Business ethics is a form of applied ethics that examines just rules and principles within a commercial context; the various moral or ethical problems that can arise in a business setting; and any special duties or obligations that apply to persons who are engaged in commerce. In a similar vein, Thomas Donaldson of Georgetown and Thomas Dunfee of Wharton have emphasized the central role of social contracts” in devising what Donaldson calls a minimalist” as opposed to perfectionist” view of the moral expectations that can be placed legitimately on companies.
Some of the ethical policies followed by the company include national interest, support from open market economy, gift and donation for social cause, political non alignment, health safety and environment care, quality product and service and regulatory compliance etc.
Topics include: ethical theory, corporate social responsibility, global ethics, employee rights and obligations, consumer rights and product safety, ethical issues in marketing, obligations in accounting and investment and principles of environmental management.
As in the case of enron where many executives and managers knew that the company was following some illegal and unethical practices, but the executives and the board of directors did not know how to make the ethical decisions and corporate ethical culture.
If the organization uses some unethical means to achieve its goal that is unaccepted by its stakeholders will give rise to ethical issues under business goal and personal goal. Once retooled” in management, the moral philosophers could apply their sophisticated frameworks to the day-to-day moral problems that managers face.