Question 5(a)EthicsGS1
Theosophy advocates a conscious and a spirit-centered approach to business ethics based on eternal values and moral principles that should govern the conduct of business leaders. What are the ethical issues faced by businesses in contemporary times? How will the teachings of Thiriukkural assist in their resolution? (Answer in 150 words)
Main Body
Business ethics is the application of ethical standards pertaining to the conduct of society and economy.
A major component of business ethics is corporate governance.
Ethical Issues faced by business in contemporary times:
1Fraud → use of ones position to misappropriate public money.
2Scams → Code mine scams
3Malpractices → public money does not reach intended beneficiaries.
4Corruption in hoarding and monopoly.
Thiriukkural teachings and business ethics:
1Passion and spirit centered business management → thought and treatment to all employees
2Moral values should govern the conduct of business leaders → Andhrar and Narayanan plurality as examples of moral people.
3Eternal values of honesty, probity and welfare of others as core component of business ethics. Business ethics is all the more important in today's world and should be based on Gandhi's Samodaya.
Therefore, attitude is changeable and it changes through our thoughts, behaviour and actions.
Ethical Issues faced by business in contemporary times:
1Fraud → use of ones position to misappropriate public money → (EG) Chandra Kochar (CEO of ICICI Bank) sanctioning loan to his husband owned entities.
2Scams → Code mine scams
3Malpractices → public money does not reach intended beneficiaries → (EG) Kejri Bandari scam for ironing away from public sale → reading like COVID-19
4Integrity → to uphold right to free wire of ethics is civil servant to reduce it → (EG) Empathy and do something to reduce it
5Probity → in governance 2nd APC has highlighted recommended waging code for civil servant of India.
259 words4 paragraphs
- Integration of classical texts with modern business ethics
- Specific mention of governance principles
- Reference to Samodaya concept
Topper
Sudipa Dutta
AIR 412092
Subject & Paper
EthicsGS1
Topic
Business Ethics
Spirit-centered business approach
Ethical issues and Thiriukkural teachings
Writing Stats
259
Total words
4
Paragraphs
Analytical with case examples
Tone