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Business ethics operates on the premise, for example, that the ethical operation of a private business is possible—those who dispute that premise, such as libertarian socialists (who contend that "business ethics" is an oxymoron) do so by definition outside of the domain of business ethics proper.
The failure to understand and manage ethical risks played a significant role in the financial crisis. The difference between bad business decisions and business misconduct can be hard to determine, and there is a thin line between the ethics of using only financial incentives to gauge performance and the use of holistic measures that include ethics, transparency and responsibility of stakeholders.
A code of practice is adopted by a profession (or by a governmental or non-governmental organization) to regulate that profession. A code of practice may be styled as a code of professional responsibility, which will discuss difficult issues and difficult decisions that will often need to be made, and then provide a clear account of what behavior is considered "ethical" or "correct" or "right ...
Unfair business practices (also Unfair Commercial Practices) describes a set of practices by businesses which are considered unfair, and which may be unlawful. It includes practices which are covered by other areas of law, such as fraud , misrepresentation , and oppressive or unconscionable contract terms.
Ethics dumping is a concept in research ethics that describes the export of unethical research practices from higher-income to lower-income settings. [1] Ethics dumping can occur intentionally when researchers knowingly side-step restrictive regulatory regimes to undertake research abroad that would be prohibited in their home setting.
The function of developing and implementing business ethics in an organization is difficult. Due to each organization's culture and atmosphere being different, there is no clear or specific way to implement a code of ethics in an existing business. Business ethics implementation can be categorized into two groups; formal and informal measures.
Research integrity or scientific integrity is an aspect of research ethics that deals with best practice or rules of professional practice of scientists. First introduced in the 19th century by Charles Babbage , the concept of research integrity came to the fore in the late 1970s.
In business ethics, Ethical decision-making is the study of the process of making decisions that engender trust, and thus indicate responsibility, fairness and caring to an individual. To be ethical, one has to demonstrate respect, and responsibility. [ 1 ]