how do you determine the ethical values related to international trade?

By admin / February 17, 2022

International business ethics constitute a global code of conduct – a set of principles that establishes ethical standards for employees and businesses. Though every business has an ethics code, engaging in international business may introduce gray areas where expectations for employee conduct are unclear.14-Jan-2021

Ethical standards establish trust between parties doing business together, including both partners and customers. Organizations earn this trust by demonstrating a pattern of ethical behavior over time, gaining a reputation for fair dealing and respect for human rights and social responsibility.

Some of the most common ethical issues in international business include outsourcing, working standards and conditions, workplace diversity and equal opportunity, child labor, trust and integrity, supervisory oversight, human rights, religion, the political arena, the environment, bribery and corruption.28-Apr-2016

Ethical behavior ensures awareness and concern for the future and for the right way of action in each particular situation.  Secondly, Ethical behavior establishes a healthy and pleasant cooperation climate for all the parties involved in a deal, making them feel comfortable with each other.03-Nov-2015

What is ethics in international trade?

Ethical standards establish trust between parties doing business together, including both partners and customers. Organizations earn this trust by demonstrating a pattern of ethical behavior over time, gaining a reputation for fair dealing and respect for human rights and social responsibility.

 

Why ethical values are important in international business?

Some of the most common ethical issues in international business include outsourcing, working standards and conditions, workplace diversity and equal opportunity, child labor, trust and integrity, supervisory oversight, human rights, religion, the political arena, the environment, bribery and corruption.

 

What are the ethics in international business?

Ethical behavior ensures awareness and concern for the future and for the right way of action in each particular situation.  Secondly, Ethical behavior establishes a healthy and pleasant cooperation climate for all the parties involved in a deal, making them feel comfortable with each other.

 

Which ethical issues are most relevant to international firms?

In an international business, the most important ethical issues involve employment practices, human rights, environmental norms, corruption, and the moral obligation of international corporations.

 

What are examples of ethical considerations?

It analyzes the impact of rules, virtues, and goods or values on economic action and management. Ethical Economy understands ethics as a means to increase trust and to reduce transaction costs. It forms a foundational theory for business ethics and business culture. The Series Ethical Economy.

 

The three schools are virtue ethics, consequentialist ethics, and deontological or duty-based ethics. Each approach provides a different way to understand ethics.

 

The maxim “Ethics must be global, not local” provides context for evaluating ethical issues that arise internationally. … Therefore, if a company is international, then its code of ethics—as well as the IMA Statement of Ethical Professional Practice—applies to all locations where that company operates.

 

The Importance of Ethics

Organizations create an internal culture, which is reflected externally as organizational values. These values impact the relationships within the organization, productivity, reputation, employee morale and retention, legalities, and the broader community in which they operate.

 

Cultural differences can affect consumer behavior, ultimately placing a brand’s opportunities at global success in the hands of their efforts to bridge cultural barriers between local and foreign markets.

 

The authors note that the principal ethical issues that arise in B2B pricing decisions are anti-competitive pricing, price fixing, price discrimination, and predatory pricing or dumping.

 

Ethical consideration is a collection of principles and values that should be followed while doing human affairs. The ethical considerations make sure that no-one acts in such a way that is harmful to society or an individual. It refrains people and organizations from indulging in vicious conduct.

 

These principles include voluntary participation, informed consent, anonymity, confidentiality, potential for harm, and results communication.

 

Ethical decision-making is based on core character values like trustworthiness, respect, responsibility, fairness, caring, and good citizenship. Ethical decisions generate ethical behaviors and provide a foundation for good business practices.

 

As economists, we need to understand how ethical conduct reduces transaction costs, enhances productivity and creates the social capital that lubricates exchange. … Deciding among these alternatives requires people to rank goals, and their rank- ings are determined by ethical values.

 

Economic ethics is the combination of economics and ethics that unites value judgements from both disciplines to predict, analyze, and model economic phenomena. … The consideration of moral philosophy, or that of a moral economy, is a point of departure in assessing behavioural economic models.

 

Ethics and welfare economics are interlinked. Various social welfare measures like unemployment and old age allowances are based on ethical considerations. So also Corporate Social Responsibilities.

 

 

 

 

 

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