There is a strange symbiosis of thoughtlessness and evil working here and what is amazing is that their officials found it (and perhaps still do) to be perfectly normal to receive these disproportionate rewards. It is a gross sense of entitlement that has crippled the economies worldwide. It is so far away from reality so as to be almost delusional in its perpetration. There has been an extraordinary amount of diligence applied to the singular agenda of personal advancement and it is almost done with complete disregard for anything else. That remoteness from ground reality is perhaps more evil than the sum of the instincts that caused this damage in the first place. It is an economic holocaust in which nations have been obliterated.
It is a strange business model that so brazenly disregards business ethics and the dilemma is a widespread and individual one about morality of an individual and its role in the workplace. There is a widespread acceptance of the rewards that the system offers, but a refusal to accept responsibility for the fallout of the system betrays a serious bankruptcy of business ethics. Bankers, brokers and financial specialists were all in on this while at the same time being completely shut off to the human side of their transaction. It is narcissism pure and simple and it runs very deep. Its ultimate expression is in the banking system. Never should businesses be operated alone for own selfish interests; humanizing the financial system is the need of the hour, but there isn’t the political or organisational will to get it done.
Q.7. What are the different levels of business ethics?
Ans. Different Levels of Business Ethics; Business ethics is divided into five different levels, which are as follows:
- Individual Level: Individual level is concerned with ourselves. As name indicates, it’s concerned with the approach of individual in business. Everybody is responsible for his/her own actions. Everyone has different behavior, attitude, concept and approach, so if someone acts wrong then others will say him wrong. The attitude, behavior and concept of individuals play an important role in the field of business. If an individual misbehaves or misconducts any activity, then he is only responsible for any action to be taken against him/her.
- Organisational Level: An organisation has. different persons having different values. Their responsibility is to achieve the organisational goal. To achieve any goal, behaviors of these
persons are responsible. The organisational level means everyone in an organisation must think for achieving the organisational goal. Peoples of different behaviors must unite under one condition which would be helpful in achieving the organisational goal. If bribe is taken or any un-ethical activity is done, then ethical people usually quit their job. The satisfaction towards organisation is dependent on the inside satisfaction of individual.
- Associative Level : An individual alone cannot do anything for organisation. A man is a social animal, so he cannot work in isolation. Associative level defines that to achieve organisational goal, persons / employees usually work in association or group.
- Societal Level Societal level describes that the organisation should always try to fulfill the needs of societies. Any of their actions should not harm the society. It also describes that persons in organisation are likely to be a society, as society depends on each other. If I help others, I can expect help from others.
- International Level : International level describes that behavior, attitude and culture of individual has importance in an organisation. Every organisation has its own policies. Multinational corporations have their own policies; the culture in MNCs may be different from our culture. Our culture may / may not be allowed their. The mismatching of ideas (diversity) is the root cause of conflict.
Q.8. What are the different sources of business ethics?
Ans. Sources of Business Ethics: Ethics in general refers to a system of good and bad, moral and immoral, fair and unfair. It is a code of conduct that is supposed to align behaviors within an organisation and the social framework. But the question that remains is, where and when did business ethics come into being.