Impact of Business Ethics Essay Example | Topics and Well Written Essays - 2000 words

Impact of Business Ethics - Essay Example Most commonly, ethics affect the performance of business organizations by defining the extent to which they are trustworthy and honest, engage the community in making positive contributions to the community, and retain customer loyalty that contributes to the economic bottom line. In order to be successful in life, ethics plays a vital role. Companies who regularly partake in unethical business practices may be profitable for a season, but once word gets out that they have unscrupulous in many of the dealings, the public will likely abandon them. The issue, then, is for a business to clearly state their ethical code of conduct and then work hard to live up to those standards. The problem, however, is that large corporations often find it difficult to live up to the high expectations that its shareholders and the public have set for them. It is important, therefore, for concerned parties to understand sound business ethics in order to ensure and guard against failure in this area. According to Jennings (2012), corporate ethics provide pillars on which business operations are built upon. There are many different ways that a corporation can use sound ethical principles to contribute to their overall success. A product corporate social responsibility is one such way that this can take place. Corporate social responsibility involves a process of opening up and maintaining a solid manner of doing business that emanates from business ethics. Combined with this concept, it is way the corporation gets involved and participates in community issues. It has been determined that corporate social responsibility is an essential element in working to ensure the success of a business (Jennings, 2012). The reason why corporate social responsibility is a critical part of ethics in any given company rests in the fact it serves to strengthen the bond between the organization and society as a while. It works to gain the

Global Business and IMF Essay Example | Topics and Well Written Essays - 2000 words

Global Business and IMF - Essay Example The Great Depression and the two World Wars gave a great setback to the greatest nations of the world. Shook by these disasters, delegates from 44 countries met in July 1944 at Bretton Woods, New Hampshire in U.S.A. and agreed on a framework for â€Å"economic cooperation party† (Clift, 2004). The IMF was conceived in that meeting, whose primary agenda was to avoid those inconsistent economic policies that led to the Great Depression of 1930s. It background was the pursuit of flawed economic policies, like increased restriction on imports and freedom to buy in other countries, dwindling gold and foreign exchange reserves and even devaluation of currencies, which together contributed to worsening the downward spiral in output, world trade and the overall employment rate. All these steps devastated the international economy, leading to a sharp decline in trade, world output, employment and living standards (Dicken, 1986). Hence in order to restore the international monetary relations, the IMF emerged after the constitution of a charter (Articles of Agreement) by the country representatives. Its purpose was the establishment of an international institution, which could overlook the international monetary system and guide the member countries to pursue appropriate economic policies. It officially came into existence in December 1945, when 29 countries signed the Articles of Agreement (IMF). Since then, IMF has strictly pursued its original purposes, which became more important with the expansion of more countries. Any country, regardless of being a member of UN or not, is eligible for membership of the IMF. The membership largely depends on the terms prescribed by the Board of Directors of IMF. However, a country has to agree to financial policies economic growth and reasonable price stability. Furthermore, the country has to provide the IMF with economic data, which it will regularly analyse. After reviewing and monitoring