Question

Do you think that business ethics is an oxymoron? Or do you think that ethics has an important role in business? Whichever stance your take, briefly explain the statements “business ethics is an oxymoron” and “ethics has an important role in business”. And then come up with two examples to support one of the two statements. You may make reference to Friedman, Sen, Frank, etc., provide examples.

Answer 1

Out of the two statements” Business is an oxymoron” and “ethics has important role in business”, I would like to discuss something about the former statement.

Business ethics is an oxymoron

People often view that "business ethics" is a contradiction in terms and also controversial term. According to most people there has been a constant and continuous conflict between morality and the pursuit of profits. The implication is that if a company has to choose between profits and doing the right thing or doing things in ethical ways, profits will always win. Thus in this context one fundamental question is that If business is about making a profit, can we really do so while still acting ethically?

The answer is that businesses can and do act ethically. And they do so because good, ethical behaviour is the best long-term strategy for a company. That's not to say that ethical behaviour always pays off financially or that unethical behaviour is always punished. Actually, doing the right thing can sometimes is quite costly for a business, and doing something unethical may pay off, at least in the short term. What we mean by "the best long-term strategy" is that for the most part and over the long run, acting ethically can give a company a significant competitive advantage over companies that do not act ethically.

Hence , it can be concluded that Business ethics is not an Oxymoron