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Important Ethical Principles

Important ethical principles that should be followed:

(a)    Do not deceive or cheat customers by selling substandard or defective products, by under-
        measurement or by any other means.
(b)    Ensure sincerity and accuracy in advertising, labeling and packaging
(c)    Do not resort to hoarding, black marketing or profiteering.
(d)    Do not destroy or distort competition
(e)    Do not tarnish the image of competitors by unfair practices
(f)    Make accurate business records available to all authorized persons.
(g)    Ensure payment of fair wages to and fair treatment of employs
(h)    Refrain form secret kickbacks or payoffs to customers, suppliers, administrators, polity-clans,
(i)    Do not form cartel agreements, even informal, to control production, price, etc., to the common
(j)    Pay taxes and discharge other obligations promptly.

There are two theories which are pertinent about the nature of ethics
(i)    The theory of moral unity essentially advocates the principle that business actions should be judged by the general ethical standards of society. There exists only one ethical standard which applies to business and to non-business situation.

(ii)    The theory of amorality, which argues that business can be amoral, and the actions of businessmen need not be guided by general ethical standards. Managers may act selfishly because the market mechanism distills their actions into benefits to shareholders and society at large. Adam Smith argued that the ‘invisible hand’ of the market assures that by “pursuing his own interest (a merchant) frequently promotes that of the society more effectively tan when he really intends to promote it. “In this way, capitalism provides moral justification for the pursuit of profit through behavior which is not purposefully ethical.

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