Question 1:
In recent years, increasing high profile with strong holding and savvy corporate professional companies such as Enron, One Tel, WorldCom and HIH has collapse. We might know all of these corporate employed highly educated and professional people to run the companies, the company’s liquid asset if not worth massive of millions are billions. Their strong structural and capital should had make them “invisible” to compete with thus one might ask why these companies still get themselves into trouble and consequently into collapsed. The answer all lies on the lack of ethics in conducting their business. Hence, I do agree with the question that the promotion of ethical conduct is essential to the proper and efficient functioning of a market economy such as Australia.
Most people involved in business disregarding small or big business, employers, chief executive officer or top management always face ethical or moral dilemmas in their workplace. Such dilemmas are complex and involve pensive thinking before making any decision. For they force the people to weight between the benefit that various business decisions impart on individuals and groups with negative repercussion that those same decisions usually have on other individuals or groups. Before discussing further, we need to know what actually business ethics is. In simplest definition of business ethics will be applying the moral correct values in the workplace or choosing between profit and moral in business conduct .Beside that, in the business world, many organization and companies has set standards or quintessential for other companies or employees to referred with thus it the word business ethics can also be describe as action by individuals within a corporate or corporate as a whole.
High profile companies collapses such as Enron, WorldCom and Adelphia has garnered attention in commercial world. All of these fallen out corporates causes thousand of shareholders to loose their investment and...