Jennings and Velasquez (2015) researched the concept that “four categories of ethical values—fairer distribution of goods, better government, ingrained social cooperation, and inculcation of economic duties—that can drive economic performance, but only if citizens ascribe ‘intrinsic value’ to them independent of their economic interests” (p. 461). Moreover. Jennings and Velasquez (2015) found that the “failure of the Congressional legislators and corporate executives was not just a problem of their not ascribing intrinsic worth to ethical values, but also a problem of their not ascribing appropriate worth to the institutions that embody those values” (p. 482).
In this discussion we will look at two positions regarding ethics and business. Some take the position that you cannot trust businesses on their own to do what is ethical; therefore, some government intervention in the form of laws and regulations is necessary. Conversely, it could be argued that broad laws and regulations do not facilitate ethical behavior, and indeed might have the opposite effect. Use course content and outside sources to respond to the following questions.
What do you think about the debate and what is your position? Why do you believe your position is sustainable or defensible?
Jennings, P. L., & Velasquez, M. (2015). Towards an ethical wealth of nations: An institutional perspective on the relation between ethical values and national economic prosperity. Business Ethics Quarterly, 25(4), 461-488.