Week 8 - Making Ethical Decisions in Business

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The following is a script of "Chairman Ma" which aired on Sept. 28, 2014. Lara Logan is the correspondent. Howard Rosenberg, producer. By now you've probably heard of Alibaba, the Chinese Internet giant that's able to reach millions upon millions of previously unreachable Chinese consumers. The company went public this month on the New York Stock Exchange and became one of the most valuable in the world and Alibaba is just getting started. Everything about the Alibaba story is unconventional. Beginning with its founder, Jack Ma, who gained global celebrity status these past 10 days, as his image became ubiquitous on business news channels and media outlets across America. We got to know Jack Ma before the onslaught, beginning over a…show more content…
[pic]60 MINUTES OVERTIME ALIBABA FOUNDER JACK MA AND HIS ECCENTRICITIES Jack Ma: Every day we finish more than 30 million transactions. And that means that there, you are buying things from somebody you have never seen. You are giving products to the person you have never met. And there are some guys you never know that he's going to take your products to that place, to that person. I want to tell the people that the trust is there. Lara Logan: Because it's all about trust. Jack Ma: It's all about the trust. Now anyone, rich or poor, with access to the Internet and something to sell, can connect with hundreds of millions of potential customers on one of Ma's websites. Ordinary people in China, who never had a way to do business with each other before, today have a stake in the online world. That idea was revolutionary. It created millions of jobs and made Jack Ma a hero to millions of Chinese. Lara Logan: So this is your old stomping ground, right? Jack Ma: Yeah. We met Jack Ma in Hangzhou, an ancient city in southeastern China famous for its beauty. This is where he grew up poor in the 1960s, during the chaos of Mao Zedong's Cultural Revolution, when the country was cut off from the West. Then in 1972, Richard Nixon came to his home town. It was the first visit by a U.S. president to Communist China and the city became a mecca for foreign
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