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Philosophy of Business

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It aims at determining the fundamental purposes of a company.

CSR or corporate social responsibility; in this the ethical rights and duties between the company and society are debated. Fiduciary responsibility; Looks at the issues between a shareholders and the business. Ethics also look at the leadership of a company. Another ethical issue is the political contribution of the corporation. Another ethical issue is corporate manslaughter and misuse of corporate ethics policies as marketing policies. Other issues include;

The hunt for common values as a basis for international commercial behavior. Comparison of business ethical traditions in different countries,also on the basis of their respective GDP Comparison of business ethical traditions from diverse religious perspectives Ethical issues arising out of international business transactions.                                

Issues such as globalization and cultural imperialism Varying global standards – e.g. the use of child labor The way in which multinationals take advantage of international differences, such as outsourcing production (e.g. clothes) and services (e.g. call centers) to low-wage countries(Chaffee 63)..

The acceptability of international commerce with recluse states. There has been noted that some corporations experience unethical behavior due to a number of reasons which include;

Racism; some corporation management may opt to employ a person who is not well qualified because he/she maybe of their race and leave out a more qualified who is not of their race.

Gender; mostly women do not ascend to the top positions in most organizations since they are considered inferior and they are also mistreated and harassed by their male colleagues.

Corruption; it is a major cause of unethical behavior in corporations. Once an employee becomes corrupt he/she ceases to be ethical.

Employee raiding; this is taking away employees from a competitor company to take advantage of their knowledge.

Employing very skilled people in a certain field even when they are not needed to avoid other corporations from employing them is unethical. The porter’s diamond of national advantage is a framework that illustrates the determinants of national advantage.  The framework is diamond shaped and represents the national playing field that countries establish for their industries (Chaffee 83). The points of the diamond are as follows:

Factor Conditions

  • A country creates its own significant factors such as skilled resources and technological base.
  • The stock of factors at a given time is less imperative than the extent that they are upgraded and deployed.
  • Local disadvantages in factors of production force innovation. Undesirable conditions such as labor shortages or sparse raw materials force firms to develop new methods, and this innovation often leads to a national comparative advantage.                                            

Demand Conditions

  • When the market for a particular product is larger locally than in foreign markets, the local firms devote more attention to that product than do foreign firms, leading to a competitive advantage when the local firms begin exporting the product.
  • A more demanding local market leads to national advantage.
  • A strong, trend-setting local market helps local firms anticipate global trends.

 Related and Supporting Industries

  • When local supporting industries are competitive, firms enjoy more cost effective and innovative inputs.
  • This effect is strengthened when the suppliers themselves are strong global competitors.

Firm Strategy, Structure, and Rivalry

  • Local conditions affect firm strategy. For example, German companies tend to be hierarchical. Italian companies tend to be smaller and are run more like extended families. Such strategy and structure helps to determine in which types of industries a nation's firms will excel.

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