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Business and Integrity: Overview

Explore the arguments surrounding business ethics and whether it is an oxymoron. Understand the importance of ethics in creating a successful and sustainable business. Learn how a lack of ethics can impact reputation, trust, and the overall success of organizations.

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Business and Integrity: Overview

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  1. Business and Integrity: Overview Arguments that business ethics is an oxymoron. Role of Ethics in successful organizations.

  2. Is “Business Ethics an Oxymoron?” • Yes, because the business environment is cutthroat and self defense requires doing whatever it takes. • Response: Social Contract theory • Yes, because the responsibility is to create profit for shareholders. • Response: There are other stakeholders.

  3. Why Business Needs Ethics • Without ethics, business operates in a state of nature. • In a state of nature, people experience a “war of all against all [where]…life is solitary, nasty, brutish and short.” (Hobbes) • Prudent for business to adopt a social contract.

  4. Business Needs Ethics • Public relations aspect • Importance of reputation for integrity. • Success depends on integrity of members. • If unethical behavior is encouraged, organization, as well as customers and others, is at risk. • Capitalism requires ethics. • Trust, promise keeping is the foundation of a market economy.

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