Business Ethics And CSR
Achille Silvestrini, the Cardinal of the Roman Curia once said; “Ethics and religion must not stay at home when we go to work.” The need of business ethics is not nascent. It was recognised years ago. But the intense competition amongst different industries has resulted in unfair competition and unethical business and trade practices which has made business ethics and ethical code of conducts as the need of the hour. The need of corporate social responsibility is realized since businesses are capable and can contribute in the growth of the society (Crane & Matten, 2010). Since the society has helped them flourish, they can return the favour back by supporting them by taking CSR initiatives.In this essay I have tried to highlight that business ethics and corporate social responsibility can not solely reassure that the business would benefit the whole society. The management that has the reins of the business plays a major factor in deciding how these two can be closely aligned with the business processes so that the maxim benefit can be retrieved by the society.
Business Ethics and CSR
Albert Einstein, the great theoretical physicist once said, “Relativity applies to physics, not ethics”. Ethics is not similar to religion or law where discrete rules and protocols can be defined and everything on earth can be classifies in either of the two categories of being wrong or right. The word right is very ambiguous, and thus by no means it is easy to distinguish the various meanings which it has in common parlance (Bertrand, 1910). Ethicsare based on a generalised value system where values are personal in nature.The role of ethics isbecoming stronger in the lifecycle of individuals as well as organisation.As per the Nobel Prize winner economist, Friedman (1970) the Social Responsibility of Business is to Increase its Profits.