The Bottom Line
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Business ethics; what does it really mean? Some say its an oxy moron and the two words cant exist together as a concept. These people will tell you that within business, there is no room for ethics and ethical behavior. Others will explain the need for businesses to practice good ethical and moral values within their company, and the importance of this to our society. For me, in the past, I honestly never gave the idea or term a second thought. Now after learning so much of business in our society I have a firm understanding of business ethics and Ive developed my own personal view that reflects it. At the roots of proper business ethics is undoubtedly, understanding. As with life, all truths and therefore all rights, come with understanding. You can mimic steps and follow guidelines but thats mere “window dressing” as according to Milton Friedman, an American economist (p. 285). With understanding you can find the bottom line and follow that which causes the best over all results for the majority of those concerned. What exactly does that mean?
To start to answer that question we have to look at the definition of business ethics. Business, as according to Websters Dictionary: “Noun: employment; profession; vocation; any occupation for a livelihood; trade; firm; concern.” And here is the definition of “ethic,” also from Websters Dictionary: “Noun, pl.: philosophy which treats of human character and conduct, of distinction between right and wrong, and moral duty and obligations to the community.” So business ethics is concerned with human character, understanding, and distinction between right and wrong, and moral duty, within a livelihood, trade or occupation. Given this definition you can see how there is much debate and confusion as to what business ethics really is.
Business ethics is more of a concept than it is a definable term. Seeing that the definition is somewhat vague, and that business ethics is seen more as a concept, we can assume the concept to be relativistic in nature. Even so, that doesnt mean it doesnt exist or cant be defined more clearly. That just means it exists in many forms and for many different reasons, with many different definitions.
Practicing the right business ethics means getting down to the bottom line. In the end who will the action affect and how? To what extent will it help, and why? Whats in it for us and who will also reap rewards beside us? Understanding a bottom line concept is basically following the analogy “dont bite the hand that feeds you” in addition to following, in sort, John Stuart Mills, “Harm Principle”, Laid out in his book “On Liberty”. Mills Harm Principle was written from his concern about the civil liberties of individuals in governed societies. Mills harm principle states:
“the sole end for which mankind are warranted, individually or collectively, in interfering with the liberty of action of any of their number, is self-protection. That the only purpose for which power can be rightfully exercised over any member of a civilised community, against his will, is to prevent harm to others. His own good, either physical or moral, is not sufficient warrant. He cannot rightfully be compelled to do or forbear because it will be better for him to do so, because it will make him happier, because, in the opinion of others, to do so would be wise, or even rightThe only part of the conduct of anyone, for which he is amenable to society, is that which concerns others. In the part which merely concerns himself, his independence is, of right, absolute. Over himself, over his own body and mind, the individual is sovereign.”(p.68)
What Mills says here is that our actions shouldnt hurt others or hinder there happiness in anyway, even at the benefit of our own happiness. Furthermore the only way we should stop someone from doing any sort of action is when that person harms another, and only then should there be intervention. Though this was written with the individual, and an overpowering government in mind, cant we apply this to business today? Dont businesses govern our individual lives? Dont some businesses harm our well being for their own benefit? From the time of the Aztecs to modern capitalism business shapes and governs our lives.
So if business governs our lives, who governs theirs? The first would be government. The government puts regulations and guidelines in place to keep us from harm. Who else governs business and business ethics? In reality, we all do. As consumers and customers, our morals, and values, expectations, and wishes all reflect in business. We, in the end, shape business ethics. All business in one way or another rely on society, in the form of consumers