The significance of clarifying Law and Ethics in the corporate sphere cannot be overstated. According to the Oxford Dictionary, Law refers to the acknowledged system that governs behavior among members of a society and is enforceable through sanctions.
The definition of laws, according to www.oxforddictionaries.com/us/definition/american_english/laws (2013), pertains to the rules and regulations that govern the actions of individuals or groups. Similarly, www.oxforddictionaries.com/us/definition/american_english/ethics (2013) defines ethics as a set of moral principles guiding appropriate behavior. In business, establishing standards, values, and work conduct is crucial; hence, the main aim of business law and business ethics is centered on developing these criteria for businesses and their members.
Trade and business have been integral to human history, facilitating the exchange of value among individuals
...and groups. Trust and shared values formed the foundation for past trades, ensuring that both parties fulfilled their commitments. The role of trading in promoting prosperity and survival has been critical across diverse civilizations. As trade evolved over time, so did business ethics and laws.
Adherence to ethical and legal standards is crucial for individuals working in or owning a company. These guidelines dictate personal and corporate conduct, requiring employees to act in the best interest of both the organization and its clients. However, navigating ethical decision-making can be challenging. Familiarizing oneself with business ethics and laws can aid in comprehending how different ethical principles interconnect, facilitating optimal choices. Therefore, it is imperative that all MBA programs include ethics and law coursework within their curriculum to encourage proficient business administration.
Without Law and Ethics education in MBA Curriculum, businesses may overlook ethical and legal considerations. Knowledge of both Law and Ethics is beneficial to MBA graduate
as it empowers them to make well-informed decisions for themselves, their workplaces, and the communities they are part of. Understanding business regulations is crucial to comprehending laws and regulations in countries where business transactions occur which assists companies in fulfilling their responsibilities beyond simple compliance with laws and profits. A comprehensive understanding of ethics within the lawful context of business offers a wider intellectual perspective on relevant topics. Students must apply their comprehension of ethics in real-world situations to ensure its application.
Using unethical practices as a tool in daily decision-making has the potential to become illegal. Business schools currently provide education in business law and ethics to produce graduates who are well-equipped to navigate their respective fields.
Regis graduates will be equipped to handle the complex ethical challenges posed by modern business. With their unique advantage of possessing powerful decision-making skills, they will be able to make wise choices that have a positive impact both on their own lives and the companies they represent.
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