AEM1200_1124ToPost - AEM1200, Introduction to Business...

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Unformatted text preview: AEM1200, Introduction to Business Management. AEM1200, Monday 11/24 Business Ethics Definition of ethics and business ethics Meta-ethics, applied ethics, and normative ethics Meta-ethics, in business in Ethics Ethics The systematization, recommendation and The defense of right and wrong conduct; defense Meta-ethics Applied ethics Normative ethics Business ethics Standards of moral behavior accepted by society and Standards the business community as right and wrong. the Business ethics Business The problem of self-awareness Trust The relationship between business and society The Problem of Self Awareness The Human cognitive limitations; Information overload and selective perception; The law of just-noticeable differences (or how the frog The got boiled); got Confusing causality with correlation; Gamblers’ fallacy. The mode of thinking that persons engage in when The concurrence-seeking becomes so dominant in a cohesive in-group that it tends to override realistic appraisal of alternative courses of action. appraisal Groupthink Mimetism, imitation and fashion The Problem of Self-Awareness: Examples The Day-trading Real estate speculation Enron et al Enron et The new kids on the block: Bear Stearns, Lehman The Brothers, and the Icelandic Banks! Brothers, The “dot.com” bubble The “sub-prime” crisis The Problem of Self-Awareness: Solutions The Engage in multiple kinds of learning First loop learning Second loop learning Third loop learning Be contrarian Keep an inner compass An innate navigational device that is governed by your An unique combination of conscience, wisdom and intuition. unique The Problem of Trust The “Trust is the expectation that arises within a Trust community of regular, honest, and cooperative behavior, based on commonly shared norms, on the part of other members of that community. Those norms can be about deep “value” questions like the nature of God or justice, but they also encompass secular norms like professional standards and codes of behavior.” professional Francis Fukuyama, “Trust”, 1995 The Problem of Trust The Greed V.I. Lenin Games Prisoners’ dilemma Zero-sum games Stereotypes and false assumptions The Problem of Trust: Solutions The Start by trusting “Tit-for-tat” strategy Take small steps Strategic alliances and joint ventures Don’t be confrontational Write a long and detailed contract, and bury it in the Write drawer. drawer. Business Ethics and Society Business The internal compass; Is it legal? Is it balanced? How will it make me feel about myself? The stakeholder corporation and social The responsibility; responsibility; Integrity-based ethics codes. Being ethical in business Being BE AWARE OF YOURSELF OF YOUR INNER COMPASS OF THE OTHERS OF YOUR ENVIRONMENT ALWAYS PROMOTE TRUST ALWAYS EMPHASIZE INTEGRITY OVER ALWAYS COMPLIANCE COMPLIANCE ...
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This note was uploaded on 11/12/2009 for the course AEM 1200 at Cornell University (Engineering School).

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