Muhammad Azlan Awan

F2017065180
Sir Syed Hassan Imam
W3
The summary of this article is about business ethics impact of globalization. Ethic is derived
from the Greek word “ethos”. Ethics is a very wide concept which covers morals, values and
issues with being honest to self, organization, society and environment at large. “Ethics
refers to a set of standards used to judge the rightness or wrongness of a person’s reaction to
other in terms of truth and justice”. Business ethics is extension of the term ethics when
applied to business. If we do business morally, honestly and for  the great of both
people related to the business like shareholders, stakeholders, customers, suppliers, internal
employees and well as external employees and most specifically society and environment.
Business ethics are concerned with the values, norms and moral issues concerning business.
Business ethics have become a very prominent part of business world. It attracts people and
society from all corners. This World has faced many ethical issues, where they saw the
world becoming a “Global Village”. Globalization has vital impacts on almost everything
from society to environment, technology, life and living status of individuals and culture but
most specifically economy and business. Ethics and business have long been  a subject of
controversy. The guiding principles which take us out from the dilemma of what is right and
wrong is what the term Ethics is comprised of these are the parameters or the codes of
conduct on which the business houses function. These guidelines are acceptable to both the
individual and therefore the society. Globalization is the next buzz word. Everyone seems  to
speak and discuss issues associated with globalization. This combination of business, ethics
and globalization gains much of attention and importance not only from big corporate
houses but also society. Therefore issues concerning with globalization and business
ethics became most vital within the contemporary society. Most of the people are affected
by this globalization. MNC’s are the most affected, and come under most scrutiny from the
society and face maximum criticism on the topic related to their practices of business in this
era of globalization. They are accused of many malpractices, the most specific ones are
harming the environment and the most talked about these days the exploitation of labor
forces in developing countries. When we talk globalization and its link with business ethics,
culture plays a really important role. The best example in this category can be cited of China
and Europe. With the globalization, Child Labor is very common and the government takes
these issues very moderately in many countries. Child labor is also an unethical practice in
many countries too e.g. China and Europe, Asian countries and America. The incomes they
earn are a source of livelihood to the family. So in such a situation where child labour
contributes to the essential needs of the family and therefore the family is
completely hooked in to such income, there the whole issue of employing children has got
to be taken from another perspective. Globalization in its own way increases the corporate
responsibility for better standard of living, more jobs, substantial welfare activities and
raised ethical standards. Business ethics plays a very vital role. A Company which is ethical
and also contributes to the welfare and upliftment of the society has a very positive response
from the society. Goodwill in society attracts good employees. So, people feel honored
working in such environment. a good and ethical value system in an organization gives a
better decision making power to its employees. Managers are able to take better decisions,
which are in the interest of society, customers and its own employees. An ethically guided
management takes appropriate measures to stop pollution, protect the rights of workers and
contributes towards building a healthier society. As a conclusion, Business ethics are the
guidelines which help managers to make ethical decisions while globalization has its own
ills. Business ethics plays an important role. ethical business practices and involving
themselves in welfare activities for the society, help them build an honest image to which
customers are attracted and there by they need huge profits to their credit.