The application of moral philosophy to business is not a simple task to do. Most especially in the global market wherein concepts about right or wrong differ from many things and with different cultural views. The expansion of moral philosophy in the business world is the business ethics. Perceptions of right or wrong are common to any organization. The company has the ultimate responsibility for every action of the employees and business owners can utilize the organizational culture that focuses on the employees’ moral obligation in dealings with others in the company. The fact that employees represent the company in different schemes, however, the company itself has more accountability to shape the workers and leaders by creating a code of ethics.
Moral philosophy is applied on a practical level to determine on how to discipline employees who behaved well. This is to operate with the highest morals and ethics to make sure to achieve success and the positive image is well maintained accordingly. The business has a sole responsibility to function within the law and nothing to disagree on this idea. With a code of ethics in place and with great emphasis on ethical behavior, every employee knows how to act despite some ethical dilemmas and aware of the consequences of their actions. Capitalist system of business has two fundamental conditions; to make profit and to obey the law . The law does not prohibit anything, it affix costs with behaviors . Businesses analyzed the costs involving of breaking the law. The point of objective is how the business is seen globally. With bad reputation, operates with a minimal obligation. The more value in doing what is right; its society is served with honesty, high standards, and with ethics in mind. There is a natural concern of business ethics, to determine a good relationship among the workers in the company. Both discipline and ethical conditions, the company itself improves its cultural organization.
About accountability, the housing crash in 2000 for example, the implementation of the law is firm enough to make it possible for bank to ensure security by issuing loans to the respective consumers. Regardless of no income verification, no asset verification, and no down payment, still some of the consumers acquired loans. Some loans are allowed to those who are extremely low-income consumers to obtain a mortgage loan with hybrid adjustable rate to the extent of negative amortization. This event creates a large increase in property value. The business did not do anything wrong to the law, however, the businesses lend large amount in an irresponsible manner. There is no ethics applied in front of its profit; many businesses or companies paid the highest price and lead to bankruptcy or economic failure. Some are sanctioned with multiple fines for their unnecessary actions in the business.
Morality and ethics are highly needed in the realm of business to help define how the companies development and maintain the good image in the community. It implies that business ethics is concerned and seen as benefactors of the public. Business owners determined their status in the community through their utmost efforts. These efforts eventually turn into improvements of their business, the perception of the public sees the matter, and everyone plays an important role in helping others.
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