Business Ethics and Contemporary Corporate Thought.

Essay by KDDOBHigh School, 12th gradeA, September 2003

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"US consumer spending grows but experts warn of precarious outlook," is CNN's

weekend Market-Watch Headline. Another from ABC News is "Experts Express

Concerns about Continuing Fragility in Economy's Key Elements." Finally, the CBS

Evening News Headlines included "The worst may be over...or is it." Without doubt, the

past year has been truly rattling and unnerving, from an economic standpoint, as well as

others. Several corporations have dissolved, with CEOs accused of being deceitful,

while others have succeeded. Some have lost so much in failed bonds, stocks, and

securities, while others have found comfort in venture capitalist funds and other areas.

Business organizations have found that an increasing amount of support, innovation,

integrity, and reform are needed for success, and if these components of new business are

not present, then almost certain financial failure is unavoidable. This new paradigm is

supported by examining failed and bankrupt companies, organizations that are being

affected by the arduous economy, changes to business structure combined with

innovative thought, mergers and outside help given to companies, and the concepts

governing new economics and new business.

Failed and bankrupt companies can reveal the scope of the new economic

paradigm. A little over a month ago, WorldCom, Inc., a renowned telecommunication

provider worldwide, filed for Chp. 11 bankruptcy protection, a result of an economic

downtown which depleted the company's profits. This was a clear reflection of the

downfall of the decade's recent economic success. An SEC investigation has begun,

trying to decipher some records regarding faulty accounting; specifically, low expense

reporting that would in turn increase earnings. The company's high-ranking officials are

under fire from government officials, many accused of obstruction of justice and criminal

wrongdoings; this all as the company is desperately trying to avoid bankruptcy. This

case has promoted widespread calls for more government intervention...