Business Ethics

Business ethics is basically a type of principle of applied ethics, which analyzes various ethical rules and ethical or moral problems that may take place in a commercial environment. In the 21st Century, one of the most significant aspects of the commercial marketplaces all over the world is the growing focus on conscience.
As a result, the necessity for highly ethical business practices (which is also referred as ethicism) is on the rise. At the same time, force is also being applied on businesses and industries for the development of business ethics with the help of novel public efforts and regulations (for example, increased amount of road tax in the United Kingdom for vehicles with higher emission).

Business ethics can take the form of a descriptive field (subject area ) or normative field. The descriptive discipline is applied in the academic world. The normative discipline is basically implemented as a corporate device and it is also utilized in the form of career specialization.

The number and degree of business ethical issues gives the evidence of how much a business is compliant with the social values (non-economic).

The different forms of business ethics can be categorized into the following types:

General business ethics
These ethics deal with the following issues:
Corporate social responsibility (CSR)
Fiduciary responsibility
Corporate governance
Industrial espionage
Hostile take-overs
Corporate manslaughter
Political contributions
Professional business ethics

The professional business ethics can be categorized into the following types:

Ethics of human resource management (HRM)

Discrimination issues
Strike breaking or union busting
Drug testing
Workplace surveillance
Occupational safety and health
Employment law
Indentured servitude

Ethics of accounting information

Creative accounting
Earnings management
Misleading financial analysis
Insider trading
Securities fraud
Bucket shop
Forex scams
Executive compensation
Facilitation payments

Ethics of production

Harmful, addictive, or defective products
Environmental ethics
Carbon emissions trading
Mobile phone radiation
Genetically modified food
Product testing ethics like animal testing and animal rights

Ethics of sales and marketing

Pricing: Price discrimination, price fixing, price skimming
Anticompetitive practices
Particular marketing strategies: Greenwash, shill, bait and switch, spam (computer), viral marketing, pyramid scheme, and planned obsolescence
Advertisement contents: Attack ads or promos, sex in advertisements, and subliminal messages
Marketing in schools
Grey markets and black markets

Ethics of intellectual property, skills, and knowledge

Patent infringement, trademark infringement, copyright infringement
Patent misuse, patent troll, copyright misuse, submarine patent
Employee raiding
Biopiracy and bioprospecting
Industrial espionage
Business intelligence

International business ethics

Transfer pricing
Fair trade pricing
Cultural imperialism
Child labor

A large number of companies are appointing business ethics officers as a part of their compliance and ethics programs, and these officers are also known as risk and compliance officers.

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