Global Business Today Chapter 5

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Business Ethics
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The accepted principles of right or wrong governing the conduct of business people
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Ethical Strategy
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A course of action, that does not violate ethical principles
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Sullivan Principles
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A twofold approach to doing business in apartheid South Africa, comprising passive resistance to apartheid laws and attempts to influence the abolition of apartheid laws
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Foreign Corrupt Practices Act
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U.S. law regulating behavior regarding the conduct of international business in the taking of bribes and other unethical actions
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Convention on Combating Bribery of Foreign Public Officials in International Business Transactions
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A OEDC convention that establishes legally binding standards to criminalize bribery of foreign public officials in international business transactions and provides for a host of related measures that make this effective
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Ethical Dilemma
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A situation in which none of the available alternatives seems ethically acceptable
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Organization Culture
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The values and norms that are shared among employees of an organization
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Cultural Relativism
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The belief that ethics are nothing more than a reflection of a culture and that firms should simply adopt the ethics of the cultures in which they operate
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Righteous Moralism
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The belief that a multinational’s homecountry standards of ethics are the appropriate ones for companies to follow in foreign countries
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Naive Immoralism
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The belief that if a manager of a multinational sees that firms from other nations are not following ethical norms in a host nation, that manager should not either
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Kantian Ethics
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The belief that people should be treated as ends and never as means to the ends of others.
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Rights Theories
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A twentieth century ethical approach based on the belief that human beings have fundamental rights and privileges that transcend national boundaries and cultures.
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Utilitarian Approaches to Ethics
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These hold that the moral worth of actions or practices is determined by their consequences
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Universal Declaration of Human Rights
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A UN document inspired by Kantian and rights theories and ratified by almost every country on the planet; it lays down basic principles that should always be adhered to, irrespective of the culture in which one is doing business
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Just Distribution
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A distribution that is considered fair and equitable.
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Code of Ethics
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A formal statement of the ethical priorities to which a business adheres.
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Stakeholders
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Individuals or groups that have an interest, claim, or stake in a company, what it does, and how well it performs.
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Internal Stakeholders
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Individuals or groups that work for or own the business.
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External Stakeholders
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All other individuals and groups that have some claim on a firm, such as the government, suppliers, and the general public.
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Corporate Social Responsibility
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The idea that businesspeople should consider the social consequences of economic actions and give preference to outcomes with positive social and economic consequences when making business decisions.
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Sustainable Strategies
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Strategies that not only help the multinational firm make good profits, but that do so without harming the environment, while simultaneously ensuring that the corporation acts in a socially responsible manner with regard to its multiple stakeholders
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Justice Theories
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Ethical approaches that focus on the attainment of a just distribution of economic goods and services
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Moral Imagination
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Standing in the shoes of a stakeholder and asking how a proposed decision will affect that stakeholder.
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Fundamental Rights of Stakeholders
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Basic rights of stakeholders, such as the right to information about products and working conditions, that should be considered when business decisions are made.
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Ethics Officer
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An individual hired by a company to be responsible for making sure that all employees are trained to be ethically aware, that ethical considerations enter the decision-making process, and that employees follow the company’s code of ethics.
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Noblesse Oblige
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A French term referring to the honorable and benevolent behavior required of persons of noble birth.
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Personal Ethics
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The generally accepted principles of right and wrong governing the conduct of individuals.

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