English Business Law
Lecture 1: The importance of Business Ethics
* 1st part : Introduction
Ethics in General:
Ethics is simply how people try to live their lives according to a standard of what is good or bad. They apply these standards both in how they think and how the others behave. Two way relationship.
Example : MY friend left his wife for someone else. How do you think ? Unethical, so I behave in a way to not to talk to him anymore. My friend considers what I did as unethical, we’ve been friend for years and you judge me. The situation is 1. 2 people act differently (one think it’s unethical and the other justified). Different people have a different perception of what’s ethical.
They come from believes and values the society gives you : religion, family, friends, experiences, …
Sometimes the media is also a factor.
Ethics in business
It’s similar. Business ethics involves the application of moral principles in the business sphere. In business, the first who decides what’s ethical is the business manager. In business situation there’s another actor who judges whether the action is ethical or not : unions, consumer, media, employees. In business situation being ethical is not something easy. They all have their own perception of what’s ethical. Business have to justify.
* 2nd part : who’s concerned and who’s affected by business ethics ?
All the people mentioned have a name. Every group of people who is affected by the way the business is ran are called stakeholders.
A stake means interest. Stakeholders hold an interest in the way the business is run. Stakeholders is bigger than shareholders. The first category is stockholders and shareholders, then the employees/suppliers/vendors, then creditors, then retailers and wholesailers, then the government, the community, and the media and NGO (non-governmental organization). Those people have an interest in the way the business is run. * Stockholders (are the one who buy actions) want the value of the
* 1st part : Introduction
Ethics in General:
Ethics is simply how people try to live their lives according to a standard of what is good or bad. They apply these standards both in how they think and how the others behave. Two way relationship.
Example : MY friend left his wife for someone else. How do you think ? Unethical, so I behave in a way to not to talk to him anymore. My friend considers what I did as unethical, we’ve been friend for years and you judge me. The situation is 1. 2 people act differently (one think it’s unethical and the other justified). Different people have a different perception of what’s ethical.
They come from believes and values the society gives you : religion, family, friends, experiences, …
Sometimes the media is also a factor.
Ethics in business
It’s similar. Business ethics involves the application of moral principles in the business sphere. In business, the first who decides what’s ethical is the business manager. In business situation there’s another actor who judges whether the action is ethical or not : unions, consumer, media, employees. In business situation being ethical is not something easy. They all have their own perception of what’s ethical. Business have to justify.
* 2nd part : who’s concerned and who’s affected by business ethics ?
All the people mentioned have a name. Every group of people who is affected by the way the business is ran are called stakeholders.
A stake means interest. Stakeholders hold an interest in the way the business is run. Stakeholders is bigger than shareholders. The first category is stockholders and shareholders, then the employees/suppliers/vendors, then creditors, then retailers and wholesailers, then the government, the community, and the media and NGO (non-governmental organization). Those people have an interest in the way the business is run. * Stockholders (are the one who buy actions) want the value of the