Is Good Ethics Good Business? While it might seem difficult for a business to practice good ethical conduct and still be successful, consumer advocates for good ethical business practice have established that the successful business is a "good business"Ã¯Â¿Â½ founded on good ethics. In considering the pros and cons of good ethics within the business place, it is imperative to understand; 1) what good ethical practice is, 2) how good ethical practice relates to good business practice, and 3) what the distinction is between good ethics and bad ethics in relation to business practices.
Good ethical practice is the process of consistently behaving in a manner that is beneficial to all people. The concept differs from good moral practice, in that it begins with notably high moral values, yet extends beyond personal characteristics and immoral consequences. To express ethical integrity, one must question the reasoning of a situation, rather than the right or wrong of it.
These beneficial considerations guide the person to a discerned understanding, rather than simply accepting the customary codes. Arriving at a virtuous ethical decision requires the individual to examine choices that are good for all people. Conversely, bad ethical thought processes are likely to occur when individuals are aware of the traditional moral codes; however, they feel that superior benefits are somehow deserving to them. This selfish disregard of the good of all people leads to a type of corrupt ethical reasoning. The result is a perfusion of infectious thinking.
The relation between good ethical practice and good business practice follows suit. Ideally, individuals within the company transfer a good ethical thought process to action, since these individuals cannot disconnect their personal ethics from their organizational ethics (5). It is essential, however, to establish good ethical practice as the foundation of good business rather than...