Could you please help me to do a summary for this chapter? (it is chapter 2 of t
ID: 431904 • Letter: C
Question
Could you please help me to do a summary for this chapter? (it is chapter 2 of the book "Bussiness Ethics for Dummies")
Some of the difficulty with the Golden Rule comes from the phrase "as you want others to do unto you." If people have strange or fanatical wants, the Golden Rule seems to permit actions that are unethical. To address these and similar issues, philosophers have developed their own ethical formulas resem- bling the Golden Rule. (See Chapter 3 for a discussion of some of these major philosophical theories of ethics.) However, in the context of religious thinking, adherents to the Golden Rule assume that people want to do what's right and that they have normal human wants and desires. From this perspective, the Golden Rule says that, to do the right thing, you can't make an exception of yourself. Instead, the Golden Rule requires you to be sensitive to the wants and needs of othersto walk in their shoes, so to speak. Applying the Golden Rule in business In business, the Golden Rule is sometimes (either cynically or half-jokingly) quoted as "Do unto others before they do unto you." Certainly, the pressures of competing in a global economy can make qualities like honesty and fair play seem like unaffordable luxuries. At the same time, however, virtually any company's stakeholders are likely to expect those standards from the people they do business with, and they can be slow to forgive companies and indi- viduals who don't follow them Consider the 21st-century brouhaha over internal communications at compa- nies like Goldman Sachs after the subprime mortgage meltdown or Toyota in the wake of its historic recall for defective accelerators in several of its auto mobile models. Both companies viola followed the cynical business version of the Golden Rule, if you want to think of it that way ted the Golden Rule in some way-or Goldman Sachs sold investments in subprime mortgages and then sold those investments short, essentially betting that the economy would go bust. Internal e-mails about the strategy predicted that the company would make a lot of money, and it did_ while the companies and people who bought the investments lost money. The U.S. Securities and Exchange Commission filed a civil fraud suit against Goldman Sachs, and, when the company's internal e-mails came to light, public outrage was so intense that Goldman Sachs executives had to defend their actions to Congress. Many observers argued that the company did exactly what it was supposed to do: read the market and figure out a way to profit in it. But others were offended that Goldman Sachs essentially played both sides of the game, sell- ing investments they believed would fail and then profiting from that failure. Because Goldman Sachs profited while its clients lost money, some people viewed its actions as contrary to the Golden Rule.Explanation / Answer
Summary:
The chapter helps in understanding the applicability of Golden Rule into business ethics. The Golden Rule as per Bible is “Do unto others as you would have them do unto you.” It means one should treat others as they want to be treated themselves. The businesses can apply this rule by being fair and honest to its stakeholders, in turn, the stakeholders would show loyalty to the company. Example of Domino’s Pizza Company is given in this context which started an ad campaign taking responsibility for shortcomings in its recipe which created a positive buzz over internet. Contrary to this, the companies that do not follow these rules are not forgiven easily by the stakeholders. Goldman Sachs and Toyota are the two leading example of the same.
The chapter also provides the ethics for businesses from the perspective of different religions. As per Judeo-Christians, the Ten Commandments lay the foundation of business ethics. The Commandments bars business from doing unethical conducts including disrespect, stealing, lying, coveting, and murdering. Bible also discourages accumulation of wealth and greediness. As per Natural law, one should do good things and avoid evil acts.
The business ethics rules as per Muslim religion also provide that one should be fair and truthful, fulfill the promises that they make, and give charities. Islam forbids bad business practices like dishonesty, hoarding of commodity, interest on loans, coercion, etc.
The chapter also explains that although different religions follow different practices and have different views, but there are some principles that are common in them. These are honesty, mutual respect, justice, and stewardship. The chapter also includes the teachings of business ethics from the perspective of other religions including Buddhist, Hinduism, and Native American ethics.
The chapter provides a more secular approach for business ethics. As per secularist approach each individual should treat other with respect and empathy. Logic and reasons can be used to form societal code of conduct. It also states that it is the moral responsibility of people to act ethically and society should act morally and justifiably.
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