Business Ethics In A Global Economy

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BUSINESS ETHICS IN A GLOBAL ECONOMY

Contents Introduction  Cross cultural ethical issues  Cross religion ethical issues  Cross racial ethical issues  Conclusion 

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INTRODUCTION International Business Ethics

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Business ethics emerged as a field in the 1970s but international business ethics did not emerge until the late 1990s.

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Many new practical issues arose out of the international context of business.

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Theoretical issues such as cultural relativity of ethical values receive more emphasis in this field.

Contd. 



Country differences give rise to some interesting ethical issues. Some of them are discussed below.

v Ø

Whether they should do business in totalitarian countries that violates the human rights of their citizens (e.g: China)

v Ø         Whe the r firms sho uld inve st in c o untrie s whe re  the   go ve rnme nt re pre sse s its c itize ns in po litic al and/o r  e c o no mic  fre e do m. 

v Ø         Whether an international firm should adopt high levels of  worldwide regulations or  focus only on meeting local  regulations.

v 

CROSS CULTURAL ETHICAL ISSUES 

What is Culture?

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Culture is a system of values and norms that are shared among a group of people and that when taken together constitute a design for living.

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The fundamental building blocks of culture are values and norms.



VALUES:

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Values are abstract ideas about what a society believes to be good, right, and desirable.



Values include attitudes towards concepts like Ø Freedom, Honesty and Loyalty Ø Responsibility Ø Personal relations 

NORMS:

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Norms are social rules and guidelines that prescribe the appropriate behavior in particular situations.





Norms can be divided into folkways and mores.



Ø Folkways are the routine conventions of everyday life, but generally have little moral significance.

Ø Ø Mores are more serious standards of behavior, the breaking of which may be very inappropriate or even illegal.

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Social Structure The social structure of a country can be described along two major dimensions: individualism vs. group.



Ø Individual: A focus on the individual and individual achievement is common in many Western societies. 

Ø The group: In sharp contrast to the Western emphasis on the individual, in many Asian societies the group is the primary unit of social organization.  

Language:

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The language of a society allows it to communicate.  Helps describe how different people see the world.  In countries with more than one language, one also finds often more than one culture. 

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CROSS-RELIGIONAL ETHICAL ISSUES  

Religion can be defined as a system of shared beliefs and rituals that are concerned with the realm of the sacred.

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Religion influences behavior and shapes culture.

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Four of the major religions of the world are discussed below on ethical concepts.:



Ø Christianity is the largest religion and is common throughout Europe, the Americas, and other countries settled by Europeans.

Ø Ø Islam: With 750 million followers this is the second largest of the world’s major religions. 

Contd. Ø Ø Hinduism: Approximately 500 million followers making it the world’s oldest major religion. Ø  Buddhism: There are around 250 million Buddhists, most of who are found in Central and Southeast Asia, China, Korea and Japan.  



Cross-racial ethical issues 

The categorization of humans into populations  or groups .

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 Visual traits such as skin colour, cranial or facial features and hair texture.





Pre-conceived notion about a country or an ethnicity.

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Create more universal awareness of racial equality and the need for racial unity.



Seven Moral Guidelines for MNCs  Inflict no intentional or direct harm.  Produce more good than bad for the host. country  Contribute to host country’s development.  Respect the human rights of their employees.  Pay their fair share of taxes.  Respect local cultural beliefs that do not violate moral norms.  Cooperate with the government to develop and enforce background institutions.

conclusion 

Attention to business ethics has substantially improved .





Maintaining a strong ethical culture is essential .







A business that lacks ethical principles is bound to fail sooner or later.

ANY QUESTIONS?

THANK YOU

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