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Academics attempting to understand business behavior employ descriptive methods. The range and quantity of business ethical issues reflect 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.
According to Aristotle, how to lead a good life is one of the central questions of ethics. [1]Ethics, also called moral philosophy, is the study of moral phenomena. It is one of the main branches of philosophy and investigates the nature of morality and the principles that govern the moral evaluation of conduct, character traits, and institutions.
Losing business to banks that do not screen so strictly is a problem for ethical banks. Many times, ethical banks must work with much lower budgets because of this. Ethical banks exclusion of unethical borrowers often results in the borrowers going to other banks, this brings up the importance of industry wide regulations.
Value-oriented framework, analyzing ethical problems on the basis of the values which they infringe (e.g. honesty, autonomy, privacy, transparency).An example of such an approach is the American Marketing Association Code of Ethics.
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 ]
Some ethical considerations which may become apparent in the durability of contracts are cultural relativism and moral relativism. Grace and Cohen (2005, 200) describe cultural relativism as the extent to which different societies and cultures have different values and ethical standards in the fields of business and organisational life.
Organizations that lack ethical practices as a mandatory basis of their business structure and corporate culture, have commonly been found to fail due to the absence of business ethics. Corporate downfalls would include, but are not limited to, the recent Enron and WorldCom scandals, two primary examples of unethical business practices ...
The ethics of care, and environmental ethics are other flourishing areas of research. These point to a general increasing cultural awareness of the hitherto dominance of reason and male based values [ 11 ] in society rather than a relational, contextual and communitarian view of the social world.