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Ethics in business & the professions R3101 Lecture, Week 5 (Dr.

Margaret Mishra) ‘The secret of success in business is honesty and fair dealing, if you can fake that, you’ve got it made’ (Groucho Marx) The profit motive?  Historically, the ethical view of business has largely been negative: trade = profit  Aristotle: approved of household trading but said that trade for profit lacked virtue & those who engaged in such practices were parasites View 1: Life in business is competitive & isn’t always fair or ethical (capitalism & the profit motive) View 2: (1980s) Life in business is competitive but it can also be co-operative (it rests on shared interests & mutually agreed-upon rules) Business is a social practice with implications for public good (social responsibility is crucial)  ‘An approach to business ethics which fails to serve the common good and the public interest is unethical, chiefly because it fails to understand that business, like all human activity, is dependent on life’s interconnectedness’ (Preston, 173) Work ethics & professional conduct  Work ethics are values based on the moral virtues of hard work & diligence  An employee’s attitude, behavior, respect, communication and interaction towards others  Honesty, integrity, care, professionalism, confidentiality, accountability, reliability & initiative Ethic of response/social responsibility  The ‘ethic of response’ approach highlights the importance of respecting life, acting fairly and being true to obligations with the wider community Whistle-blowing  A whistle-blower is an informant who exposes wrongdoing within an organization in the hope of stopping it  Internal whistleblowers  External whistleblowers

g. specially by a public officer acting in his or her official capacity  Bribery: something given or taken with an intention to influence the conduct or judgment of the person receiving it  Corruption: includes bribery.adb. religion or disability  Bullying: a more aggressive behavior pattern triggered by the bully’s own sense of insecurity  Discrimination: to treat one particular group of people less favourably than others because of their race.wordpress. sexual orientation. legal protection is offered for individuals who disclose information exposing malpractice  This can protect whistleblowers from victimization or dismissal: antiretaliation laws  Fiji is still considering protection for whistle-blowers. colour. offensive & intrusive. lawyer or engineer in the performance of professional duties’ newyorkinjurylawyers. embezzlement. suspension. sex. wage garnishment and/or harsh mistreatment by other employees) Legal protection for whistle-blowers  In some countries (e.pdf  Unprofessional conduct  Harassment: unwanted. US & UK). termination of job. physical or verbal behavior that may be linked to race. money laundering. demotion. nationality Extortion. insider trading. as yet there are no anti-retaliation laws www.g. tax evasion and accounting irregularities Malpractice  Professional wrongdoing that results in injury or damage  ‘Negligence or substandard care by a professional such as a doctor. to whistle-blowing  ‘Dobber’ or ‘snitcher’  sometimes there is a shoot the messenger reaction to whistle-blowers  More serious reactions include retaliation (e. bribery & Corruption  Extortion: offense of illegally obtaining money or other benefit through .