A Conceptual Analysis of Ethical Challenges to Businesses in an Era of Globalization

Abstract

Introduction: This article deals with the study of ethical challenges and dilemmas that have caught the attention of academicians and researchers globally as a result of the unethical acts of many renowned businesses around the world. Ethics is a highly researched but little understood concept. Globalization has only added to this complex­ity. This research is an attempt to scrutinize the concept of ethics in business context, understand the varying layer, shades and dilemmas of ethics over space and time : a concept that is applicable globally, but varies locally. The aim of the investigation is to assess why despite such emphasis on ethical standards in business, unethical behavior is rampant.Materials and methods: In the course of research, the authors track the evolution of the philosophy and concept of Ethics in various religions like Hinduism, Buddhism and the western world- up to the present times as we understand, practice and teach it today in business context. Results of the study: The study finds that the reason for the current ethical chal­lenge lies in the myopic view towards the concept of business and its goals as well as in the emphasis on understanding ethics as an externally taught or externally imposed behaviour instead of an internally inculcated character. Discussion and Conclusion: For ethical business to be effective, the study con­cludes that it needs to become an innate part of the character of a person and organiza­tions which through a supportive and nurturing environment, including the leader­ship, can internalize it in all aspects of life. Superficial attempts to showcase ethical conduct or enforce it through materialistic incentives will have only shallow and cos­metic results. Any ethical construct or system can not exist and persist in piecemeal and isolation. It needs to be all pervasive and inherent.