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Business Ethics
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Whereas the market economy has proved to be an essential condition for
meeting the needs of the most people, valuable lessons have been learned
along the way, often at great social cost. Societies and individual business
enterprises have learned that it matters how profits are made, how wealth is
distributed, and whether business can be sustained.
Business enterprises today are expected to meet standards of responsible
business conduct that go beyond what had been expected traditionally.
Although people more often than not still speak of business in terms of products,
jobs, and profits, it is understood and accepted across the globe that a
business enterprise remains a member of its community. The pursuit of profits
and economic progress is not a license to ignore community norms, values,
and standards of respect, integrity, and quality.
Improved business performance, profits, and economic progress come to
those who effectively and efficiently foster and meet the reasonable expectations
of their primary stakeholders—customers, employees, suppliers,
investors, and the environment, as well as the owners and managers themselves
(see Box 1.1). Success for any business is ultimately measured in profits
and losses, and the socially responsible business generates the capital and
revenues required to operate and stay in business over the long haul. The
socially responsible business must generate enough revenue to cover the real
cost of capital, the risks and uncertainties of future economic activity, and the
needs of its workers and pensioners
U.S. DEPARTMENT OF COMMERCE - Organizational Body
1st Edition
0-16-051477-0
NONE
Business Ethics
Management
English
U.S. Department of Commerce,
2004
USA
1-355
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