BUSINESS ETHICS
Business being a
social organ shall not be conducted in a way detrimental to the interests of
the society and the business sector. The business as social establishment,
should follow certain ethical values and rules. These can be called business
ethics.
The term ‘Business
Ethics’ refers to the system of moral principles and rules of the conduct
applied to business. It applies to all aspects of business conduct and is to be
followed by all individuals and organizations in the business.
However, there is no
unanimity of opinion as to what constitutes business ethics. There are no
separate ethics of business but every individual and organization in society
should abide by certain moral orders.
Definitions of Business Ethics
Business ethics can be
defined as the systematic study of ethical matters pertaining to the business
or related persons and their activities.
“Business ethics is
the systematic handling of values in business and industry.” —John Donaldson
Business is a group of
people who are engaged in the production and distribution of goods or services.
Therefore the business ethics is to be followed by each and every person in the
business process. They may be management people, the employees and even the
distribution people.
It may be easy to
follow ethics by one person or a group of persons consisting of five to ten members.
But it is not so easy to implement ethics in a business which involves large
number of people.