Essay Ethics and Moral Philosophies

1563 Words7 Pages
Ethical and Moral Philosophies

Ashford University

May 20, 2013

The inner works of a successful business is based on the values and beliefs of its owner. In comparison to a family, the owner may be considered the matriarch and employees considered sons and daughters. Based on that assumption, the responsibility for success and prosperity lie solely on the leader. Family success is based on the philosophy of values and morals of its matriarch that are passed down to the children. A business should operate on the same basic philosophy of a family by creating a set of values and beliefs that will represents the best attributes of a company. Those same attributes are then passed down to employees creating a mutual
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The discipline in terms of strategic management varies from country to country with very little established international governance to monitor business transactions. With the continued growth of global business, a universally established code of ethics is warranted. Outside of reprimand or being lauded for acting in a manner that’s socially acceptable, profit-seeking entities, especially multinational corporations, have found that their ethical behavior, either real or perceived, have financial consequences that impacts their growth and sustainability. Economist Milton Friedman contends, the market will reward or punish companies for unethical conduct without need for government regulation (Ferrell, Fraedrich & Ferrell, 2013, pg. 153). Over the past two decades heavy fines have been levied on a multiple corporations because of unethical business practices on the global stage. Most claimed they were not aware of moral standards or other wrongdoing and immediately tasked company strategists to develop and implement corrective action. Robertson and Crittenden stated, by understanding variables and dominant moral philosophies, policymakers and strategists charged with establishing organizational codes of ethics, will develop corporate training programs, and implement local decisions to be better prepared for implications of their decisions and actions
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