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

by Leonard J. Brooks, Paul Dunn
592 Solutions 9 Chapters 62129 Studied ISBN: 9781285182223 Ethics 5 (1)

Chapter 2, Problem 2 : 2.The events recorded in this chapter have given...

2.The events recorded in this chapter have given rise to legislative reforms concerning how business executives, directors, and accountants are to behave. There is a recurring pattern of questionable action followed by more stringent legislation, regulation, and enforcement.  Is this a case of too little legislation being engaged too late to prevent additional business fiascos?

Step-By-Step Solution

2.No amount of legislation can ever prevent crimes from occurring. One key to preventing additional business fiascos from occurring is to create a business environment in which the focus of business is clear. The purpose of business is not to make a profit at any cost. Moreover, profit is the consequence of providing goods and services required by society, in an efficient and effective manner, while operating within the law and ethical standards. The more efficient and effective the operations, the more profits the business will generate. For far-sighted corporations, profits are not the goal, they are the consequence of action.

Many of the fiascos discussed in this chapter relate to greedy business leaders who, perhaps through hubris, lost sight of the goal of business. By focusing on profits they began to compromise their ethical standards, and so began a downward spiral that resulted in fraud and bankruptcy.

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