Essay on Ethics Case Study

877 WordsAug 25, 20114 Pages
Ethics Case Study Ethical business behavior can be defined by business leadership. “Generally speaking, an action or choice can be considered ethically correct if it’s honest, fair, supports a beneficial outcome for both parties, and generally enables the overall corporate image and vision” (Definition of Ethics, 2002). In the following we will discuss how economic pressures on China, Jamaica, and America play a role in the ethical decision-making for financial, environmental, and cultural issues. Economic Pressures of China and Jamaica China 1. Rapid growth of the Chinese economy 2. Emerging into major power status 3. The need to reconcile Confucian and Communist heritage with demands of 21st century business 4. Fueled interest…show more content…
Based on the study of an auto parts contractor facing bankruptcy if its buyer finds out that a part it sold is defective, 69.4% of China stated the company had a responsibility to the public and only 4.1% citing that causing injury or death are too great to remain silent. “Countries are using utilitarian approaches and are selecting the issues they will support based upon country/economic necessities rather than upon ethical concerns alone” (Fok, 2005). Positive and Normative Economics “Positive economics focuses on cause-and-effect relationships, avoids judgment, tries to establish scientific statements about economic behavior, and deals with what the economy is actually like” (McConnell, 2005, p. 11). The studies done are a reflection of positive economics. A hypothesis was formed, data was collected, and a conclusion was drawn based on scientific tests. “Normative economics incorporates value judgments about what the economy should be like or what particular policy actions should be recommended to achieve a desirable goal” (McConnell, 2005, p. 11). Because of Jamaica’s low level of uncertainty avoidance, it embraces change and has a willingness to change whatever related systems have to change for the reforms to be effective. The Effect of Market Efficiency, Economizing, and the Market System on Ethical Issues “Market Efficiency entitles operating at an optimal point where the marginal benefit of each good is equal to its marginal

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