Happy New Year 2014!
Starting all over
Ethics may be defined as the set of moral principles that distinguish what is right from what is wrong. Ethics has a twofold objective: it evaluates human practices by calling upon moral standards; also it may give prescriptive advice on how to act morally in a given situation. Ethics, therefore, aims to study both moral and immoral behavior in order to make well-founded judgments and to arrive at adequate recommendations. Sometimes ethics is used synonymo
u
sly with morality. An action, which is morally right, is also called an ethical one. Codes of morality are called ethical codes. Business ethics can also be defined as business morality.
Business Ethics is the branch of ethics that examines ethical rules and principles within a commercial context; the various moral or ethical problems that can arise in a business setting; and any special duties or obligations that apply to persons engaged in commerce. Generally speaking, business ethics is a normative discipline, whereby particular ethical standards are formulated and then applied. It makes specific judgments about what is right or wrong, which is to say, it makes claims about what ought to be done or what ought not to be done. Generally speaking, business ethics is concerned with the study of what is good and bad, right and wrong, and just and unjust in business.
This goes without saying that there is a general consensus among human beings about certain fundamental ethical values.
without saying that there is a general consensus among human beings about certain fundamental ethical values.
In the general
scheme of things, adherence to moral code and ethical behavior is a part
humanity
itself.
Most ethical teachings that stem from culture, religion, communities, and societies,
jealously guard their behavior, deeds, words, thoughts, feelings and intentions.
They also require people
to observe certain norms and moral codes in their family affairs; in dealings with relatives, with neighbors and friends; in their business transactions; in their social affairs,
and
in all spheres of private and public life
.
Each individual in any democratic society expects to enjoy complete freedom in the earning of his livelihood.
They can start, manage and organize any kind of business enterprise within the limits set by the
prevailing laws of their lands
. However, freedom does not and must not operate without a sense of responsibility. An individual is free to pursue his economic activities provided he respects the code of conduct prescribed for the profession, which broadly means choosing things lawful and shunning matters unlawful.
Society
demands a certain
manner
of behavior from economic agents – the consumers and the producers. The behavior prescribed for the economic units of the society are so devised as to lead to a happy state of affairs, which is the ultimate goal of
mankind
. A market is characterized by certain norms that take care of the interests of both the buyer and the seller. There are a number of rules of ethical discipline in
normal
commercial transactions without which business contract would be regarded as lacking perfection in the light of the code of good manners, decency and ethical excellence.
Trustworthiness is one of the most important principles of ethical discipline in commercial transactions. Trust is a moral virtue and duty incumbent on any human being
n honest
trader will not, therefore, barter his
One should be lenient and generous in bargaining. Therefore, whoever demands his debt back from the debtor should do so in a decent manner.
A
creditor should be easy and generous in demanding back his money. The debtor, in turn, should also give back the debt to the creditor on time with due thanks and politeness.
G
reat importance
must also attached
to the
conformity
to
contract
ual obligations
and promises.
A
trader
is expected
to keep up his trusts, promises and contracts. The basic principles of truth, honesty, integrity and trust are involved in all business dealings. 
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