Business Ethics versus Economic Incentives: Contemporary Issues and Dilemmas

This paper is based on my experience with teaching a course on ethical dilemmas faced by individuals, managers and businesses in contemporary societies. Modern economic thinking generally presumes that individuals and businesses in a society follow their own self-interest, or private economic incentives. The course highlighted the importance of ethical considerations for action that are based on consideration of others rather than ones own. Four significant ethical dilemmas of modern societies, concerning Crime Reduction and Legalization of Drugs, Saving the Earths Environment, Abortion and Ethics in Business were chosen for class discussion. The readings on ethics in business covered views by management experts such as Peter F. Drucker and David Vogel on the meaning, relevance and evolution of business ethics in modern societies. The pedagogy of the course consisted of lectures and group discussions, during which relevant ethical issues were analyzed by using real-world examples and cases. In a rapidly globalizing economy, Indian managers are likely to confront complex ethical concerns. Therefore, Indian managers need to acquire a deeper knowledge and understanding of ethics in business. A course on business ethics in India should aim to enhance students understanding of ethical behavior, keeping in view the globalization process that is influencing the functioning of Indian firms today.