Ethics in Business
How do you characterize this phenomenon? Is it money laundering, racketeering, embezzling, cheating or deception? Why or why not?
“Corruption is authority plus monopoly minus transparency.”
"Power does not corrupt men; fools, however, if they get into a position of power, corrupt power."
These words of aptly describes the scale of damage of corruption. The article “No business like politics in India” provides us just with the tip of Iceberg. It shows a clear evidence of politicians amassing huge wealth during their tenures which is not possible through their government salaries. It should be noted that the ADR has only analyzed the assets records which are publicly available. The black money & assets is the part of Iceberg hidden from the sight of public & media. Thus the representatives which we are electing for ourselves are stealing from us only. This situation has been growing worse in the present times. Let us analyze this phenomenon and try to understand under what categories it falls. Let us first understand all the key phenomenon’s mentioned in question
1. Cheating: Cheating is often fraudulent and dishonest exchanges. Usually cheating is used in context of non-serious frauds. For example: stealing from office stationary, taking undue advantage of office resources, stealing time/leaves etc. comes under cheating.
2. Deception: It is the act or practice of deceiving. Thus it is basically pulling out an illusion in eyes of somebody to make him do a transaction resulting in his loss and deceiver’s gain. Thus even changing a consumer behavior/perception based on a wrongful fact shown in advertisement amounts to deceiving the consumer.
3. Money laundering: It is basically a process of hiding the sources of money and hence redirecting the system’s money to personal accounts through some fraudulent transactions masking as a legitimate transaction. Hence it is a way of transferring black money to white money. It happens in 3 steps:
a.
“Corruption is authority plus monopoly minus transparency.”
"Power does not corrupt men; fools, however, if they get into a position of power, corrupt power."
These words of aptly describes the scale of damage of corruption. The article “No business like politics in India” provides us just with the tip of Iceberg. It shows a clear evidence of politicians amassing huge wealth during their tenures which is not possible through their government salaries. It should be noted that the ADR has only analyzed the assets records which are publicly available. The black money & assets is the part of Iceberg hidden from the sight of public & media. Thus the representatives which we are electing for ourselves are stealing from us only. This situation has been growing worse in the present times. Let us analyze this phenomenon and try to understand under what categories it falls. Let us first understand all the key phenomenon’s mentioned in question
1. Cheating: Cheating is often fraudulent and dishonest exchanges. Usually cheating is used in context of non-serious frauds. For example: stealing from office stationary, taking undue advantage of office resources, stealing time/leaves etc. comes under cheating.
2. Deception: It is the act or practice of deceiving. Thus it is basically pulling out an illusion in eyes of somebody to make him do a transaction resulting in his loss and deceiver’s gain. Thus even changing a consumer behavior/perception based on a wrongful fact shown in advertisement amounts to deceiving the consumer.
3. Money laundering: It is basically a process of hiding the sources of money and hence redirecting the system’s money to personal accounts through some fraudulent transactions masking as a legitimate transaction. Hence it is a way of transferring black money to white money. It happens in 3 steps:
a.