Business Ethics

4.5 / 5. 2

Business Ethics

Category: Business

Subcategory: Culture

Level: University

Pages: 5

Words: 1375

Business Ethics Abstract The concept of ethics is an important element that enables people to understand and respond to different aspects of life. The Goldman Sachs’ case study is used to provide a better understanding of ethics by identifying dilemmas and problems the company has and using research to explain these issues. This discussion explains different types of ethics including normative and descriptive as well as identifies different business philosophies the Goldman Sachs Company follows. In particular, the philosophy of ethics based on the duties and duty of fidelity is used to explain how Goldman Sachs’ function. Additionally, an ethical problem concerning Goldman Sachs is identified, and the idea of cultural relativism explained identifying how it connects to the operation of the company. Furthermore, promotion in the workplace is sensitive and, therefore, this work discovers competition as the method Goldman Sachs utilizes to conducts its employee promotion. The work also uses course materials to determine and elaborate on the firing procedure at the General Electric Company which depicts the Darwinian’s theory of survival-for-the-fittest. Ethical issues are often impossible to avoid, and many companies encounter ethical-related challenges that necessitate the most effective and efficient response from involved parties. Normative vs. Descriptive Ethics Business ethics (2016a, p. 14) describes Normative Ethics as involving how people need to perform whereas Descriptive Ethics connotes how people are…

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