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Chapter 3: Business Ethics, Social Forces, and the Law

Chapter 3: Business Ethics, Social Forces, and the Law. The Effect of Ethics. Business ethics is the application of values and standards to business conduct and decisions.

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Chapter 3: Business Ethics, Social Forces, and the Law

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  1. Chapter 3: Business Ethics, Social Forces, and the Law

  2. The Effect of Ethics • Business ethics is the application of values and standards to business conduct and decisions. • When a business upholds basic ethical standards, it will enjoy the competitive advantage of a good reputation and, over the long term, better earnings. • When a business violates ethical standards, social forces are set into motion, sometimes leading to changes in the law.

  3. Cycle of Societal Interaction Social Forces Social Environment Ethics Law

  4. Goals That Influence Laws • Protection: • of the state • of the person • of public health, safety and morals • of property • personal rights • from exploitation, fraud, and oppression • of creditors and rehabilitation of debtors • Enforcement of individual intent • Furtherance of trade • Stability and flexibility

  5. Categories of Ethical Behavior • Integrity and Truthfulness • Promise-Keeping • Loyalty: Avoiding Conflicts of Interest • Fairness • Doing No Harm • Maintaining Confidentiality

  6. Resolving Ethical Dilemmas • Blanchard and Peale Test • Is it legal? • Is it balanced? • How does it make me feel? • Front-Page-of-the-Newspaper Test • Would I want my decision published? • Laura Nash Test • Requires examination from all perspectives. • Wall Street Journal Model (3 C’s model) • Is my conduct compliant with the law? • What contribution does this action make to others? • What are the consequences?

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