What Is Business Law & Ethics? | Bizfluent
There is no meaningful difference between the concepts of ethics and morality, but I'll explain why you should choose one word or the other. Business ethics is a form of applied ethics or professional ethics, that examines ethical The emergence of large corporations with limited relationships and sensitivity to . Particular corporate ethical/legal abuses include: creative accounting. Purpose – Business is all about making money and earning profits, so when exactly one has to be ethical? Ethics has to do with one's behavior towards the.
It is only unethical if the employer did not give the employee proper consideration or used improper criteria for the promotion. If an action is illegal it is breaking the law but if an action seems morally incorrect that is unethical. Potential employees have ethical obligations to employers, involving intellectual property protection and whistle-blowing. Employers must consider workplace safetywhich may involve modifying the workplace, or providing appropriate training or hazard disclosure.
This differentiates on the location and type of work that is taking place and can needs to comply with the standards to protect employees and non-employees under workplace safety.
Larger economic issues such as immigrationtrade policyglobalization and trade unionism affect workplaces and have an ethical dimension, but are often beyond the purview of individual companies.
Marketing ethics Marketing ethics came of age only as late as the s. The business' actions and decisions should be primarily ethical before it happens to become an ethical or even legal issue. Fairness The three aspects that motivate people to be fair is; equality, optimization, and reciprocity. Fairness is the quality of being just, equitable, and impartial.
This misuse is from late arrivals, leaving early, long lunch breaks, inappropriate sick days etc. This has been observed as a major form of misconduct in businesses today. One of the greatest ways employees participate in misuse of company's time and resources is by using the company computer for personal use. Consumer Fraud There are many different types of fraud, namely; friendly fraud, return fraud, wardrobing, price arbitrage, returning stolen goods.
Fraud is a major unethical practice within businesses which should be paid special attention. Consumer fraud is when consumers attempt to deceive businesses for their very own benefit. Abusive Behavior A common ethical issue among employees.
Abusive behavior consists of inflicting intimidating acts on other employees. Such acts include harassing, using profanity, threatening someone physically and insulting them, and being annoying.
Since few goods and services can be produced and consumed with zero risk, determining the ethical course can be problematic.
In some case consumers demand products that harm them, such as tobacco products. Production may have environmental impacts, including pollutionhabitat destruction and urban sprawl. The downstream effects of technologies nuclear powergenetically modified food and mobile phones may not be well understood.
While the precautionary principle may prohibit introducing new technology whose consequences are not fully understood, that principle would have prohibited most new technology introduced since the industrial revolution. Product testing protocols have been attacked for violating the rights of both humans and animals. These companies often advertise this and are growing in popularity among the younger generations. Private property and Property rights The etymological root of property is the Latin 'proprius'  which refers to 'nature', 'quality', 'one's own', 'special characteristic', 'proper', 'intrinsic', 'inherent', 'regular', 'normal', 'genuine', 'thorough, complete, perfect' etc.
The word property is value loaded and associated with the personal qualities of propriety and respectability, also implies questions relating to ownership.
A 'proper' person owns and is true to herself or himself, and is thus genuine, perfect and pure. For instance, John Locke justified property rights saying that God had made "the earth, and all inferior creatures, [in] common to all men".
Blackstone conceptualized property as the "sole and despotic dominion which one man claims and exercises over the external things of the world, in total exclusion of the right of any other individual in the universe". During this time settlers began the centuries-long process of dispossessing the natives of America of millions of acres of land.
Property, which later gained meaning as ownership and appeared natural to Locke, Jefferson and to many of the 18th and 19th century intellectuals as land, labour or idea and property right over slaves had the same theological and essentialized justification       It was even held that the property in slaves was a sacred right.
Taney in his judgment stated, "The right of property in a slave is distinctly and expressly affirmed in the Constitution". Natural right vs Social construct[ edit ] Neoliberals hold that private property rights are a non-negotiable natural right. Persons and things, are 'constituted' or 'fabricated' by legal and other normative techniques.
Penner views property as an "illusion"—a "normative phantasm" without substance. Davies counters that "any space may be subject to plural meanings or appropriations which do not necessarily come into conflict". Private property has never been a universal doctrine, although since the end of the Cold War is it has become nearly so.
When groups came into conflict, the victor often appropriated the loser's property. Property does not exist in isolation, and so property rights too.
Ethics of property rights begins with recognizing the vacuous nature of the notion of property. Intellectual property and Intellectual property rights Intellectual property IP encompasses expressions of ideas, thoughts, codes and information.
Boldrin and Levine argue that "government does not ordinarily enforce monopolies for producers of other goods. This is because it is widely recognized that monopoly creates many social costs. Intellectual monopoly is no different in this respect. The question we address is whether it also, creates social benefits commensurate with these social costs. The US Constitution included the power to protect intellectual property, empowering the Federal government "to promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries".
We show through theory and example that intellectual monopoly is not necessary for innovation and as a practical matter is damaging to growth, prosperity, and liberty". Such drugs have benefited millions of people, improving or extending their lives. Patent protection enables drug companies to recoup their development costs because for a specific period of time they have the sole right to manufacture and distribute the products they have invented.
Roderick Long, a libertarian philosopher, observes, "Ethically, property rights of any kind have to be justified as extensions of the right of individuals to control their own lives. Thus any alleged property rights that conflict with this moral basis—like the "right" to own slaves—are invalidated.
In my judgment, intellectual property rights also fail to pass this test.
What Is Business Law & Ethics?
A physician shall continue to study, apply, and advance scientific knowledge, make relevant information available to patients, colleagues, and the public, obtain consultation, and use the talents of other health professionals when indicated. A physician shall, in provision of appropriate patient care, except in emergencies, be free to choose whom to serve, with whom to associate, and the environment in which to provide medical services.
A physician shall recognize a responsibility to participate in activities contributing to an improved community. Potential Conflicts Some activities and beliefs may be legal, but not perceived as ethical. Marriott Corporation maintains very comprehensive ethics standards to which their employees must abide. Their Corporate Dress Code is an example.
Several years ago, the orientation program at Marriott Corporate Headquarters included a presentation on what was and was not considered acceptable appearance in the company.
Women could not wear skirts any shorter than 4 inches above the knee. Women could show no bare leg. Either long pants or hose were required at all times. Men could not wear earrings. Although these rules were part of company policy, there is nothing illegal about any one of these items. However, in the Marriott Corporate culture, each was considered unethical. Another example is the manufacturing practices of Nike, one of the largest manufacturers of athletics sportswear in the world.
Nike produces the majority of its goods in South East Asia. Despite the profits of the Nike organization, its foreign workers are paid substandard wages and work long hours in appalling conditions. Jordan's compensation alone is more than the annual income of 20, workers who make Nike shoes.
Law Versus Ethics in Management
There is nothing that says a company cannot take its manufacturing operations outside the United States. And as long as the company is meeting the minimum wage standards of the host country, there is nothing illegal about paying low wages. However, most Americans would look at these practices as unethical, especially considering the profits of Nike and their spending on celebrity promoters.
On the other hand, there are some behaviors which are illegal, but widely perceived as ethical. One example is taking office supplies from the company supply cabinet for personal use. Legally, this is considered theft, but many people see no moral or ethical problem and do it anyway. Another example is buying a copyrighted software program and installing it on multiple computers. Technically, this violates Federal copyright laws. Yet, the piracy of software is widespread, even in corporations that consider themselves ethical.
Federal copyright law protects software from the moment of its creation. The Act gives the owner of the copyright "the exclusive rights" to "reproduce the copyrighted work" and "to distribute copies It also states that "anyone who violates any of the exclusive rights of the copyright owner