Business Ethics and the Role of the Corporation Essay

Business Ethics and the Role of the Corporation The problem to be investigated is the ethical role that the corporation has when balancing internal strategies with external responsibilities. Dr. Novak explains various responsibilities a business has in his article â€Å"Business Ethics and the Role of the Corporation†. This paper will first discuss why Dr. Novak has two sets of responsibilities in his article on business ethics. Next it will explain what Dr. Novak says about the rule of law and its relationship to business. Finally it will analyze what he means by moral ecology. Why did Novak Have Two Sets of responsibilities for his Definition of Business? The first set of definitions included internal business strategies focused on†¦show more content†¦According to Novak, Social Justice describes a unique balance of â€Å"laws and moral and cultural institutions†. How well a company conforms to activities that benefit these cultural institutions while abiding by the laws of society, and, at the same time, still managing to be profitable, is the key to a successful business. Total Quality Management (2009), Secondary stakeholders are also important because they can take action that can damage or assist the organization. Secondary stakeholders include governments (especially through regulatory agencies), unions, nongovernmental organizations (NGOs), activities, political action groups, and the media. (p. 1) The Rule of Law and its Relationship to Business Novak states in this article, â€Å"exemplify respect for the law. Business cannot survive without the rule of the law. Long term contracts depend on their fulfillment of the law.† (Jennings, 2009) Contracts can be very long and many people do not read these documents verbatim. This is why it is imperative that there are laws that specifically protect individuals and the organizations they represent against fraud and other types of deceit. The purpose of a contract is to force individual parties involved in an agreement to abide by the originalShow MoreRelatedThe Role Of Ethics And Social Responsibility On Developing A Strategic Plan746 Words   |  3 Pages Ethics is the â€Å"consensually accepted standards of behavior for an occupation, trade, or profession† (Wheelen Hunger, 2010, p. G4). Ethics in business involve different standards based on the location and customs. What is ethically acceptable in one environment may not be acceptable in another. Analyzing ethics is essential when developing strategic plans. Some even may argue that there is no such thing as business ethics (Wheelen Hunger, 2010). 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