Socially Responsible Commerce Paper

A comprehensive study of responsible commerce broadens one’s perspective regarding the importance of a social paradigm within the ethics of business. By undertaking this subject, I was able to develop my understanding of the role of morality in business and how differing ethical theories impact upon stakeholders. Acting to benefit the interests of a majority is at the core of the consequentialist theory of utilitarianism, a philosophy carefully examined throughout the semester. Its merits and faults can be analysed through scrutinising the actions of Bernard Madoff, whose firm operated a scam claimed to be the largest financial fraud in the history of the United States. His deception provides insight into the implications of enacting a purely egoist business model and the repercussions of an absence of utilitarian principles on vulnerable stakeholders.

Contrasting initial views with current knowledge allows one to reflect upon how their outlook has transformed over time. The Week 2 writing task to convey a preliminary understanding of the need to engage in responsible business highlighted how superficial my stance was towards this important issue. Supporting an economic perspective, I criticised ‘firms and individuals’ who undertake corrupt behaviour and ‘gain an unfair advantage’ over principled businesses. This viewpoint was libertarian in nature, as it did not include concern for total social wellbeing but supported prevention of negative interference which restricted the liberty of others (Shaw et al, 2009). This limited perspective focused on fair profit maximisation, whilst not apportioning accountability on firms to concern the interests of all stakeholders. My initial position was devoid of utilitarian principle, though after engaging in this subject, I now understand the importance of external parties such as the public, the families of employees and the government and how the ethical decisions of businesses impact upon these groups. The study of