Discuss the Importance of Ethics in Business in Light of the Recent Global Financial Crisis (Gfc)

1119 Words May 12th, 2011 5 Pages
The 2008 global financial crisis has affected today’s economy severely based on the collapses on issues such as immoral practices, governance, regulations, enterprise ethics. Factors to consider with the collapse that lead to the financial crisis is the dangerous outcomes that financial companies were not foreseen in advanced of borrowing mortgages for the companies. The change of ethics through enterprises demonstrate how business approaches to ethics over the past years where ethics is seen in different perspectives. Lessons are learnt from financial failures in the lack of awareness in ethical performances to businesses.
The recent global financial crisis has recently existed with a lack of awareness on business ethics policies where
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Regulators are considered to have good purposes to financial organisations but contain destroying results which is the boom of debts where honestly cannot be found in ethical ways for businesses (Huw 2010). The guidance of teaching more on ethical practices is being greatly regulated by the financial associations that will learn their honesty which will avoid such shortages of unawareness of honest ethical practices. In general ethical practices regulated to the finance industry need to be existing to avoid future problems of financial breakage.

The changes of ethical conduct in sustainable enterprises shows how today’s society in business performs different points of views on ethics. To expand ethical enterprises it is very important to be aware of what is morally and immorally correct in different cultures which has an impact on the changes of enterprises over the past thirty years (Potocan & Mulej 2007). The concept of culture in ethical approaches relates to circumstances like Enron and Royal Ahold where a one perspective approach to enterprises was applied. To improve the situation Enron and Ahold should be a lesson learnt for future expansion of ethical practices in relation to perspectives of enterprises. Thus the change of sustainable enterprises can be seen through cases such as Enron and Ahold and how today’s