Identify and define the study of business ethics. Trace the development of business ethics from the 1960’s the 21st century.
Textbook: Business Ethics: Ethical Decision Making and Cases
OC Ferrell, John Fraedrich, Linda Ferrell, 2019
A business ethics program is now found in almost every organization. Companies are devoting more resources on business ethics to prevent the unfavorable repercussions. Organizations are establishing ethical workplaces in addition to creating formal programs. The second most crucial quality for business leaders is honesty and high integrity and today’s business professionals must comprehend the connection between success and corporate ethics (Mees, 2018). Business ethics refers to a set of moral principles, standards, rules, and norms of business conduct (Ferrell et al., 2019). As a social organ, business must not be conducted in a manner that is harmful to the business sector or society. Every group or profession has its own set of dos and don’ts for its members to follow. A standard is set for the members to follow. The current social and economic social circumstances have an impact on these standards. The codes of conduct are updated on a regular basis to reflect changing conditions. In today’s world, business ethics entails the standard of conduct that a company or an individual follows when conducting transactions. Business ethics are vital because they provide an additional layer of protection for the organization, allowing it to save money, develop, and enable individuals to avoid legal repercussions (Ferrell et al., 2019).
According to Tran (2019), the period 1960-2008 reflect nearly fifty years of rapid change and growing interest in business ethics. This period also inspired the modern understanding of business ethics, as evident in corporate ethics programs worldwide. In the 1960s, the world’s attention on business causes was drawn to causes (Ferrell et al., 2019). The majority of these problems were macro or societal in nature. As a result, this time period was devoted to macro/normative and macro/descriptive concerns.……………for help with this assignment contact us via email Address: firstname.lastname@example.org