Business ethics refer to guidelines that evaluate moral and ethical aspects that may result in ethical issues or moral problems in the work place. Although business ethics can take a normative or descriptive approach, the descriptive approach h is more suited to the school set up. In this set-up, students seek to understand the acceptable conducts in the business environment. The ethics are constructed with the aims of ensuring profit maximization while also working with non- profit oriented concerns.
Business ethics seek to regulate details of conduct in areas beyond the state control. In the current times, global companies continue to engage in practices that can increase their competitiveness in the business world. Increasing dynamism in the business context makes it possible to adapt to global changes. The World Economic Forum (WEF) offers an opportunity for global businesses to engage in economy building practices (WEF, 2013). However, the businesses are advised to avoid localizing business ethics in a globalized world.
Global populations face challenges that may or may not originate from s ingle country. For instance, a challenge such as global warming does not only affect countries where green house gas emissions are high. The WEF recognizes the potential impacts of global challenges. The WEF has realized that the conduct of employees in the business world has the potential of resulting in adverse effects for organizations; efforts are directed towards preventing unforeseen consequences that may result from adopting innovative technologies in production. One of the factors that are recognized to have contributed to the environmental impacts of technology is the rapid rural to urban migration (Buchholz, 2013). To combat the potential negative impacts, the WEF recommends sudden mitigation for combating the foreseeable negative consequences of technological production processes.
Buchholz, R.A. (2013). Rethinking Business Ethics: A Pragmatic Approach, New York: Oxford University Press.
WEF. (2013). Global Risks2013. Retrieved on 15th June, 2013 from http://www3.weforum.org/docs/WEF_GlobalRisks_Report_2013.pdf
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