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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]
The test has been promoted around the world and is used in myriad forms to encourage personal and business ethical practices. [3] Taylor gave Rotary International the right to use the test in the 1940s and the copyright in 1954. He retained the right to use the test for himself, his Club Aluminum Company, and the Christian Workers Foundation. [4]
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 code of practice is adopted by a profession (or by a governmental or non-governmental organization) to regulate that profession. A code of practice may be styled as a code of professional responsibility, which will discuss difficult issues and difficult decisions that will often need to be made, and then provide a clear account of what behavior is considered "ethical" or "correct" or "right ...
The Institute of Business Ethics was founded by Neville John Cooper (1924–2002), the chairman of the Christian Association of Business Executives (CABE) from 1985 and a member of the governing council of the Confederation of British Industry (CBI) in 1985–1986, who had worked as a telecom executive during the 1970s and had been an activist for Moral Re-Armament before 1964.
Drucker, P. (1954), The Practice of Management, HarperBusiness, Reissue edition 1993, ISBN 0-88730-613-6 Fort, Timothy (2001), Ethics and Governance: Business as Mediating Institution, Oxford University Press USA, New York.
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