Question

QUESTION 11 As business continues to become more and more global, companies are continually challenged to maintain their ethical standards and practices. Using information gathered from the current course, discuss what some of those issues are, and how they might be handled. Note particularly, how corporations might be more powerful than governments in some situations, and how that might affect decisions and actions TTT Arial 3 (12pt) T E

Answer 1

Solutions :

Business Ethics refers to carrying business as per self-acknowledged moral standards. It is actually a structure of moral principles and code of conduct applicable to a business. Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. It is the worth of right and wrong things from business point of view.

According to the Global Business Ethics Survey of 2018, employees (40%) believe that their company has a weak leaning ethical culture, and that little progress has been made to mitigate wrong doing.

As we have found, when a scandal breaks, the company’s reputation will be won or lost depending on the way it responds. For example, when Google’s payouts to executives accused of sexual harassment were exposed, CEO Sundar Pichai quickly admitted that he had a problem. He respectfully allowed his employees to stage a walkout and listened to their concerns. After, he rolled out a bold new policy for how future cases would be handled.

We live in an era where the interplay between state and corporate power shapes the reality of international relations more than ever. In combination with the current nationalist and protectionist backlash in large parts of the world, this may yet lead to a revival of global rivalries: states using corporations to achieve geopolitical goals in an increasingly hostile environment, and powerful corporations perhaps using more aggressive strategies to extract profits in response.

Countries rely on big corporations to help bring in local and international business, which in turn affects how countries operate. If corporations branch out they provide more jobs for he country they're in and inflate their financial status. Countries are at the mercy of corporations because the corporations have more power to make their surroundings thrive or die, whereas countries can't operate efficiently without the ongoing business that corporations bring.

Corporations have top government officials on their payroll and the government policies are dictated by corporations. So even if we see government taking action, it is the corporations who ask the government to do so in the first place. Corporations do everything behind the scenes, be it lobbying for change of policies to benefit them or asking higher ranking officials to lobby with other country officials.