Basic Text

There is growing consensus among management scholars and business executives that business and ethics must be integrated as a vital part of the teaching and practice of management. Some successful models, policies and initiatives exist. But the ways how to effectively integrate ethics in business are still to be searched for.
"If there were a set of ethical principles that applied to all cultures, philosophies, faiths and professions, it could provide a universally useful framework to trigger our conscience and guide our decisions."

The ethical principles can be divided into three categories: personal, professional and global.

Principles of Personal Ethics include:

Principles of Professional Ethics:

Principles of Global Ethics:

Principles can only provide guidance. There are a number of situations that will never lend themselves to an easy formula.
Then things become complicated by the cultural element. For example all cultures value trustworthiness; but they may have different views on truthtelling. This is illustrated by Eastern vs. Western preferred values for harmony vs. forthrightness. An Asian being polite to maintain friendly relations may be perceived by an American as deceitful, although that is not the case.
Many of us apply these principles only within set boundaries, such as next-of- kin, countrymen, race, gender, etc.
These interpretative variations cause many people to conclude that there are no universal standards for ethics. This is a dangerous conclusion that relieves us of any responsibility other than what we choose in our own interests.