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Lecture The evolution of management thought (6th edition) - Chapter 22: Management thought in a changing world

Ethics, codes of moral conduct, have long been a concern of history, but people still struggle to make the right decisions. Managers’ responsibilities are more complex with the introduction of stakeholders. Advancements in transportation and communication have made the world a closer place and accelerated the pace of change. | THE EVOLUTION OF MANAGEMENT THOUGHT, 6TH EDITION Electronic Resource by: Regina Greenwood and Julia Teahen Management Thought in a Changing World Chapter Twenty-Two Obligations and Opportunities Individuals, Organizations, and Evolving Expectations Ethics Business and Society Management Opportunities in a Global Arena The Globalization of Business Managing Across Cultures Individuals, Organizations, and Evolving Expectations Ethics “The moral ‘oughts’ that sustain a civilized society.” Business ethics is an ancient issue: St. Thomas Aquinas – the “just price” as the market price without collusion, fraud, and coercion Johannes Nider (from Chapter 2) and the quest for ethical business practices in the early fifteenth century. Joseph Wharton, founder of the first collegiate school of business, was specific about including ethics in the business school curriculum. Business Ethics Johnson and Johnson’s credo is illustrative of both ethical and social responsibility issues (ex: Tylenol crisis). Agency Theory – considered new, but an old issue relative to principal-agent relations. As the ownership of firms was separated from its management, there was heightened interest in this notion of agency. John Shad – donation of $23 million to the Harvard Graduate School of Business to teach business ethics. Can business schools make a difference in society by teaching about ethics? Do we expect business schools to do this? Business Schools and Ethics Source: http://blog.lib.umn.edu/mose0169/architecture/2008/03/blog_prompt_5_the_built_enviro.html Business Ethics Individual and corporate wrong doing is typically followed by legislation. Examples: Securities Exchange Act of 1934 Sarbanes-Oxley Act (2002) Business & Society Ethics – individual moral conduct Social Responsibility – expectations by others about the conduct of the firm Business leaders are long-standing patrons of the arts. Example: Carnegie gave $480 million during his lifetime Business | THE EVOLUTION OF MANAGEMENT THOUGHT, 6TH EDITION Electronic Resource by: Regina Greenwood and Julia Teahen Management Thought in a Changing World Chapter Twenty-Two Obligations and Opportunities Individuals, Organizations, and Evolving Expectations Ethics Business and Society Management Opportunities in a Global Arena The Globalization of Business Managing Across Cultures Individuals, Organizations, and Evolving Expectations Ethics “The moral ‘oughts’ that sustain a civilized society.” Business ethics is an ancient issue: St. Thomas Aquinas – the “just price” as the market price without collusion, fraud, and coercion Johannes Nider (from Chapter 2) and the quest for ethical business practices in the early fifteenth century. Joseph Wharton, founder of the first collegiate school of business, was specific about including ethics in the business school curriculum. Business Ethics Johnson and Johnson’s credo is illustrative of both ethical and social responsibility issues .