Business Ethics

Business ethics, also known as corporate ethics, deals with the moral or ethical issues and problems arising in a business environment. It applies to all individuals connected to the business and the entire organization. Basic ethics in business include values like honesty, fairness and integrity. These basic ethics can be truly followed only if they percolate from the top management to the bottom level workers.

The study of ethics is important for all of us. We already know that business is a profit making entity, but it owes a lot to the society. In case a business uses wrong means such as giving/taking bribes, using anti competitive practices, and using other unfair means to make profits, then it would be considered unethical.

Wipro, Tata Steel, Infosys, Google, Intel, American Express, etc have been considered as companies doing business ethically. Companies are expected to behave ethically, as otherwise they may be trapped in some difficulties in the future. With the ever increasing competition in the corporate world, the quantum of unethical practices are increasing at a high speed, with accounting frauds, unfair competitive practices, misleading advertising of food and cosmetics. Public awareness about these unethical and illegal activities has made it necessary for the businesses to act ethically and show that they do follow business ethics.

In theory, a business and its employees must always do the right thing but in the real world, often dilemma of acting ethically presents itself.

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