2. ETHICS , MORALS AND VALUES
• VALUES :
Values are the foundation of a person's ability to judge between
right and wrong.
Values include a deep-rooted system of beliefs.
They have intrinsic worth, but are not universally accepted.
It is related to individual
• MORAL :
Morals are formed out of values.
Actual system of beliefs that emerge out of a person's core values.
Morals are specific and context-driven rules that govern a person's
behavior.
3. ETHICS , MORALS AND VALUES
• ETHICS
The rules of conduct recognized in respect to a particular group
or culture or organisation
Ethics are dependent on others for definition.
Consistent within a certain context, but can vary between
contexts.
Ethics are governed by professional and legal guidelines within a
particular time and place
Ethics are external standards provided by institutions, groups,
to which an individual belongs
Business ethics ensure that a certain basic level of trust exists
between consumers and market participants .
4. ETHICS , MORALS AND VALUES
Individual or collective behaviour that is in accordance with accepted
written and / or unwritten codes of principles and values that govern
decisions, actions and conduct within a business in the context of a
particular situation and is consistent with accepted norms of behaviour.
( National Guidelines on Responsible Business Conduct)
5. Warren Buffet’s rule of thumb for ethical conduct
• “…I want employees to ask themselves (when they are in doubt about
whether a particular conduct is ethical or not) whether they are
willing to have any contemplated act appear the next day on the front
page of their local paper – to be read by their spouses, children and
friends – with the reporting done by an informed and critical
reporter.” [Berkshire Hathaway’s code of ethics]
6. 6
Business Ethics: Today vs. Earlier Period
Ethical Problem
Ethical
Problem
Society’s
Expectations
of Business
Ethics
Actual
Business
Ethics
1950s Early 2000s
Time
