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Personal Ethics v., Business Ethics (2)

September 3, 2012

We know that ethics mean knowing right from wrong. However, there can be a difference between personal ethics and business ethics. Some people who would never dream of lying, cheating or stealing in their personal life, may not have the same type of ethics in the workplace. This is why I think it is a business’s social responsibility to have a code of ethics for the workplace. There are 4 theories to the question what is the social responsibility of business.

Social Responsibility

Social Responsibility (Photo credit: AlphachimpStudio)

Social Responsibility (Photo credit: AlphachimpStudio)

The 4 theories are:

+ To maximize profits.

+ To make profits while avoiding causing harm to others. This is called moral minimum.

+ A corporation must consider the effects the actions have on ther stakeholders.

+ Business is responsibility for helping solve social problems that it did little, if anything to cause. This is called corporate citizenship theory.

      In the case of Warner-Lamber, employees were exposed to asbestos and got lung disease. The company was sued and found guilty. The lawsuits were being filed at a rate of more than 400 per week. This became overwhelming for the company. I feel that the company had a social responsibility to its employees to see that they were working under safe conditions. Lung disease not only affects the employee but also their families. However, I feel they they tried to make amends by filing  bankruptcy. They contributed money to fund current and future claimants although the claimants weren’t getting the amounts of their claims.

Social Responsibility

Social Responsibility (Photo credit: AlphachimpStudio)

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