Business Ethics in Light of Global Financial Crisis

Main argument 1

Topic Sentence

Unethical practices continue to occur in business. Therefore there must be business ethics. There is nothing of great global concern as that of proper conduct within the global business fraternity. There is a need for accountability within the society since business operates in the social and natural environment (Light & Rolston 2003, p.67). To achieve this, there is a need for sound conformity to moral principles by both businesses and individuals. Business ethics is all about justice and goodness to society (Kolb 2010).

Explanation

The world of business today is characterized by so many cases of unethical behaviour. Organizations and banking sectors are the major players as far as this practice are concerned. Research shows that the practice is higher in large organizations than in smaller ones. The rate of misconduct is higher in the upper level of management compared to the lower level of employees (Homann et al., 2007).

Supporting evidence

Most of this misconduct is in the form of abusive language. Generally, upper-level employees are less concerned about their language to customers and other clients. They often engage their partners, junior employees and competitors in various forms of harassment. Many are the times that most of these businesses will engage in accounting malpractices to fraud society. Their operations are a clear manifestation of conflict in interests. Sometimes the products that they bring to the market are substandard. (Ferrell et al., 2003, p.13)

Evaluation

Malpractices have the capability of causing psychological or other forms of harm to society and the environment. When low-quality products are released to the public, the health of the majority is put at risk.

Conclusion

Large business entities and banking sectors should focus more on the development of a good business ethic that will result in a culture of corporate social responsibility.

Main argument 2

Topic Sentence

Business ethics will help managers improve their decision making. Ethics is all about behaviour and better business practices.

Explanation

Most of the managers do not have enough ethical business experience in decision making as far as product quality, sales techniques and pollution control are concerned (Jones et al. 2005 p. 13). A person’s experience at either learning institutions or generally during his/her psychosocial development stages may not provide the guidelines for these important decisions (Ferrell, Fraedrich, & Linda, 2008, p. 35)

Supporting evidence

The global financial crisis was more of institutional deficits and not economic integration failures, the market was way too limited for expansion, and most firms were therefore forced to cut their expenses (Kolb 2010 p. 45). If proper decisions were made in relation to business practices, the rate of the crisis could not have been worse (Homman et al., 2007:20).

Evaluation

Appropriate and thorough knowledge of business ethics is a tool for managers to correctly and accurately identify problems, give an analysis and eventually provide solutions to them.

Conclusion

Business goals and operation strategies, as far as decision making is concerned to require rethinking, reevaluation so as to incorporate sound ethical issues. Their frameworks of operation should be designed in light of business ethics.

Main argument 3

Topic Sentence

The influence of business in society is great. Therefore, there must be some ethics.

Explanation

When there are unethical business practices, society becomes uncomfortable (Crane & Matten 2005, p. 135). When industries put profitability ahead of lives and public safety, people generally will complain.

Supporting evidence

The recent withdrawal of certain vehicles in the market caused a lot of global uproars. Their products got a lot of unnecessary attention that eventually contributed to a reduction in their sales. Sometimes business entities have the tendency of selling products that are redundant and are substandard.

Evaluation

If proper and sound business ethics are put in place, such behaviours must be put away; public safety is always paramount and must be upheld at all costs. If business entities are left without some control of conduct, then public safety can never be achieved.

Conclusion

Business ethics is the only tool that public safety campaigners can use to instil proper behaviour within the business entities. With proper ethics, society can be assured of quality and standard goods; they can be assured of positive influence from the business sector.

Concluding Statement

Business ethics will be responsible for standard goods and products, public safety and decent behaviour in the corporate sector. It’s the only tool that can be used to enhance social and global responsibility in the business sector. Therefore in the light of the recent global financial crisis, it should be enhanced at all costs.

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NerdyRoo. (2021, December 31). Business Ethics in Light of Global Financial Crisis. Retrieved from https://nerdyroo.com/business-ethics-in-light-of-global-financial-crisis/

Work Cited

"Business Ethics in Light of Global Financial Crisis." NerdyRoo, 31 Dec. 2021, nerdyroo.com/business-ethics-in-light-of-global-financial-crisis/.

1. NerdyRoo. "Business Ethics in Light of Global Financial Crisis." December 31, 2021. https://nerdyroo.com/business-ethics-in-light-of-global-financial-crisis/.


Bibliography


NerdyRoo. "Business Ethics in Light of Global Financial Crisis." December 31, 2021. https://nerdyroo.com/business-ethics-in-light-of-global-financial-crisis/.

References

NerdyRoo. 2021. "Business Ethics in Light of Global Financial Crisis." December 31, 2021. https://nerdyroo.com/business-ethics-in-light-of-global-financial-crisis/.

References

NerdyRoo. (2021) 'Business Ethics in Light of Global Financial Crisis'. 31 December.

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