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6 Principles Of Business Ethics

According to David Murray (1997) "the ethics of business and organizational life have acquired a considerably higher public as well as professional profile during the past fifteen years"

The key business ethics concern is the way that the business conducts its ordinary, everyday routine activities. The way the firm deals with its staff and its customers, the way it designs and supports its products, the way it awards contract and apportions blame; all these are the key determinants of whether a business is ethical and are as important as the way it deals with crisis.

According to Elegido (1996) the following are constituting a reasonably complete list of independent and ultimate principle of business ethics:-

1) Principle of Solidarity: We must be concerned with promoting the wellbeing of all human beings, not only our own. In so far as we fail to do so, we undermine our own fulfilment.

2) Principle of Role Responsible: One does not have responsibility for all the aspects of the wellbeing of all human beings. One's special circumstance, capacities, roles and commitments give one a priority responsibility for certain aspects of the well being of certain people.

3) Principle of Fairness: One should apply the same standards in judging one's own actions, those of people who are dear to one, and those of strangers.

4) Principle of Efficiency: In trying to promote human fulfilment good intentions are not enough; one must endeavor to use effective means.

5) Principle of Refrain from Willing Harm to a Human Being: One should never choose directly to harm a human being.

6) Principle of Rationality: One should always strive to act intelligently.

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