BMO5501 BUSINESS ETHICS AND SUSTAINABILITY
Assignment 2 : Reflective Journal
1. Overview 2-3
2. Table of Contents
a) Business Ethics 4-5
b) Sustainability 6-7
c) Capitalism 8
d) Corporate Social Responsibility 9-11
3. References 12
The three main topics of the course, Ethics & Business Ethics, Sustainable Development and Corporate Social Responsibility (CSR) are very relevant in today’s business world. The phasing and sequencing of readings starting with Ethics, then to Sustainability and ending with CSR provides a good foundation to the business practices of CSR. Without the ...view middle of the document...
Ethical challenges and the world we live in (Technocentrism, Ecocentrism or Sustaincentrism) have a major impact on sustainability of earth. The continuation of Technocentrism since the industrial revolution will continue to deplete finite resources and cause damages to the environment, making the world not sustainable in the near future. Ecocentrism is the complete opposite of Technocentrism and calls for many conservations and simplicity that many developed and developing countries are not able to revert back. I prefer Sustaincentrism approach as it integrates economy with ecology and society so that we are able to meet current needs without sacrifice future needs.
How wealth is generated and distributed is an interesting topic under capitalism and socialism. The perspective of private property and the concept of human nature to maximize own effort so that one can enjoy their own fruit of labour and take control on own private property as illustrated in capitalism is the key driving force behind the economic prosperity of Western world’s open market. Socialism that emphasize on equal distribution from communal wealth irrespective of individual’s input gained popularity as an alternative to overcome the weakness of capitalism, especially on the suppression and violations by the owners of private property to the wage earning workers.
CSR is a voluntary ethical initiative by a business corporation to assist the social community in area of sustainability. Corporations integrate social and environmental concerns into their business operations because businesses have an impact on social, economic and the environment. Engaging stakeholders in CSR approach to help and benefit the greater community is good business and is very import to earn the ‘license to operate’ and to avoid having more compulsory state legislations. While there are critics about the sincerity of corporations CSR effort in genuinely helping the community, CSR is now part of business strategy for many companies and disclosure is increasing more transparent with the adoption of GRI format globally.
a) Business Ethics
My understanding of Business Ethics is the study of what is right or wrong, good or bad in a business situation, taking into consideration about duty, obligation, rights, fairness, using a moral logical reasoning process in business. Business ethics help business people to approach moral problems more systematically and with better tools, help to make changes for the better (Soni Soni). There are key normative ethical theories, the consequentialist represented by egoism and utilitarianism and the non-consequentialist as highlighted by Kant’s categorical imperative and Moral Rights.
A simple summary of the 4 key ethical theories that would impact us on our decision making, the defense and criticism or about what is ‘right’ is summarized as below:
I agree that the factors influencing ethical decision making...