Ethical and Social Concerns in Global Business

2654 WordsJul 4, 201111 Pages
Name: Course: Tutor: Date: QUESTION: Critically examine the ethical and social concerns in global business and their relevance in the Kenyan economic situation. Introduction Ethics are defined as the process of distinguishing the right and good from the wrong and bad and they call for a moral responsibility to pursue the good and right. Business ethics are concerned with the good or right and the bad or wrong behavior in the business organization context. Social responsibility on the other hand goes hand in hand with business ethics. It advocates that a business should act more responsibly beyond the pure profit or economic motive. The expectations of both ethical conduct and socially responsible conduct can vary in cultures of…show more content…
Strict adherence should thus be called for and heavy penalties should be imposed on those who fault on them. The following guidelines can help to a great deal if taken into account; i. The manufacturing states should aim at producing high quality products to the host countries. This includes products that do more of good than harm. ii. The home country should contribute to the host country development. This includes among other things availing the appropriate technology when demanded and provision of high quality services when entrusted with certain job contracts. SOCIAL CONCERNS Multinational corporations should advocate and promote healthy social responsibility. Social responsibility is the overall relationship of the corporations with its stake holders. These include the customers, employees, communities, owners/ investors, governments, suppliers and competitors. The components of social responsibility include investment in community outreach, employee relations, creation and maintenance of employment, environmental responsibility, human rights and financial performance. Global business has imparted positively in various ways to the growth of the Kenyan economy and the general improvement in the social living standards of individuals. Globalization has imparted positively to the Kenyan economy in the following ways;
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