Ethic

Ethic

Ethic is acting in a way morally correct. In business, ethic can be a guideline of a corporation, investor, management staff and professional. Obviously, making profit is the priority of most of the business organization. But the issue is how to make a profit in a proper manner. Ethic dilemma always occurs in a business when the public interest contradicts private interest. For instances, some transnational corporations using child labour in the production to lower the cost; some pharmacy company pay for the patent so the medicine sells expensively and the patient cannot afford the price of the medicine. Therefore, we need theoretical framework to help us to choose what to do when we face the ethical dilemma.      
Theoretical framework
To construct a theoretical framework, I would suggest them to recognize the fact and stakeholder of their action first. In our situation, the partnership is considering doing something, which while legal, may not be ethical. The Stakeholders are someone affected by the partnership decision. They may be the partners of the partnership, the public, their customer and their employee.
The next step is to define the ethical issue involved in the action. There may be more than one ethical issue in our cases. The ethical issue is the conflict of interest of the stakeholders. When we are doing an action, we always give advantages to one of the stakeholder but against the others. The ethical issue can be the profit of the partnership, the right of the employee, the interest of the public.
After that, the client have to choose what ethical principle they would like to use in this particular situation. There are many different kinds of ethical theory. Utilitarianism is one of the teleological theories. It emphasizes to produce greatest amount of benefits to the greatest amount of people. The benefits not only include the economic gain but also the human welfare . Besides, we may consider the theory of deontological. It includes the theory...