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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]
Friedman introduced the theory in a 1970 essay for The New York Times titled "A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits". [2] In it, he argued that a company has no social responsibility to the public or society; its only responsibility is to its shareholders. [2]
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 ]
Corporate social responsibility has gone mainstream. From goliaths Apple (AAPL), Walmart (WMT), and Procter & Gamble (PG) on down the line, you'd be hard-pressed to find a big company these days ...
Professional responsibility is a set of duties within the concept of professional ethics for those who exercise a unique set of knowledge and skill as professionals. [ 1 ] Professional responsibility applies to those professionals making judgments, applying their unique skills , and reaching informed decisions for, or on behalf, of others, as ...
Business ethics examines the moral implications of business conduct and how ethical principles apply to corporations and organizations. [155] A key topic is corporate social responsibility, which is the responsibility of corporations to act in a manner that benefits society at large.
For example, the Van City Accountability Report for 2006/07 (for Van City credit union and Citizens Bank in Canada) states: the Ethical Policy requires that all business accounts are screened at the time of account opening by the staff person dealing with the member.
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 ...