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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.
Ethical codes are adopted by organizations to assist members in understanding the difference between right and wrong and in applying that understanding to their decisions. An ethical code generally implies documents at three levels: codes of business ethics, codes of conduct for employees, and codes of professional practice.
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.
Portrait of Milton Friedman. The Friedman doctrine, also called shareholder theory, is a normative theory of business ethics advanced by economist Milton Friedman that holds that the social responsibility of business is to increase its profits. [1]
Strasnick, T. (1981) "Neo-utilitarian Ethics and the Ordinal Representation Assumption", in Philosophy in economics, edited by J. Pitt, Reidel Publishing. Luetge C. , ed. 2013, Handbook of the Philosophical Foundations of Business Ethics .
Amid the prison-building boom, James F. Slattery and his company – then named Correctional Services Corp. – embarked on what would eventually grow into a rewarding business relationship with the state of Florida. Slattery’s company had previously been confined largely to Texas, New York and New Jersey.
Business ethics examines the moral implications of business conduct and how ethical principles apply to corporations and organizations. [155] A key topic is corporate social responsibility , which is the responsibility of corporations to act in a manner that benefits society at large.
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