Business Ethics: Ethical Issues In Contemporary Business

ETHICAL ISSUES IN CONTEMPORARY BUSINESS

Brian So Yat (9734614)

BMAN 20211

Introduction

The concept of business ethics is currently gaining prominence worldwide in both private and public sectors. Business ethics can be defined as the art of seeking human excellence in business organisations through the integration of values, principles and virtues in human actions. The foundation of business ethics is laid by the ethical theories that guide the evaluation of the morality of the human actions in businesses. These business actions and decisions made by management of organisations pose to be ethical issues if they disagree with the general practice and principles of the business. This essay will focus on various ethical theories relating them

Man was created to worship God; therefore, it is his or her duty to acknowledge God and His existence. Contract of employment serves as a document that outlines the duties and roles of an employee in an organisation. Continuous training in talent development shows the duty of an employee upon himself or herself to improve in life. There are many philosophers who pioneered the rights theory which is a part of deontological theory. They are John Locke, Jefferson, Immanuel Kant and W.D. Ross (Robert, 2010). These theorists’ focus was on the rights of people as their entitlement in life.

John Locke: postulated that rights imply duties. The relationship of rights and duties showed that the right of one person implies the duties of another person. This theorist was a crusader for life, liberty and property as the primary rights of people in a society.

Jefferson: refined John Locke’s school of thought. He added freedom of movement, speech and religious expression as the natural rights. These natural rights are universal, equitable and inalienable. The philosophy of Jefferson was limited due to the absence of responsibility or duties associated with the

Ross: categorised duties into prima facie duties and actual duties. Prima facie duties are those unconditional and binding obligations that appear as real duty while actual duty is a moral obligation that is real and binding. Other duties that Ross advocated are fidelity, justice, gratitude and beneficence.

Virtues Theory

This theory mitigates the limitations of both the teleological and deontological theories that focus on the consequences of an action and the rights of people respectively. Virtues theory emphasizes on character that determines the behaviour of a person. Its foundation is built on virtues, which are good character traits acquired through the repetition of good actions (Lahroodi, 2007). This theory can be understood from the school of thought of Plato and Aristotle.

Plato: pioneered the four cardinal virtues of prudence, courage, temperance and justice. He advocated for moral education from parents and teachers so as to instil these virtues. Virtues are practised in an everyday life to avoid vices that corrupt the society.

Aristotle: defines virtues as good habits that regulate emotions. He further argued that most virtues fall at a mean which is between more extreme character traits. A good example is the virtue of courage that becomes rash if too much courage is displayed and cowardice in the absence of courage.

Ethical issues surrounding a modern