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Ethics and Law

While laws aim to foster ethical treatment, what is legal may not be viewed as ethical or vice versa. Ethics are unwritten rules of conduct that people adhere to. Business ethics involves complying with laws, avoiding civil lawsuits, and maintaining a good reputation. Ideal business ethics promotes principles like trust, respect, and accountability, as well as compliance with laws and regulations.

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Abby Navarro
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172 views

Ethics and Law

While laws aim to foster ethical treatment, what is legal may not be viewed as ethical or vice versa. Ethics are unwritten rules of conduct that people adhere to. Business ethics involves complying with laws, avoiding civil lawsuits, and maintaining a good reputation. Ideal business ethics promotes principles like trust, respect, and accountability, as well as compliance with laws and regulations.

Uploaded by

Abby Navarro
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Ethics and Law

• Government laws and regulations are often misinterpreted or used by society as a guide for
ethical norms and treatments. Laws and regulations are intended to foster ethical treatment to
society, however in many cases what is allowed by law may not be viewed as ethical and what is
ethical may not be allowed by law.

• Ethics are often not written down; they are unspoken rules of conduct that people adhere to.
• In some cases what is allowed by law may not be viewed as ethical and what is ethical may not
be allowed by law. Nonetheless, ethics and law are interrelated and can influence each other.
• Business ethics is often interpreted as having four primary components:
• Complying with all applicable laws, rules, regulations, and standards.
• Refraining from breaking the criminal law relevant to all business activities.
• Avoiding any actions that may result in civil lawsuits against the company.
• Refraining from actions that are bad for the company’s image and reputation.
• Businesses are especially concerned with all actual and perceived unethical activities that may
involve loss of money and reputation. Public companies are required by the SEC to have
business codes of conduct that address these and other ethical issues.
• Although being moral may prevent a company from some legal and public relations challenges,
morality in business is not without cost. A morally responsible company should invest in
employee satisfaction, product safety, environmental impact, truthful advertising, and
scrupulous marketing.
• Ideal business ethics will foster ethical aspirations consisting of:
• Adherence to moral principles, trust, and integrity
• Promotion of ethics education and practice
• Managing and acting with openness, mutual respect, and accountability
• Promotion and enforcement of moral obligations of compliance with all applicable laws,
rules, and regulations
• Similarly, green attributes that were later proved false and/or misleading (called green-washing)
had been given to products in order to capitalize on the trend towards eco-conscience.
• It could be argued that, in a competitive and free market, the profit motive is not inconsistent
with a morally proper environment. That is, when customers demand safe products, or workers
demand privacy, they will buy from or work for only those businesses that meet their
expectations. Businesses that do not meet these demands will not be sustainable.

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