Question

Arguments for and against business ethics

Answer 1

ARGUMENTS FOR AND AGAINST BUSINESS
ETHICS

Introduction:
Throughout the world, changes are taking place at all levels. The new ways of living,working and relating have been explored and developed. The growth of awareness,development of technology, growth of new dimensions and changes in the attitude are themajor reasons for the rapid growth of these changes. This situation has also emerged asan opportunity for the growth of ethical principles and practices.

Arguments for business ethics:
1) Holistic approach.
2) Leadership.
3) Employee commitment.
4) Investor loyalty
.5) Customer satisfaction.
6) Business is a co-operative effort.
7) Higher profits.
8) Changing mindset of shareholders.



Arguments against business ethics:
1) No need for ethics separately.
2) Demand and supply forces only operate.
3) Compliance of law.
4) Conflicts of interest
.5) Profit is the object of business.
6) Poor moral standards of society.

Answer 2

Ethics in business is one of the most important factors in today's business with so many people affecting the business cycles. Business ethics means the use of fair and appropriate policies and procedures keeping in mind the well-being of the society as well.

• While some people consider business ethics to be really important as it increases brand value, customer satisfaction, employee loyalty towards the firm and keeps a healthy and safe environment whereas some people conclude that there is no need for ethics to be considered as a separate factor as demand and supply are the only two factors that are important for the success of business whereas the others are just myths.