- Published: December 16, 2021
- Updated: December 16, 2021
- University / College: University of Aberdeen
- Level: Masters
- Language: English
- Downloads: 48
I disagree with my colleague’s claim that U. S. companies are certainly at a disadvantage due to stronger business ethics legislation in this country as compared to elsewhere. The argument is that Chinese companies are not affected by labour practices and they produce their products at relatively cheap cost. However, business ethics in the US are meant to promote fair practices by business people so that they prioritise their profit goals at the expense of the interests of the people they serve. Businesses which operate in an ethical manner are likely to gain the trust of the targeted people and this can help to improve their viability in the long run.
The other important element about operating in an ethical manner is that the customers are assured of getting standard products which can which can give the organizations concerned a competitive advantage. Products that are desired by many people are advantageous in that they improve the effectiveness of the business since the customers are likely to create loyalty towards the organizations that operate in an ethical manner. It can be seen that companies that operate in an ethical manner have a competitive advantage than a disadvantage since their business practices are likely to appeal to the interests of many people. As such, 1997 OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, signed by 34 member states is a positive development towards promoting ethical conduct of businesses (Bunker & Casey, 2012). Essentially, businesses should be accountable for their actions to the targeted people.
References
Argandona, A. (2005). Corruption and companies: the use of facilitating payments. Journal of Business Ethics, 60(3), 251-64. doi: 10. 1007/s10551-005-0133-4.
Bunker, R., & Casey, K. (2012). Facilitating payments versus bribes: Are we sending conflicting ethical signals in accounting eduction? International Journal of Business and Social Science, 3(8), 47-50. Retrieved from http://ehis. ebscohost. com. vlib. excelsior. edu/eds/pdfviewer/pdfviewer? sid= e7dfec46-fd25-41f7-a6c1-1d46d5f45796%40sessionmgr12&vid= 11&hid= 104
