No ethics in business?

If you want to know whether your actions are ethical or not you should try answering economist John Kay's question: "Would you feel uncomfortable describing your actions to your family and friends?" If the answer is yes, then you probably shouldn't be doing whatever it is you are! As Kay explains, there is no reason why people should live by one set of moral standards at work and another at home. (If your family and friends all have criminal records, then maybe you should think about somebody else's for this question.)

Doing the right thing isn't always easy. But by having a clear code of conduct, and by punishing those who do not adhere to the code, any company can encourage a culture of ethical behaviour. In fact, companies can benefit from promoting ethical products and ethical behaviour. In the last ten years, consumer demand has led to an increase in the supply of ethical products in the marketplace. Products ranging from ethical finance to fairtrade coffee, tea and chocolate are becoming more common in the big supermarkets. You can even travel ethically. Companies that adopt a sound ethical practice can look forward to a competitive advantage in the future.

To ensure an ethical focus, companies will need employees who can make the right ethical decisions. Our fun quiz looks at some difficult situations and at how some companies have reacted to them. We hope you can learn something about ethics here, as well as some new vocabulary.

Deborah Capras