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CHAPTER 2

CHAPTER 2. BUSINESS ETHICS AND SOCIAL RESPONSIBILITY. ETHICS. IS THE STUDY OF HOW PEOPLE OUGHT TO ACT. NOT HOW THEY ACT. WORLDCOM. HEALTHSOUTH. ImClone. WORLDCOM. HEALTHSOUTH. ImClone. LAW AND ETHICS MAY NOT ALWAYS AGREE. SOMETIMES IT IS ETHICAL TO COMMIT AN ILLEGAL ACT AND

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CHAPTER 2

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  1. CHAPTER 2 BUSINESS ETHICS AND SOCIAL RESPONSIBILITY

  2. ETHICS IS THE STUDY OF HOW PEOPLE OUGHT TO ACT

  3. NOT HOW THEY ACT

  4. WORLDCOM

  5. HEALTHSOUTH

  6. ImClone

  7. WORLDCOM

  8. HEALTHSOUTH

  9. ImClone

  10. LAW AND ETHICS MAY NOT ALWAYS AGREE

  11. SOMETIMES IT IS ETHICAL TO COMMIT AN ILLEGAL ACT AND SOME LEGAL ACTS ARE UNETHICAL

  12. THERE ARE TWO TYPES OF LAWS JUST AND UNJUST AN UNJUST LAW IS NOT LAW AT ALL (Dr. Martin Luther King, Jr., quoting St. Augustine)

  13. WHY BOTHER WITH ETHICS? Society as a whole benefits People feel better when they behave ethically Unethical behavior can be costly

  14. ETHICAL CHECK LIST What are the facts? What are the critical issues? Who are the stakeholders? What are the alternatives? Is it legal? How would it look in the light of the day?

  15. ETHICAL CHECK LIST, CONT’D. What are the consequences? Does it violate important values? Does it violate the Golden Rule? Is it just? Has the process been fair?

  16. ETHICAL RESPONSIBILITIES • To other • To customers • employees • To stakeholders • To the company • To society

  17. THE BEST BEHAVIOR The best way to infuse ethics throughout an organization is for top management to behave ethically themselves.

  18. Ethical behavior offers significant advantages: society as a whole benefits; executives who behave ethically have happier, more fulfilled lives; and unethical behavior can destroy a company!

  19. CHESTER’S RULES FOR ETHICAL BEHAVIOR

  20. WHEN IN DOUBT, DON’T

  21. IF IT SMELLS BAD, IT PROBABLY IS

  22. IF IT SOUNDS TO GOOD TO BE TRUE, IT PROBABLY IS

  23. NEVER DO ANYTHING YOU WOULD BE EMBARRASSED TO TELL YOUR MOTHER ABOUT

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