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An organization forms when individuals with varied interests and different backgrounds unite on a common platform and work together towards predefined goals and objectives. [1] A code of ethics within an organization is a set of principles that is used to guide the organization in its decisions, programs, and policies. [ 2 ]
Business ethics (also known as corporate ethics) is a form of applied ethics or professional ethics, that examines ethical principles and moral or ethical problems that can arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations. [1]
The continuance of employee trust in the organization and the organization continuing to meet the employee's expectations of fairness creates the reciprocal relationship between trust and organizational justice. [16] Research has found that procedural justice is the strongest predictor of organizational trust.
Friedman introduced the theory in a 1970 essay for The New York Times titled "A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits". [2] In it, he argued that a company has no social responsibility to the public or society; its only responsibility is to its shareholders. [2]
In recent years, the general public has become both better informed and more concerned about business ethics at home and in developing countries. As a result, governments have been called on to legislate, and business leaders to innovate, to ensure that high ethical standards are put at the heart of business and industry.
A double standard may arise if two or more groups who have equal legal rights are given different degrees of legal protection or representation. Such double standards are seen as unjustified because they violate a common maxim of modern legal jurisprudence - that all parties should stand equal before the law.
Legal moralism is the theory of jurisprudence and the philosophy of law which holds that laws may be used to prohibit or require behavior based on society's collective judgment of whether it is moral. It is often given as an alternative to legal liberalism, which holds that laws may only be used to the extent that they promote liberty. [1]
Value pluralism is opposed to value monism, which states that all other forms of value can be commensured with or reduced to a single form. Value-pluralism is a theory in metaethics , rather than a theory of normative ethics , or a set of values in itself.