank of America
directly engaged employees by implement
LEED (leadership in Energy and
Environmental Design) certified buildings,
with a fifth of its building meeting these
certifications.[205]

Supply chain management: Establishing

requirements for not only internal
operations but also first-tier suppliers as
well as second-tier suppliers to help drive
environmental and social expectations
further down the supply chain. Companies
such as Starbucks, FIFCO and Ford Motor
Company have implemented requirements
that suppliers must meet to win their
business. Starbucks has led efforts in
engaging suppliers and local communities
where they operate to accelerate
investment in sustainable farming.
Starbucks set a goal of ethically sourcing
100% of its coffee beans by 2015.[205]

Releasing Studies, Insights, Best Practices

and Findings: By revealing decision
making data about how sustainability was
reached, companies are giving away
insights that can help others across the
industry and beyond make more
sustainable decisions. Nike launched its
“making app” in 2013 which released data
about the sustainability in the materials it
was using. This ultimately allows other
companies to make more sustainable
design decisions and create lower impact
products.[205]

Academic discipline
As an academic discipline, business ethics
emerged in the 1970s. Since no academic
business ethics journals or conferences
existed, researchers published in general
management journals and attended
general conferences. Over time,
specialized peer-reviewed journals
appeared, and more researchers entered
the field. Corporate scandals in the earlier
2000s increased the field's popularity. As
of 2009, sixteen academic journals
devoted to various business ethics issues
existed, with Journal of Business Ethics
and Business Ethics Quarterly considered
the leaders.[207]

The International Business Development

Institute is a global non-profit organization
that represents 217 nations and all 50
United States. It offers a Charter in
Business Development that focuses on
ethical business practices and standards.
The Charter is directed by Harvard, MIT,
and Fulbright Scholars, and it includes
graduate-level coursework in economics,
politics, marketing, management,
technology, and legal aspects of business
development as it pertains to business
ethics. IBDI also oversees the International
Business Development Institute of Asia
which provides individuals living in 20
Asian nations the opportunity to earn the
Charter.

Religious views
In Sharia law, followed by many Muslims,
banking specifically prohibits charging
interest on loans.[208] Traditional
Confucian thought discourages profit-
seeking.[209] Christianity offers the Golden
Rule command, "Therefore all things
whatsoever ye would that men should do
to you, do ye even so to them: for this is
the law and the prophets."[210] According
to the article "Theory of the real economy",
there is a more narrow point of view from
the Christianity faith towards the
relationship between ethics and religious
traditions. This article stresses how
Christianity is capable of establishing
reliable boundaries for financial
institutions. One criticism comes from
Pope Benedict by describing the
"damaging effects of the real economy of
badly managed and largely speculative
financial dealing." It is mentioned that
Christianity has the potential to transform
the nature of finance and investment but
only if theologians and ethicist provide
more evidence of what is real in the
economic life.[211] Business ethics
receives an extensive treatment in Jewish
thought and Rabbinic literature, both from
an ethical (Mussar) and a legal (Halakha)
perspective; see article Jewish business
ethics for further discussion. According to
the article "Indian Philosophy and
Business Ethics: A Review", by Chandrani
Chattopadyay, Hindus follow "Dharma" as
Business Ethics and unethical business
practices are termed "Adharma".
Businessmen are supposed to maintain
steady-mindedness, self-purification, non-
violence, concentration, clarity and control
over senses. Books like Bhagavat Gita[212]
and Arthashastra[213] contribute a lot
towards conduct of ethical business.[214]

Related disciplines
Business ethics is part of the philosophy
of economics, the branch of philosophy
that deals with the philosophical, political,
and ethical underpinnings of business and
economics.[215] Business ethics operates
on the premise, for example, that the
ethical operation of a private business is
possible—those who dispute that premise,
such as libertarian socialists, (who
contend that "business ethics" is an
oxymoron) do so by definition outside of
the domain of business ethics proper.

The philosophy of economics also deals

with questions such as what, if any, are the
social responsibilities of a business;
business management theory; theories of
individualism vs. collectivism; free will
among participants in the marketplace; the
role of self interest; invisible hand theories;
the requirements of social justice; and
natural rights, especially property rights, in
relation to the business enterprise.

Business ethics is also related to political

economy, which is economic analysis
from political and historical perspectives.
Political economy deals with the
distributive consequences of economic
actions.

See also
B Corporation (certification)
Bribery
Business culture
Business Ethics Quarterly
Business and Professional Ethics Journal
Business law
Corporate behaviour
Corporate crime
Corporate social entrepreneurship
Corporate social responsibility
Corruption
Ethicism
Ethics
Ethical implications in contracts
Ethical consumerism
Ethical code
Ethical job
Evil corporation
Fiduciary
Journal of Business Ethics
Journal of Business Ethics Education
Management
Moral psychology
Organizational ethics
Optimism bias
Penny stock scam
Strategic misrepresentation
Strategic planning
Philosophy and economics
Applied ethics
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Further reading
 Weiss, J. W. (2009). Business Ethics: A
Stakeholder and Issues Management
Approach With Cases (5 ed.). Mason,
OH:: South-Western Cengage Learning.

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