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Solution for Business and Professional Ethics 7th Edition Chapter 2, Problem 1

by Leonard J. Brooks, Paul Dunn
592 Solutions 9 Chapters 60559 Studied ISBN: 9781285182223 Ethics 5 (1)

Chapter 2, Problem 1 : 1.Do you think that the events recorded in...

1.Do you think that the events recorded in this chapter are isolated instances of business malfeasance, or are they systemic through the business world?

Step-By-Step Solution

1.The events chronicled in this chapter range over an eighty-year period from 1929 to 2010. During that time there were horrendous business failures, frauds and debacles that cost investors, consumers, taxpayers, and the general public billions and billions of dollars, not only in the United States, but around the world. The scandals were worldwide, involving hundreds of companies, only some of whom are mentioned in this chapter. At the same time, however, throughout the world, there were millions of businesses that were supplying the goods and services needed by society, in an efficient and effective manner. They were operating within the law and ethical standards.

The examples provided in this chapter, and throughout the textbook are aberrations. Most people and businesses, most of the time, act and behave in a responsible manner. They obey the law, ethical norms, and social standards of behavior. However, if executives, directors and accountants are not mindful of the ethical dangers that lurk in the business world, then they too can become part of this aberration that is so costly to society. These business exceptions challenge the integrity and humanity of everyone who has anything to do with business.

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