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Wealth, Power and the Significance of Business Ethics Case Study


Since time immemorial, people have been working towards achieving their dreams in life. Money and wealth have become the center of excellence for people. The people who have wealth have the power to rule over those who do not have. The struggle for such achievements has caused a stir in the virtuous circles of man. The paper would discuss the ethical view of wealth accumulation and money in business.

Ethical Theories

Various ethical theories like utilitarianism, Kant’s deontological moral theory, and virtue ethics are helpful in the description of what ethics means to business and social environment (Lamont & Favor, 2013). Utilitarianism depicts values as the moral action that brings about utility or ultimate pleasure. Kant’s deontological ethical theory describes values as the act of duty and the intentions therein. Virtue ethics describes values as the moral right.

Since the world industrial era to date, the world has been projecting that getting wealthy is a dream that everyone should adopt. The biggest nations of the world with great influence have used this to accumulate wealth without considering the plight of the small countries (Jones, 2011). The capitalist countries under the leadership of the United States of America wanted to be world influencers (Durden, 2013). They resisted the Eastern world’s communistic ideas by setting up the International Monetary Fund, the World Bank, and other capitalistic developments. The greed of power and capitalism caused the Western world to ruin the fortunes of the Middle East, Pacific Asia, and Asian rising powers. They devised plans that ensured that no leadership from other nations would cause any discomfort in their self-created world power axis (Durden, 2013).

World Powers

Africa and other third world countries have had to bear the weight of the capital forces. The western powers aligned themselves with the leaders and countries they wanted to work with from the third world nations (Lamont & Favor, 2013). They could use such leaders to undermine the human rights and the constitutions of their countries. If there were rebellion, then they could choose to work on the opposing side to topple the incumbent. They could also plan for the overhaul of the regime. The African nations watched as the power-hungry developed countries took over.

Countries like the US have also had to bear the brunt of the few individuals who own America. It does not matter what political party comes into power. Some of these corporate and private wealthy merchants have financed political campaigns and parliamentary bills. They have also worked with the ruling regimes to plot one of their own into the public sector so that they can protect their interests. Their schemes do not include the needs and rights of the common citizens. They try to play around with power whichever way provided the government meets their demands. The question if legislation can help to bring about change is just an uphill task. The rich and the mighty would always gang up with resources to influence the process (Jones, 2011).

Business Ethics

Business ethics is essential for any business to prosper in diversity. Since the world has become a global village, it is only prudent that the companies sustain ethical views. There are a few big firms that are working towards maintaining ethics in business circles. Some Non-Governmental Organizations have had to fight the big and mighty from infiltrating dangerous laws into the constitution. They have also helped to bring about calm and sanity when some powerful organizations have tried to destroy the environmental and human rights gains. Perhaps Lord Action had watched in dismay how the wealthy and powerful were muzzling the less fortunate of the society.

Some of these dealings have had their way with families. They have stirred families and caused marriage separations and family disintegration. The few rich people do not care what happens as long as they have lawyers to pay to make them look right (Lamont & Favor, 2013). The judiciary has had to find its moral standing after a few of the judges become corrupt. It has become very easy to buy justice for the wealthy and thereby leave the poor wondering if they can get justice.

Philosophical and Regulatory Cooperation

Wealth and power should not just be a discussion of the philosophers. It is true that philosophy defines what ethics is and how people can work towards achieving success ethically (Lamont & Favor, 2013). But philosophers do not have the power to influence the desired change. They would just talk and come up with views but at the end of the day, the world remains the same. The ethical theories are an excellent guide towards motivating people for change. The people’s representatives should also provide legislative guidelines towards making them work (Breslin, 2016). When the government regulates the business, it brings in some sanity and causes the corrupt to fear.

Ethical Relativism

There are cultural differences amongst different communities. What people believe to be correct in some cultures may not necessarily be correct in other cultures. Ethicists reject the theory of ethical relativism because it tends to cluster the world into pieces or places where ethics is different. What happens is that some people have better knowledge than others. Even though cultures vary, moral values remain the same. The powerful and those who are not as powerful should work together in harmony. Ethics and morality must unite people of diverse cultures.

References

Breslin, C. (2016). Web.

Durden, T. (2013). zero hedge. zerohedge.com. Web.

Jones, T. [corporateethics]. (2011). [YouTube]. Web.

Lamont, J., & Favor, C. (2013). Plato.stanford.edu. Web.

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IvyPanda. (2020, July 27). Wealth, Power and the Significance of Business Ethics. Retrieved from https://ivypanda.com/essays/wealth-power-and-the-significance-of-business-ethics/

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"Wealth, Power and the Significance of Business Ethics." IvyPanda, 27 July 2020, ivypanda.com/essays/wealth-power-and-the-significance-of-business-ethics/.

1. IvyPanda. "Wealth, Power and the Significance of Business Ethics." July 27, 2020. https://ivypanda.com/essays/wealth-power-and-the-significance-of-business-ethics/.


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IvyPanda. "Wealth, Power and the Significance of Business Ethics." July 27, 2020. https://ivypanda.com/essays/wealth-power-and-the-significance-of-business-ethics/.

References

IvyPanda. 2020. "Wealth, Power and the Significance of Business Ethics." July 27, 2020. https://ivypanda.com/essays/wealth-power-and-the-significance-of-business-ethics/.

References

IvyPanda. (2020) 'Wealth, Power and the Significance of Business Ethics'. 27 July.

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