A business is an organisation that provides goods and/or services to consumers. In the West, businesses are generally privately owned, profit-making ventures, intended to produce money and increase the wealth of the owners.
Every business has stakeholders. These are groups affected by the business. This includes stockholders, who own the business. It also includes the people who work for the business, the suppliers, consumers, and other groups such as local residents who are affected by the business.
Business Ethics involves thinking about how to balance the rights and responsibilities of these different groups. For example, it may cost a business a lot of money to reduce pollution, but if they did it would be good for people who live near the business. Should the business look out for the environment, or is it up to the government to make laws to prevent pollution? What if a business could save money by employing children in India - is it wrong for a business to save money this way?
We will ask what it meand for a business to be ethical. In particular, we will look at how different ethical theories respond to these conflicting interests.
