Key vocabulary. What is business ethics

WHAT IS BUSINESS ETHICS

KEY VOCABULARY

to examine – изучать

a problem can arise – может возникнуть проблема

to accelerate dramatically – резко повыситься

due to – из-за, в связи с…

worsening of the ecological situation – ухудшение экологической ситуации

to lay emphasis (on) – делать акцент на чем-либо

(core) values – (главные) ценности

to define – определить, сформулировать

to redefine – переформулировать

carbon dioxide emissions – выбросы углерода

Business ethics examinesethical principles and moral or ethical problems that can arise in a business environment.

In the marketplaces of the 21^st century the demand for more ethical business processes and actions is increasing.

Historically, interest in business ethics accelerated dramatically during the 1980s and 1990s due to especially quick and mostly uncontrolled industrial and business development resulting in worsening of ecological situation as well as a number of shocking business scandals.

Today most major corporate websites lay emphasis on promoting non-economic social values under a variety of headings:

e.g. ethics codes, social responsibility charters, missions of the company.

In some cases, corporations have redefined their core values in the light of business ethical considerations.

For example, British Petroleum speaks about starting a program of research into low carbon technology.

This technology is aimed at finding ways to reduce the amount of harmful emissions of carbon dioxide into the atmosphere.

The term business ethics can refer both to the general way that the company follows doing its business, and some specific areas of its activities.

Therefore, further we shall speak about:

and

2. GENERAL BUSINESS ETHICS

KEY VOCABULARY

to determine – определить

purpose – цель

returns – прибыль

profit - выручка

revenue – прибыль (до вычета затрат и налогов)

responsibility – ответственность

to be responsible for – быть ответственным за что-то

duties – обязанности

take-over – захват, рейдерство

industrial espionage – промышленный шпионаж

misuse – неправомерное использов ание

The task of general business ethics is to determinethe fundamental purposes of a company.

If a company's main purpose is to maximize the returns to its shareholders, then it could be seen as unethical for a company to consider the interests and rights of anyone else.

The main issues examined by general business ethics:

· Corporate social responsibility: the ethical rights and duties existing between companies and society.

· Issues regarding the moral rights and duties between a company and its shareholders responsibility.

· Ethical issues concerning relations between different companies: e.g. hostile take-overs, industrial espionage.

· Leadership issues: corporate governance.

· Political contributions made by corporations.

· Law reform, such as the ethical debate over introducing a crime of corporate manslaughter.

· The Corporate Manslaughter and Corporate Homicide Bill, passed in Great Britain in 2007, punishes the companies for management faults or other peculiarities of corporate behaviour which caused the death of a person(s).

· The misuse of corporate ethics policies as marketing instruments.

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