Solomon and Hanson: It’s Good Business

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Table of Contents

Introduction
Product Dumping
The three C’s of business ethics
Eight rules of ethical thinking
The Myth of Amoral Business
Conclusion
Works Cited

Introduction

The relation between business and ethics is considered to be the central issue in modernized social activities; the importance of business morality analysis is closely dependant on its effectiveness and productivity. The article by Robert C, Solomon and Kristine Hanson is dedicated to the disclosure of the idea that the sphere of business is not presented as blind profits scramble, but an established practice having special rules and moral standards. The main issue of the work is the identification of business and ethics interdependence and their analysis as two inseparable functional elements. It is necessary to underline the fact that ethical thinking in the development of business sphere underlines professionalism and productivity of its operations. The central argument to be analyzed in the paper based on Solomon and Hanson’s article is dedicated to the identification of whether business can operate without ethics; it should be proved that the success of any business deal and operation can not be observed without well trained ethical behaviour.

Product Dumping

The safety of customers’ rights is considered to be the central issue in business ethics, leading to the formation of regulatory agencies focused on products testing. It should be stressed that the basic functions of these organizations are concentrated on reporting as to unsafe defects of the tested products; nevertheless, the key business concern is connected with product relative risk because of the inventories and research involved in testing. In case the product is unsafe, it cannot be legalized in the USA; as a result it is shifted to other places to be sold legally. So, ‘product dumping’ takes place when unsafe products which cannot be sold in one country according to the standards, are transported to another with the price challenges and numerous testing. It is necessary to stress that this process has direct connection to ethical sphere. The central ethical question to be covered is connected with problem solution whether the unsafe product is to be sold at another market, or devaluated which may lead to considerable market losses.

Certainly, product damping is legally fulfilled in accordance with the requirements of this or that market, where the Commission on Product Safety legalize the products promotion. It is very difficult to comment whether the concept of product dumping is appropriate or not because while product dumping is not at all profitable and appropriate for one country, it may be highly beneficial for another, with special regards to the pricing and the availability of a new product. Hence it proves to be an important factor in deciding the global balance of trade.

Here is the central argument between business profitability and ethical rights of the customers; the agencies are to evaluate the losses which can be suffered and the level of product inefficiency in accordance with all the standards and norms. Solomon stressed the idea that the balance was to be established not to contradict ethical rules and business operations; through this one can notice one more direct connection between ethical behaviour and business success.

The three C’s of business ethics

Business ethics can be defined as the complete awareness of what one is doing, its consequences as well as its complications. One needs to take into account the ethical practices and then apply it in their day to day managerial assignments. Solomon and Hanson managed to develop the most important C’s of business ethics, to show interdependence morality and business functioning. The first one is the Need For Compliance; according to it, the business needs to comply with the rule that include the laws of the land, the principles of morality, the expectations as well as the customs of the community, the company policies and the generic concerns such as fairness of conduct while executing business practices.

The second is the Need for Contribution; it is based on the idea that the business strives to contribute towards the benefit of the society. This is done through the means of the quality of its products and services, the availability of jobs and the prosperity and usefulness of one’s activities to the community as a whole.

And finally, the Need for Consequence; it is concentrated on the fact that business needs to bear the consequence of its activity, which is both inside as well as outside of the company; whether a business act is intended or unintended, it needs to be bourn by the administrator.

So, the analysis of Solomon’s C’s of business ethics demonstrated close interrelation between strong necessities of ethical behaviour development within business structure.

Eight rules of ethical thinking

Being ethical means doing the right thing. Here are 8 rules of ethical thinking (Solomon, and Hanson 14). Ethics is a way of thinking and this also applies in business. Solomon and Hanson concentrated on the instruction of the main eight ethic rules to be used in business sphere; it is necessary to underline the idea that the authors strived to depict the key steps leading to business success through ethical norms. The third rule develops the idea that one need to obey laws but not depend on them at all times. This rule has connection to the product dumping, in the process of agencies’ product testing and legal standards as to the rights of product promotion. While businessmen need to obey to the general laws and practices of their businesses, they should never limit their thinking to legal obedience. While there may be a room for moral application, there is no scope of its ignorance; the fifth rule underlined the importance of general moral rules obedience, while moral rules are considered to be the heart of ethics and there can be no business or businessmen without them. Besides, as it was stated in the eighth rule, one need to respect the customs of others but not at the cost of your own ethics. So, to be successful in business without being amoral, one needs to respect the other customs without compromising on their own character.

The Myth of Amoral Business

People in business are solely concerned with buying and selling, making profits and producing goods and services. Myths of amoral business can be understood through the words of John D Rockfeller, who stated that he would pay an employee a salary of one million dollars a year if he possessed all the qualities John was looking for in his employee. This is a myth but it also exemplifies a myth which has often succeeded in clouding business thinking. While most businesses are not immoral, they are amoral, meaning they have no concerns with the basic morals of the society. The amoral business is nothing but the ‘survival of the fittest’ and it is also symbolic to the ‘dog eat dog attitude.’ Product dumping cannot be determined as the business amorality element; it is a myth. But the fact remains that most companies manage to survive without being the fittest. Over here, it is important to note that business ethics and regulations are interrelated and that they both go ‘hand in hand’.

Conclusion

The argument raised in the article proved the impossibility of business existence without the ethics; business is an established practice wherein there are fixed rules and people who work in businesses are thorough professionals who are expected to meet certain goals; Solomon and Hanson successfully demonstrated the relationship between business and ethics. They showed that business cannot be categorized as either amoral or immoral; it is a sum total of ethical practices which need to be followed by all businesses irrespective of the kind of managerial work they are involved in; the assessment of business and ethics interrelation demonstrated the central moral issues to be followed in social activities. Business myths are predominantly connected with unethical business operations contradicting the norms of the society; the ethical standards are the background for business profitability and communication with the employees and customers.

Works Cited

Solomon, Robert C. and Hanson, Kristine. It’s Good Business. New York: Macmillian Publishing Company, 1985.

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