Why is business ethics an oxymoron? Well, that’s because of the contradiction between business and ethics. They may seem like opposites. But is it indeed so? And what really is business ethics? Oxymoron or not, its importance can’t be denied. To learn more about it, read the essay example below.
Business Ethics Is an Oxymoron: Introduction
Business ethics refers to application of rules and regulations that govern business conduct by both individuals and organizations (Shaw 35). It forms a basis for the philosophy that gives a business or an organization a purpose to operate. The complexity and demands of business in today’s world have changed how business is executed. Business owners determine what is ethical and what is unethical (Duska 73).
Business and ethics are incompatible and that is why business ethics is an oxymoron. The main purpose of a business is to make profits. However, this is difficult to achieve without adopting stringent measures considered unethical by the society such as aggressiveness and competition. These measures ensure that business transactions are profitable and lead to growth of a business despite being considered unethical.
Why Is Business Ethics an Oxymoron?
Business ethics is an oxymoron because business and ethics are incompatible. Therefore, businesses should focus on what they do and leave ethics to individuals. Looking at their respective definitions gives an indication of two contradictory sets of principles. To ensure success in business, it is necessary to prioritize personal interests.
This requires aggressive competition with other businesses, an insatiable appetite for money and power, and stringent business principles. It is difficult to achieve these business ideals by being overly ethical (Shaw 43).
The contradiction presented by business ethics is similar to that which faces employees when required to make decisions that involve conflict of interest. Business and ethics have different objectives that are incompatible. Business values conflict whereas ethics does not.
The globally accepted concept of business is competition for available resources while trying to hoard as much resources as possible (Duska 77). Aggressive competition leads to creation of a hierarchy that divides people into different economic classes leading to elimination of those who are unable to compete. This is considered unethical because it does not give equal opportunities to everyone. However, that is the foundation for success in business.
Business ethics does not play a role in the business world where making profit is the motivation for setting up and running a business (Duska 78). Examples of contemporary use of unethical measures include Enron, Bernie Madoff, and the subprime mortgage scandal that led to the great recession.
The examples show that even though business ethics is lauded as vital in business, it does not apply in the business world and only exist as a concept (Shaw 55). In most cases, high profits are attained by engaging in unethical practices. In addition, business ethics involves doing the right thing.
Businesses prioritize by first doing what is right for their operations and then what is right for customers. Furthermore, business ethics is an oxymoron when looked at from an altruistic perspective. For example, in some religions such as Islam, taking interest is unethical. However, it is ethical in many other religions (Boatright 63). This view represents an extreme side of business ethics that is determined by religion.
Many business decisions and operations involve intricate situations that are neither fully ethical nor fully unethical. As such, it is difficult for businesses to do the right thing. Values such as respect, honesty, and trust determine an individual’s ethical behavior. However, they are disregarded during tough situations that demand stringent measures. The same principle applies to business. Some situations are so difficult that they necessitate measures that are otherwise considered unethical (Boatright 66).
Businesses deal with numerous challenges such as inappropriate use of resources and mismanagement of business operations. These activities are executed by unethical individuals who fail to put the interests of the company first. It occurs automatically that businesses are forced to share the consequences of these unethical behaviors among all stakeholders (Boatright 68). Otherwise, they fail to achieve their goals and objectives.
It is the responsibility of a buyer or customer to conduct due diligence to ensure that a product or service on sale is of high standards (Duska 84). Businesses should focus on providing the product. Businesses provide goods and services that match the financial abilities of customers. For example, during an economic recession, customers have little money to spend.
Therefore, businesses cannot provide the same goods and service they provide when customers have a lot of money to spend (Shaw 58). This is because products of high quality have more expenses and that is why they are expensive. However, customers consider it their right to receive the same quality of service all the time. To businesses, this is hard to achieve unless customers are willing to spend more money. Otherwise, services will be of a lower quality.
Business Ethics Oxymoron: Conclusion
Business ethics is an oxymoron because of the incompatibility between business and ethics. They both have different aims. Success in business requires practices that are considered unethical by the society. For example, aggressive competition and elimination of competitors by stringent measures is considered unethical because it denies other businesses an opportunity for prosperity. Business and ethics are incompatible. Therefore, businesses should focus on what they do and leave ethics to individuals.
Works Cited
Boatright, John. Ethics and the Conduct of Business, 6/e. New York: Prentice Hall, 2000. Print.
Duska, Ronald. Contemporary Reflections on Business Ethics. New York: Springer, 2007. Print.
Shaw, William. Business Ethics. New York: Cengage Learning, 2010. Print.