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Ethics, codes of moral conduct, have long been a concern of history, but people still struggle to make the right decisions. Managers’ responsibilities are more complex with the introduction of stakeholders. Advancements in transportation and communication have made the world a closer place and accelerated the pace of change.
THE EVOLUTION OF MANAGEMENT THOUGHT, 6TH EDITION Electronic Resource by: Regina Greenwood and Julia Teahen Chapter Twenty-Two Management Thought in a Changing World Obligations and Opportunities Individuals, Organizations, and Evolving Expectations Ethics Business and Society Management Opportunities in a Global Arena The Globalization of Business Managing Across Cultures Individuals, Organizations, and Evolving Expectations Ethics “The moral ‘oughts’ that sustain a civilized society.” Business ethics is an ancient issue: St Thomas Aquinas – the “just price” as the market price without collusion, fraud, and coercion Johannes Nider (from Chapter 2) and the quest for ethical business practices in the early fifteenth century Joseph Wharton, founder of the first collegiate school of business, was specific about including ethics in the business school Business Ethics Johnson and Johnson’s credo is illustrative of both ethical and social responsibility issues (ex: Tylenol crisis) Agency Theory – considered new, but an old issue relative to principal-agent relations As the ownership of firms was separated from its management, there was heightened interest in this notion of agency John Shad – donation of $23 million to the Harvard Graduate School of Business to teach business ethics Business Schools and Ethics Can business schools make a difference in society by teaching about ethics? Do we expect business schools to this? Source: http://blog.lib.umn.edu/mose0169/architecture/2008/03/blog_prompt_5_the_built_envir Business Ethics Individual and corporate wrong doing is typically followed by legislation Examples: Securities Exchange Act of 1934 Sarbanes-Oxley Act (2002) Business & Society Ethics – individual moral conduct Social Responsibility – expectations by others about the conduct of the firm Business leaders are long-standing patrons of the arts Example: Carnegie gave $480 million during his lifetime Business & Society The Federal Revenue Act of 1935 was a step toward corporate philanthropy—but it became law during an economic depression A P Smith Manufacturing Company vs Barlow established the precedent for modern corporate philanthropy Morrell Heald regarding Social Responsibility See Morrell Heald’s quote about business people and philanthropy Do you agree with this point of view? Management Opportunities in a Global Arena: Globalization of Business Trade – political strategy Example: policy of mercantilism Adam Smith advocated a market economy to replace mercantilism and the wars fostered those policies David Ricardo (an early 19th century economist and advocate of free trade with each nation) – finding its comparative advantage David Ricardo Trade Relations How might the scarcity of resources, such as water and oil, be a factor in trade relations? Management Opportunities in a Global Arena Advances in transportation and communication technology enabled a new era for multinational business The U.S was an importer of capital until about 1914, i.e., the U.S was a debtor nation The tire and rubber industry is presented as one example of the disappearance of U.S firms in the global market Are there other industries? Where does the U.S have comparative What is the Lexus? What is the Olive Tree? What these metaphors mean for business? Source:http://peakenergy.blogspot.com/2008_06_01_archive Managing Across Cultures “Culture” is hard to define but is used here as a set of beliefs held in common by a group of people about economic, social, and political behavior Bernard Bass noted differences between cultures in the leadership literature in Bass and Managing Across Cultures “Hypernorms” are certain rights that are respected across cultures: freedom of movement, freedom from torture ownership of property physical security a fair trial freedom of speech and association subsistence minimal education political participation nondiscriminatory treatment on the basis of such rights as gender or sex Managing Across Cultures A variety of international groups agreed upon: adequate health and safety standards; the rights of all persons to life, liberty, personal security, and privacy; environmental standards regarding pollution For managers and employees, this suggests expectations about certain behaviors that exist across cultures, but vary within particular cultures Managing Across Cultures Bill England and his colleagues focused on differences in the meaning of working The “centrality of work” notion affects how leaders would motivate in different countries Managing Across Cultures Geert Hofstede (1928 - ) describes cultural differences in different countries Individualism vs collectivism (group orientation); Power Distance: The level of preference for equality or inequality within groups: Uncertainty avoidance: The preference for risk vs structure Masculinity GeertHofstede Courtesy of Prof Hofstede U S Management Theories Hofstede maintained that U.S management theories are culturally constrained because management is different in every country Do U.S Foreign Corrupt Practices Act of 1977 Amended in 1988 Forbade publicly traded U.S companies from making illicit payments to officials of foreign governments or to foreign political parties, their officials, or intermediaries for the purpose of acquiring or maintaining its business Controversy arises over distinction between “grease” and bribery “Good Business and Good Ethics” “Good business and good ethics go hand in hand” (Enderle) Do you agree? “I would hope that American managers—indeed, managers worldwide—continue to appreciate what I have been saying almost since day one: that management is so much more than exercising rank and privilege; it’s so much more than ‘making deals.’ Management affects people and their lives, both in business and in many other aspects as well The practice of management deserversLast ourThought utmost attention; from Peterit deservesDrucker to be studied” (Drucker, Summary Ethics, codes of moral conduct, have long been a concern of history, but people still struggle to make the right decisions Managers’ responsibilities are more complex with the introduction of stakeholders Advancements in transportation and communication have made the world a closer place and accelerated the pace of change END OF PART FOUR ... finding its comparative advantage David Ricardo Trade Relations How might the scarcity of resources, such as water and oil, be a factor in trade relations? Management Opportunities in a Global... Opportunities in a Global Arena The Globalization of Business Managing Across Cultures Individuals, Organizations, and Evolving Expectations Ethics ? ?The moral ‘oughts’ that sustain a civilized.. .Chapter Twenty-Two Management Thought in a Changing World Obligations and Opportunities Individuals, Organizations, and Evolving Expectations Ethics Business and Society Management