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Ethical Challenges Confronting Entrepreneurs within Contemporary Global Economy :
In Search of a New World Ethics
by John Saee
School of Business Administration
International University in Germany
ABSTRACT
There has been a sea change in the world economy with perceived far-reaching consequences on all aspects of human civilization. This dramatic transformation is largely precipitated by the phenomenon of globalization.
The transformation now taking place in the global economy is unprecedented. The increasing availability of global capital, coupled with advances in computing and communications technology, is serving to speed up the processes of globalization. Concurrently, the barriers to globalization are increasingly disappearing in most countries of the world (11). As a consequence, the word “globalization” is in daily use throughout the world: “mondialisation” in French, “globalisierung” in German, or “Quan qui hua” in China.
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Throughout the world governments, systems are failing, breaking down. We now find ourselves with high unemployment, rising federal deficit, closed business, uninsured citizens, reduced wages, a large temporary workforce, corporate downturns, hypercompetitive environments, business closings, devastating global financial and economic crises, and natural disasters. These are just some of the factors that threaten the survival of individuals and organizations in highly volatile and complex environments. Scholars and practitioners are sought to bring forth their ideas, perspectives and/or approaches to stimulate discussion and solutions.
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Entrepreneurs are increasingly capitalizing on unprecedented business opportunities around the world being spawned due to globalisation of national economies.
With that in mind, entrepreneurs need to exercise due diligence in conducting their businesses in a socially and ethically responsible manner internationally. Since, unethical business practices are not going to helpful to the sustainability of business enterprises strategically. Ethical behavior of businesses has become a major issue throughout the world; Unnethical behaviors of businesses are widely publicized by the media and the concerned citizens.
Examples of unethical business behaviour including, poor working conditions, low wages, enforced overtime, and harsh, sometimes brutal, discipline and corporal punishment, bribery, patent or copy right infringements, lying, and deceit about product performance and safety, deliberate use of harmful substances, intentional environmental pollution, discrimination, violation of promises are widely condemned.
In this research article, an examination is made of ethical practices and propensities across nations which have considerable implications for global entrepreneurs.
Keywords: Entrepreneurs, Ethics, Moral Philosophy, Globalisation
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