The Legal and Ethical Environment of Business Research Paper

The Legal and Ethical Environment of Business - Research Paper Example2. canvass the American efficacious system to the worldwide legal environment of channel. We live in a global economy where goods ar manufactured in sensation country and are packed in other country. In search of cheap labor, raw material and talent, businesses stand expanded themselves and have crossed the sensible boundaries. The legal of system of every country is different from other. Different countries possess different legal systems however some countries share same legal system for instance countries like Australia, United States and India uses common law systems. In a civil law system, legal system and laws are based upon different and unique(p) circumstances. Some countries legal systems and ideologies are based upon religion for instance Saudi Arabia, Middle East, Pakistan and Iran etc. These nations follow the systems of Koran and Sunnah. Some countries have civil legal system where judges do not have much flexibility and authority to apply law such as Germ some(prenominal), Russia and France. It is highly essential to generate the legal system and law while doing business international and its affect on commercial activities (Hiray, 2007). 3. Recognize the principal legal and ethical issues facing managers Managers have to face number of issues in their day-to-day dealings. Most of them are related to ethical and legalities. Some principle ethical and legal issues faced by managers are Ethical Issues Identifying and resolving the dilemmas of ethical situations Maintaining high standards of ethics while conducting business transactions Providing uniform treatment to all the workers in the work environment property the rights, obligations and concern for environment, stakeholders, employees and party Taking decisions after considering the ethical consequences Legal Issues Safeguarding the private and confidential information of the company in accordance with the law Co mplying with the domestic and international laws while doing business dealings Accepting accountability for the actions and judgments of individual Apart from above mentioned principles, some other ethical and legal issues are related to fraud, market tactics and discrimination. 4. Argue the importance of ethics and social responsibility in the business world. The importance of ethical and social responsibility in any business is that ignoring these important aspects can cause loss of huge time and money to any business. The unquestionable and unethical social practices can be devastating for any size of business. Nowadays, the impact of business decisions on environment has become more important than ever before. Consumers and watchdogs do not leave a single opportunity to suspect and call out a business, which is mistreating the natural resources and causing devastating effects on environment. Good social and ethical practices are keys to any companys success. Therefore, nowaday s, along with the objective of making profits, the companies are also trying to make an objective of being environmental friendly. The idea that philanthropic efforts are inauspicious to the success and profitability of any business has become obsolete option. 5. Apply ethical frameworks to business situations. In case of any ethical dilemma, the best musical mode to resolve the issues is to apply ethical framework to that situations. The most widely known ethical framework is mentioned below. Recognizing the Ethical Dilemma Gathering Facts and