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Chapter 11: Ethics (11.2 Ethical intelligence (Energy Fields of Ethical…
Chapter 11: Ethics
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11.3 Business ethics
Why be ethical
- Impact Factor 1: Cultural shift
Business in the new economy demands a shift from immediate profit to contributing to a common good
- Impact Factor 2: An invention that changed the world
Masses are empowered through proliferation of the Internet and they demand ethical business. Good ethics result in long-term business and higher stock prices with larger bottom line.
- Impact Factor 3: Global economics
The new global economics is driven by networks and relationships.
Moral capitalism
- Effects of Investments
The central idea of moral capitalism is that the sustainable financial success of a company depends on the extent to which its business model incorporates the principle of social responsibility and obligation for good management.
The 7 CRT Principles
- Respect stakeholders beyond shareholders
- Contribute to economic, social and environmental development
- Build trust by going beyond the letter of the law
- Respect rules and conventions
- Support responsible globalization
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Moral Capitalism and Ethical Business
- Free markets promote virtuous conduct through: moral choice, moral behaviour, individualism and innovation, and mutuality
- Fiduciary sensitivity gives people the morality for decision-making, an ethic of character and also wisdom.
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Ethics, Values, Morals and Akhlaq
- Ethics:
A decision making framework grounded and guided by a coherent set of values. It involves a careful and systematic reflection on moral decisions providing the element of ‘knowing what to do’ while morality is about ‘doing it’.
- Values:
Ideas and attitudes that dominate the shaping of a man’s behaviour; the inner measures by which he appraise things and situations and makes choices.
- Morals:
Morals are elements more related to codes and standards about the rightness and the wrongness, goodness or badness of one’s actions. Morals are also referred to as descriptive. It is the value dimension of human decision-making and behaviour.
- Akhlaq:
the systematic inquiry into the universal nature and necessity of morality, the innate disposition (natural quality) from which human acts emanate (starts) the ethics, morals and manners of a person.
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