Ethical Values in Business and Industry

Abstract

The word "Ethics" borrowed from Greek means spirit of culture. According to Oxford dictionary it is a moral principle that governs or influences a person's behaviour. Regarding managerial ethics, King Manu states, "No one who ignores the principles of philosophy and psychology can bring any human activity to successful issues".According to Nobel laureate Milton Friedman, Corporate governance is to conduct business to make as much money as possible conforming to the basic rules of the study embodied in law and local customs. Corporate Governance is the social, legal, and economic process by which companies function and are held accountable. The ultimate meaning of ethics in industry and business is that no consumer should be harmed in any way by entering any so rt of agreement with the business and industry. This definition can be written in our traditional way as: one has to earn Artha (Wealth) only through Dharma (Truthfulness) to fulfil the Kama (Desires), to finally achieve the Moksha (Salvation the ultimate goal). If anybody does anything contrary to this, he/ she will have to answer the conscious (Antharathma) at the end.