BBA 1st Year Business Ethics Gandhian Philosophy of Wealth Management Very Short Question Answer

Ans. The third important element of Gandhi’s philosophy is non-violence. It not only means non-killing, non-aggression or non-injury, but also being free from prejudice, jealousy, hatred, animosity, pride and ego, since these elements too implicitly cause some kind of perturbation, a sort of violence towards one’s self or others. As a researcher in the fields of science and management, I have always experienced, belt with myself or my peer group,that presence of the above said elements inhibit there cognition of truth in others’ work, and create hurdles in searching for the truth within and assessing oneself truthfully. Truth and science, hence scientific management, are closely linked to each other.

Q.7. What are the guidelines for dealing with ethical dilemma?

Ans. Following are the guidelines for dealing with ethical dilemma:

(a) Would you be willing to allow others to do to you the same that you are considering?

(b) Would you like your family to know?

(c) Would you like your decision to get printed in the newspaper?

(d) Have you consulted others who are objective and knowledgeable?

Q.8. What do you understand by ethical responsibilities?

Ans. To be ethical, an organization should seek a higher standard than merely obeying the law:

(a) Act with equity, fairness, and impartiality.

(b) Respect the rights of individuals.

(c) Act for the common good.

Q.9. How is trusteeship related to non-violence?

Ans. Gandhi contended that the idea of trusteeship could be put into practise non-violently, because it could be instituted by degrees. When asked if such ‘trustees’—individuals who possessed wealth and yet saw themselves as stewards for society—could be found in India in his day, he rejected the question as strictly irrelevant to the theory, which can only be evaluated by extensive testing over time.

Q.1O. “Business and ethics appear like two banks of a river which can never meet.” Explain.

Ans. Even though, prima facie, business and ethics appear like two banks of a river which can never meet, ethics do play a strong role in business. Ethics may not yield positive results in short run, but they do paysubstantially in the long run. Capital of “Trust” created in the minds of consumers slowly but surely and pays rich dividends in the long run. The effortlessness with which every stakeholder of Corus agreed to take over by Tata Steel as agaInst the dirty political battle faced by Ispat Group of LN Mittal is proof enough of benefit of business ethics.

Q.11. “Values are part of the pschological traits of the person.” Discuss.

Ans. Psychological traits are partly inherited and partly learned from the environment. Some
values are learned automatically by observation and experiences from the surroundings while some values are instilled assiduously by the elders, teachers and society. Both managers and aéademics have often debated whether Values/Ethics can be taught. A frequently stated view is that these are learned (whether from one’s parents and teachers or from surroundings), and fully formed in early life, so that later efforts at teaching are really pointless. The final caveat, however, is that ethical conduct in business context can still be taught in the early stages of one’s working life.

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