Business Ethics in the Aftermath of the Great Recession
Corruption anddishonesty are two virtues in the business sector that seemunceasing. Since the time of the great recession, there areindicators of business ethics in many countries. The article statesthat the ethics do range from the automobile sector, business ethics,leadership ethics and banking sector. Corruption is rampant in mostorganizations, and it runs from the top management to thesubordinates. The ethical leadership is seen as the primarydeterminant of a business’s success.
The article showsthat virtues of corruption and dishonesty existed in the corporatesector before the great recession and aftermath in a concise manner. According to the article, the ethics in firms are still questionable.For instance, in the LIBOR scandal, there is the issue of integrity(Friedman &Gerstein, 2016). The financial institutions are seentaking advantage of the clients to increase their profits. Most ofthe financial institutions are involved in rigging to increase theirprofits.
The article showsthat there is the aspect of collusion amongst the banks to hike theprice of the foreign currency in a detailed way. The element ofdishonesty is still evident in the modern world as the Toyota Companylied to the public that their vehicles had no defect despite theseveral accidents that had caused various death. The articlehighlights others issues in the business to indicate that the sectorexperiences frequent fraudulent activities. For instance, thefraudulent accounts opened at the Fargo Wells led to the massivewithdrawal of funds (Friedman& Gerstein, 2016). The pressure of opening thefraudulent account was from the increased emphasis to open moreaccounts. As per the article, most of the unethical issues have takenplace after the great recession. The occurrence of these wrong issuesshows that there is much to be done to improve the business ethics inthe sector. In conclusion, the article is educative to the governmentand business owners. It advises them to uphold ethics in businessoperations always in order to accomplish their goals.
Friedman, H.H., & Gerstein, M. (2016). Arewe wasting our time teaching business ethics? Ethical lapses sinceEnron and the great recession.https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2839069
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