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Introduction.docx - INTRODUCTION The performance of...

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INTRODUCTIONThe performance of corporate companies has always had a thoughtful global influence, with theturn down of the nation state economic power has, for the first time, strong political power.Companies in the virtual age are expected to develop even more powerful cultures of corporatesocial responsibility, proactively seeking to honor their moral responsibilities to society in thetwenty-first century, in response to increased consumer awareness and sensitivity to business andsocial responsibility issues, as well as consumers' growing ability to react. Because of theglobalization of markets and manufacturing processes in recent years, an ever-increasing numberof entrepreneurs and business executives have had to deal with ethical and social responsibilityissues in cross-cultural settings. The use of manufacturing excellence techniques like Toyotaproduction system, Total productive maintenance & management system, world classmanufacturing etc. has elevated the business processes with respect to agility. The businessphilosophy has gone beyond earning dollars. According to the lean systems thinking as follows.Figure 1.0 – Defining the strategic company purpose[ CITATION Jef07 \l 1033 ]TASK 1Business ethics is a subset of applied ethics concerned with moral and ethical concerns in theworkplace.Businesses are described as "any organization whose purpose is to produce goods orservices for profit," whereas organizations are defined as "social entities that are goal-oriented,organized as consciously structured and coordinated activity systems, and connected to theexternal environment ". Modernization, advertising ethics, and personal accountability have allinfluenced one another. Development, advertising ethics, and personal responsibility have all hadan impact. International commerce and change increased nearly 20-fold in the last 50 years,resulting in a six-and-a-half-fold increase in global industrial production[CITATION Wor20 \y\l1033 ]. After the Industrial Revolution, trading organizations were driven to producecommodities for the mass market, leading to the rise of the industrial economy. One of the mostnoticeable elements of the industrial age is the strong relationship between economics and nationstate, with political power greatly outnumbering economic power.National authorities in
developed countries have traditionally focused on economic expansion and job growth throughproviding an economic outlook with a low level of uncertainty[ CITATION Pro15 \l 1033 ].Beyond blatant malfeasance, such as failing to deliver items purchased by consumers,misinforming investors about an organization's financial status, or plundering an employee'spension fund, the line between capitalism and socialist values, or stockholder against stakeholderprinciples, blurs.[ CITATION Fis07 \l 1033 ].According to Asgary and Mitschow, specialinterests in industrialized nations threaten any universal code of commercial ethics. For example,Western labor unions may campaign for stricter labor standards in emerging economies to boostproductivity costs in countries where cheaper labor costs have attracted outsourced business.

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Term
Spring
Professor
rathnasiri

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