Question

This is really a business ethics question

Some would say that given the rash of ethical scandals in the last 20 years, that ethical business behavior is waning. Given what you now know about corporate governance, do you think that ethics will be more or less important to business in the near future? In the distant future?

Answer 1

Ethics will be more important both in the near future as well as in the distant future. This is because of the advent of the new technologies that are getting access to the customer data without any regulations. The companies are misusing the data to run their business more efficiently and also to make more money. So the corporate governance should give more importance to ethics and make sure that it is implemented properly in their companies. In the distant future, the growth of the technology can reach a stage where the company can control what the people want and also tell what they should do next to lead their life. So ethics plays an important role and it is required to create a barrier for the technology to stop the intrusion of the privacy of the people. The people need to be protected from the technology that requires access to their personal life. Even the way business is done is also changing and the companies are moving towards an open culture where the information is shared very casually. The systems are becoming more accessible to the people with valuable information, especially in the banking sector. These changes can put the company as well as the customers at a risk if proper ethical practices are not followed. These are the reasons for most of the scandals that happened in the last 20 years as well. The employees should have a positive mindset and they should work towards making a positive change in the society. Good ethical practices can help them in doing that.