1. Business ethics - Business Ethics concerns the relationship between business and stakeholders

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  • Created by: Alasdair
  • Created on: 23-06-17 13:26
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  • 1. Business ethics - Business Ethics concerns the relationship between business and stakeholders
    • Adam Smith
      • The employer has a responsibility to employees
      • Employers should be hired fairly an employers have to avoid selfishness
        • Mutually beneficial relationship
        • Employees need work and employers need workers
    • Karl Marx
      • Employers (the bourgeoisie) will always be able to find workers
        • So employees (the proletariat) have to work to employer's terms or go without work
      • Employers have the power
      • Employees only have labour to bargain with and if that is withdrawn they will not survive
    • Businesses are encouraged to consider stakeholders' needs (e.g. workers, consumers) as well as stockholders
    • Whistle blowing
      • Should an employee be loyal to their employer even if they are aware of criminal or unethical practice?
      • Example
        • AstraZeneca whistle-blower Jim Wetta
        • Uncovered sales reps were promoting an anti-psychotic drug for a wide range of less serious disorders (e.g. aggression, anxiety)
        • Promoting drugs  not medically accepted to treat conditions is fraud

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