Ethics and Morality of Business Essay Example | Topics and Well Written Essays - 2500 words

Ethics and Morality of Business - Essay Example Career development programmes are not just altruistic pursuits. These are followed keeping the future human resource requirements in mind. Similar is the case with ethics. Given a level playing field, most organizations do not shy away from ethical behaviour. With the explosion of information and the communication revolution, the media plays a crucial role in building and tarnishing reputations of businesses. Hence, every organization tries to enhance its reputation among all its stakeholders. Ethics is a novel outlook for businesses that have single mindedly pursued the bottom line so far. Hence, there exists a twilight zone where business and ethics meet. In the modern world, differences are blurring and concepts are getting re-defined constantly. Business can reap benefits without compromising on basic human values. There is no need to give up on competitiveness to be morally right. Hence, it is possible to conduct business ethically, which is essentially a win-win situation. Conc epts Rationalism dictates that everything should be useful and justifiable. Utilitarianism and utility analysis as used by business vary significantly. When a firm uses a utility, it weighs the positive and negative consequences of a certain action as it relates to itself; and a utilitarian analysis weighs these  'results of an action on everyone affected by it' (De George, 2010, pg 44). Morality is concerned with creating good consequences, not having good intentions. One should do whatever will bring the utmost benefit to all of humanity. Morality guides people’s actions in order to create a better world. Bentham (1748–1832) is rightly considered the father of modern utilitarianism. He explained utility as the balance of pleasure and pain that a human being experiences (as cited in Binmore, n.d.). â€Å"The principle of utility . . . is that principle which approves or disapproves of every action whatsoever according to the tendency which it appears to have to aug ment or diminish the happiness of the party whose interest is in question.† (Bentham Jeremy, B. E. 1748-1832). Bentham thought that entire morality could be derived from ‘enlightened self-interest’, and that a person who always acted for his own satisfaction in the long run, would always act rightly. However, there are critics of Bentham. ‘The good’ cannot be quantified or measured. Similarly, the notion or definition of ‘the good’ was extreme. At the same time, other considerations like human rights and justice, which are relevant, are ignored. John Stuart Mill said that happiness in not the same as pleasure. Man shared the lower quality ones with animals for e.g. food, water etc. The higher quality pleasures were unique to man and involved the higher faculties (Mill, 1863, Pg 11). He showed that utilitarianism was in sync with moral rules. Utilitarians ought not to calculate beforehand whether each action would maximize utility. Instead , following a general principle (under which a particular action falls) leads to happiness. Henry Sidgwick highlighted common sense morality, which is morality accepted by the majority without detailed thinking involved, in his book Method of Ethics (Crisp, 2000). He stated that not all principles of common sense morality are apparent. He was in favour of ethical hedonism according to which any action should produce the greatest amount of pleasure. He was of the opinion that no man should destroy his own happiness (Ibid).