The History of Business Ethics and Stakeholder Theory in America Name Institution The History of Business Ethics and Stakeholder Theory in America For Question 1 The top leadership in many organizations is tasked with the responsibility of maintaining a healthy balance between profits and stakeholder concerns. One way of ensuring ethical conduct is by maintaining a healthy code of ethics that binds all the employees to the pursuit of integrity and the highest standards of professionalism. At Lockheed Martin the company ensures that profits and stakeholder concerns are properly balanced through the practice of six fundamental principles that include honesty respect responsibility integrity trust and citizenship (Terris 2017). Overall the ethics officers are required to produce data that reveals the values of the ethical program. The company's ethical culture conditions every employee to uphold personal integrity and act in ways that shall promote the interests of the company and of the business world is largely dependent on the scope and genuineness of corporate social responsibility. Many companies have deployed vast resources on noble objectives such as reversing ecological damage and championing the cause of minority groups in different parts of the world (Terris 2017). The commitment to ending the various problems that afflict the society has proved effective in many areas. However sustainability of such programs has often varied from one company to another. The global financial crisis between the years 2007 and 2008 signaled the fact that some organizations are not genuine to their social responsibility programs. Overall Bowen’s ideas and predictions as explored in Terris’ discussion might be considered as the primer of corporate social responsibility and corporate ethics as they continue to unfurl in the contemporary business environment. References Terris D. (2017). Ethics at Work: Creating Value at an American Corporation. New York: EBSCO Publishing. [...]
The first part of your reading in Daniel Terris’ book will include an overview of Lockheed Martin’s organization and will lay out the research plan that Terris used to obtain information necessary for his work. This will be followed by a general overview of the evolution of business ethics in America. 1.Based on your readings, describe what you consider to be the responsibility of top leadership in a large organization with respect to reaching a balance between profits and stakeholder concerns. Please support your position by giving some examples from the text or from other sources where CEOs did a good or poor job of finding this balance. 2.Terris discusses the history of business ethics in America since the late 1800s with respect to anti-competitive practices, seeking unfair advantage through immoral arrangements with suppliers and public officials, failing to adhere to laws and regulations, and lack of transparency. Discuss to what extent you believe things to be better or worse in the present day for businesses in general. 3.Describe welfare capitalism and its role as a forerunner of the contemporary business ethics movement. 4.On page 41, Terris discusses the ideas of Howard Bowen regarding the evolution of social responsibility of businesses. To what extent do you think his predictions held true since 1953? Your paper should be double-spaced and in 12-point type size. Your paper should have a separate cover page and a separate reference page containing the full citations corresponding to the in-text citations you choose to use in the body of your paper. So in addition to the 4- to 5-page body of your paper you will have a title page and a reference page. So overall, you will be submitting a 6- to 7-page document.