As the theoretical and practical efforts in the field of business ethics surround virtually all aspects of business conduct, there is also a great variety within this science.
Ethics and morals may seem similar to many, but basically they are different.
generating profits for shareholders and taxes to the government).
This paper will briefly explain the foundations and the growing importance of business ethics in today’s economy.
Alternatively, ethics can be defined as expectations by a certain group or by the society from its members.
Different persons have different morals as well as ethics depending on the environment in which they live.However, ethical decision-making is far from being simple, as is involves much greater complexity and debate (Trevino & Brown, 2004) than other ethical fields, even complicated ones such as bioethics.The main reason for this confusion is not only the themes of business ethics, but the difficulty to recognize the relevance of ethics to the business decision in question.Third, a new wing of economic and legislative thinking in all fields of ethics (e.g.in medicine and environmental issues) has also transformed the line of thought towards businesses, from perceiving them as mechanisms for creating value to active members of the society with individual sets of responsibilities.In a business set up, issues related to ethics are based on an individual’s good conduct or misconduct in relation to the workplace expectations (Mc Henry, 2003, p. All employers require their employees to be morally upright; failure to which they have the right to expel them from work.Business ethics are, therefore, based on norms that should be exercised in a group of individuals while moral values are based on human behavior more important in determining what is wrong and what is right.As mentioned earlier, issues of business ethics have a long history, and are thoroughly referred to in civilian and religious writings.Throughout the various forms of commerce, matters such as competition, accurate reporting and pricing (to name a few) are part of all major transcripts, including Aristotle, the Old Testament, the Koran and even appear in Buddhist writings.Most businesses today are failing as a result of unsuitable solutions to problems concerning ethics.Many managers find it difficult to handle ethical problems because of the relationship they may be having with their employees where they are dependent on certain employees to the point of being unable to act appropriately to workplace misconduct (Gallagher, 2010, p.1).