Is Business Ethics an Oxymoron?
Is Business Ethics an Oxymoron? Business, like any other sphere of work, is a basic, cooperative activity. Business ethics set the standard for how a business should be conducted. Ethical business is essentially concerned with how profit is made, whereas traditional, profit-centric, free-market based business is only concerned with how much profit is made. The dilemma thus arises from the inherent conflict between morality and pursuit of profit. The pivotal question being asked is that if business is about generating profit, can it really do so while still remaining ethical? The answer is that businesses can act ethically, and they should do so because ethical behavior is by far the best long-term strategy for a company. Several studies have looked for a correlation between good ethics and good corporate performance. There are huge organisational advantages from behaving ethically — with humanity, compassion, and proper consideration for t...