Principles of business ethics

Principles of business ethics

The Principles of business ethics developed by well known authorities like Cantt, J. S.Mill, Herbert Spencer, Plato, Thomas Garret, Woodrad, Wilson etc are as follows

1. Sacredness of means and ends : The first and most important principles of business ethics emphasize that the means and techniques adopted to serve the business ends must be sacred and pure.It means that a good end cannot be attained with wrong means, even if it is beneficial to the society.

2. Not to do any evil: It is unethical to do a major evil to another or to oneself , whether this evil is a means or an end.

3. Equivalent price: According to W. Wilson , the people are entitled to get goods equivalent to the value of money that he will pay.

4. Human dignity: As per this principle , man should not be treated as a factor of production and human dignity should be maintained.

5. Co-operation with others This principles states that business should help others only in that condition when other deserves for help

6. Publicity: According to W. Wilson, anything that is being done or to be done, should be brought to the knowledge of everyone. If everyone knows, none gets opportunity to do an unethical act.

7. Principle of proportionality: This principle suggests that one should make proper judgment before doing anything so that others do not suffer from any loss or risk of evils by the conducts of business.

8. Universal value: According to this principle the conduct of business should be done on the basis of universal values.

9. Non co-operation in evils: It clearly points out that a business should with any one for doing any evil acts.

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