I chose this subject due to the increasing concern of organizations towards their role in the society. At present, my perspective view about business ethics has tremendously changed as per the feedback provided by the diagnostic tools, online resources and case studies done in the class.Prior to this course, I thought that ethics and morality were just formalities that a person or organization has to engage in; to live in the society. But as I made myself learn the true meaning of ethics and morality, my understanding of ethical theories have deepened and as a result I now consider these terms assignificant component for every individual and organization. It has developed a sense of understanding that each human being, knowingly or unknowing applies these values in his/her day to day life. It takes sincere effort and practice to make (ethics and morality) this a part of our life, but in the end it helps us and the society to be a better place.
Furthermore I used to think that every organization runs its business to make money- as much as possible with lowest cost of resources and all their decisions are solely made on the basis of financial terms. In similar way, the traditional theory of Friedman(1962) argues that shareholders should have their own decision for social engagement depending upon the amount of return on their investment. He also suggests that the only responsibility of an organization should to be engaged in activities needed to increase profit.But I realized that public sector and non-governmental organizations have no need to pay dividends as they have no shareholders. This concept made me think about the actual purpose of a business activities. I hence found an inconsistency between stakeholder theory and concept of corporate social responsibility.
it is a kind of reflection work on the subject.
1000 words.
5 references.