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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. [citation needed]
A realized value system contains exceptions to resolve contradictions between values in practical circumstances. This type is what people tend to use in daily life. The difference between these two types of systems can be seen when people state that they hold one value system yet in practice deviate from it, thus holding a different value system.
The function of developing and implementing business ethics in an organization is difficult. Due to each organization's culture and atmosphere being different, there is no clear or specific way to implement a code of ethics in an existing business. Business ethics implementation can be categorized into two groups; formal and informal measures.
Ethical codes are adopted by organizations to assist members in understanding the difference between right and wrong and in applying that understanding to their decisions. An ethical code generally implies documents at three levels: codes of business ethics, codes of conduct for employees, and codes of professional practice.
The word "ethics" is "commonly used interchangeably with 'morality' ... and sometimes it is used more narrowly to mean the moral principles of a particular tradition, group, or individual." [8] Likewise, certain types of ethical theories, especially deontological ethics, sometimes distinguish between ethics and morality.
Ethics (also known as moral philosophy) is the branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct. [1] The field of ethics, along with aesthetics , concern matters of value , and thus comprise the branch of philosophy called axiology .
In business ethics, Ethical decision-making is the study of the process of making decisions that engender trust, and thus indicate responsibility, fairness and caring to an individual. To be ethical, one has to demonstrate respect, and responsibility. [ 1 ]
A closely related topic is the question of whether corporations themselves, and not just their stakeholders, have moral agency. [156] Business ethics further examines the role of honesty and fairness in business practices as well as the moral implications of bribery, conflict of interest, protection of investors and consumers, worker's rights ...