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

A prominent, widely published psychologist worked to align people with their moral conscience in what was called “integrity therapy”. He once told about himself that he was a manic-depressive: “I knew I was getting suicidal,” he said. “Therefore, I committed myself to a mental institution. I tried to work out of it, neutralize it, untill reached the point where I could leave the hospital. I don’t do clinical work now because it is too stressful, I mostly do research. And through my own struggle, I discovered that integrity therapy was the only way to go. I gave up my mistress, confessed to my wife, and had peace for the first time in my life.”

Pleasure without conscience is one of the key temptations for today’s executives to fall in a pit.

Q.5. What do you understand by “Knowledge without character”?

Ans. Knowledge Without Character As dangerous as a little knowledge is, even more dangerous is much knowledge without a strong, principled character. Purely knowledgeable development without proportionate internal character development makes as much sense as putting a high-powered sports car in the hands of a teenager who is doped with drugs.

Yet all too often in the academic world, that’s exactly what we do by not concentrating on the character development of young people.

One of the reasons Gandhiji was motivated about taking the Seven Habits into the schools is that it is character building education. Some people don’t like character education because, they say, “that’s your value system.” Butyou can get a joint set of values that everyone approves of. It is not that tough to decide, for example, that kindness, impartiality self-respect, involvement, and integrity are value keeping. No one will fight you on there values. So let’s start with values that are unquestjonaj and impart them in our education system and in our corporate training and development programs. Let’s achieve a better balance between the development of character and intellect.

The people who are restructuring education today are doing it by forming agreement about a common set of Principles, values, and priorities and exposing the high degree of specialization, departmenta1jtjo, and restricted politics.

Q.6. Write a short note on “commerce (business) Without morality (ethics)”.

Ans. Commerce (Business) Without Morality (Ethics) Adam Smith (1 723-90), the Scattish economist postulatej free trade and gold circulation in his influential Wealth of Nations (1776). The theories enuet in it because basis of nineteenth century laisser faire doctrine. Before this magnum opus Adam Smith had written Moral Sentiment which explained how fundamental to the success of our systems the moral foundation is:

(1) how we treat each other,

(2) the spirit of benevolence,

(3) the spirit of service, and

(4) the spirit of contribution.

If we ignore the moral basis and allow economic systems to operate without moral foundation and without continued education, we will soon create an amoral, if not immoral, society and business. Economic and political systems are ultimately based on a moral foundation.

To Adam Smith, every business transaction is a moral challenge to see that both parties come out fairly. Fairness and compassion in business are the keystones of an open enterprise system called capitalism. Our economic system comes out of a constitutional democracy where minority rights are to be joined to as well. The spirit of the Golden Rule or of win-win is a spirit of morality, of mutual benefit, of fairness for all concerned. Paraphrasing one of the mottos of the Rotary Club, “Is it fair and does it serve the interests of all the stakeholders?” That’s just a moral sense of stewardship toward all of the stakeholder

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