Business Ethics And Globalization : Business Essay -- Business ethics, E

In recent years many policy makers, business executives, and economists have argued for the necessity of global business in promoting economic development and reducing world poverty. "Multinational corporations, the world trade organization, the G8 summit and various international financial institutions are supposed to advance free trade and promote economic development for the people of various participating countries, including those who are less developed" (Ho, 2004) In a number of different ways the increased globalization of the economies of the United States, Western Europe, and Japan is making business practices more uniform. The structure and organization of firms, manufacturing technologies, the social organization of production, customer relations, product development, and marketing are all becoming increasingly similar throughout the advanced industrial economies. â€Å"One might logically think that a similar trend would be taking place with respect to the principles and practices of business ethics, however this is not the case† (Vogel, 1992). Despite the advances made in the way the world conducts business, business ethics has not yet globalized; the norms of ethical behavior continue to vary widely from country to the next. During the last decade, highly publicized incidents of misconduct on the part of business managers have occurred in virtually every major industrial economy of the world, as well as nearly every industrial nation in the world. Globalization will continue to be a challenge to business ethics because globalization reduces the amount of discretion that both individuals and business organizations have in making business decisions. Globalization also brings increased compeaspects of management course. The authors found that after the students took that course "there was a statistically significant change in perceptions that suggest that knowledge of the law can prompt managers to become more legally compliant and more socially responsible" (Bagley, Clarkson, Power, 2010) Similarly, the authors of Ethic Perception: Does Teaching Make a Difference found in a study of three hundred and forty undergraduate business students that learning in ethical judgement will lead the students to more ethical intentions (Nguyen, Basuray, Smith, Kopka, McCulloh, 2008). These findings suggest that students should be required to attend an ethics course as part of a business curriculum, that way when presented with real life situations of ethical ambiguity the students will be better equipped to make the correct choice. Business Ethics Implementation