This article examines whether and to what extent Confucianism as a resilient Chinese cultural tradition can be used as a sound basis of business practice and management model for Chinese corporations in the twenty-first century. Using the core elements of Confucianism, the article constructs a notion of a Confucian Firm with its concepts of the moral person ( Junzi ), core human morality ( ren, yi, li ) and relationships ( guanxi ), as well as benign social structure (harmony), articulated (...) in corporate and organizational terms. The basic character of the Confucian Firm is described, and its philosophical and cultural foundation is critically assessed with respect to its moral legitimacy and relevant to today’s China. China’s recent Corporate Social Responsibility (CSR) development is a high profile response to global business ethics concerns. Efforts have been made to emulate and develop good business practice fashioned in CSR norms and visions. The so-called “human-based” and “virtue-based” business practices rooted in local cultural heritage have been touted as a Chinese response to this problem. This investigation is particularly relevant in the context of the increasingly prominence of the Chinese corporations (China Inc.) in the wake of the rise of China as a global power. How relevant is Confucianism to the building of a modern Chinese corporation that is willing and able to practice reasonable norms of business ethics? The findings of this discussion, which include the organizational implications of the Confucian familial collectivism, have implications for other Chinese communities (Taiwan, Hong Kong, and Singapore) where Confucian tradition is endorsed and practiced. (shrink)

The purpose of this study was to determine the applicability of Buddhist practices in today’s workplaces. The findings were supported by interviews with Buddhist masters and Buddhist business practitioners, as well as literature review, through phenomenological analysis. As a means of presenting the main reasons why Buddhist practices should be considered in contemporary workplaces, a SWOT analysis is presented. In this analysis, a number of strengths for using Buddhist practices in workplaces are listed such as pro-scientific, greater personal responsibility, and (...) healthy detachment, while potential weaknesses such as non-harming, equanimity, and no competition are also reviewed. Both the strengths and the weaknesses could be listed in reverse if applied to a different extent. Among the opportunities were issues such as re-educating the world of business, enhancing personal ownership and a healthier society, while the threats comprised issues such as creating different imbalances, disinterest, and stationary development. (shrink)

I describe an ethic for business administration based on the social tradition of the Catholic Church. I find that much current thinking about business falters for its conceit of truth. Abstractions such as the shareholder-value model contain truth - namely, that business is an economic enterprise to manage for the wealth of its owners. But, as in all abstractions, this truth comes at the expense of falsehood -namely, that persons are assets to deploy on behalf of owners. This last is (...) "wrong" in both senses of the word - it is factually wrong in that persons are far more than business assets, they are supernatural beings, children of God; and it is morally wrong in that it is an injustice to treat them as the former when they are the latter. I draw upon the social tradition of the Catholic Church to recognize that the business of business is not business, but is instead the human person. Following Church teachings, I describe a person-centered ethic of business based upon eight social principles that both correct and enlarge the shareholder-centered ethic of much current business thinking. I discuss implications of this person-centered ethic for business administration. (shrink)

This article examines the relevance and value of Confucian Ethics to contemporary Business Ethics by comparing their respective perspectives and approaches towards business activities within the modern capitalist framework, the principle of reciprocity and the concept of human virtues. Confucian Ethics provides interesting parallels with contemporary Western-oriented Business Ethics. At the same, it diverges from contemporary Business Ethics in some significant ways. Upon an examination of philosophical texts as well as empirical studies, it is argued that Confucian Ethics is able (...) to provide some unique philosophical and intellectual perspectives in order to forge a richer understanding and analysis of the field of contemporary Business Ethics. (shrink)

Islamic Banks (IBs) are considered as having ethical identity, since the foundation of their business philosophy is closely tied to religion. In this article, we explore whether any discrepancy exists between the communicated (based on information disclosed in the annual reports) and ideal (disclosure of information deemed vital based on the Islamic ethical business framework) ethical identities and we measure this by what we have termed the Ethical Identity Index (EII). Our longitudinal survey results over a 3-year period indicate the (...) overall mean EII of only one IB out of seven surveyed to be above average. The remaining six IBs suffer from disparity between the communicated and ideal ethical identities. We further found the largest incongruence to be related to four dimensions: commitments to society; disclosure of corporate vision and mission; contribution to and management of zakah, charity and benevolent loans; and information regarding top management. The results have important implications for communication management if IBs are to enhance their image and reputation in society as well as to remain competitive. (shrink)

This study was designed to examine the determinants of and differences between the ethical beliefs of two groups of Japanese students in religious and secular universities. Multiple regression analysis revealed that students of the Japanese religious university perceived that young, male, relativistic, and opportunistic students tended to behave less ethically than did older, female, and idealistic students. Students of the Japanese secular university perceived that male, achievement-oriented, and opportunistic students tended to behave less ethically than did female and experience-oriented students. (...) Opportunism was found to be one of the most important determinants in explaining misconduct. Multivariate analysis of variance (MANOVA) and multiple discriminant analysis (MDA) revealed that students of the Japanese secular university tended to score higher on achievement and humanism, and lower on theism and positivism than did students of the Japanese religious university. In addition, students of the Japanese secular university were somewhat more sensitive to academic dishonesty practices than were students of the Japanese religious university. (shrink)

Competition is the most basic force traditionally regarded by Western economists as governing both society's resources allocation and income distribution. No wonder, then, that many legal systems have been concerned with various aspects of competitive activity, and formulated laws and rulings to keep market behavior within limits of ethical conduct. Jewish law has not been an exception. The focus of this paper is on competition in consumption. Its underlying assumption is that lawmakers' decisions approximate optimality in resource allocation. The validity (...) of the ‘optimality’ assumption is assessed in light of the special moral features unique to Jewish law. (shrink)

In spite of a renewed interest in the relationship between spirituality and managerial thinking, the literature covering the link between Islam and management has been sparse – especially in the area of ethics. One potential reason may be the cultural diversity of nearly 1.3 billion Muslims globally. Yet, one common element binding Muslim individuals and countries is normative Islam. Using all four sources of this religion’s teachings, we outline the parameters of an Islamic model of normative business ethics. We explain (...) how this ethics model seeks to balance the needs of multiple stakeholders, and discuss its enforcement mechanisms. This Islamic approach to business ethics is centered around criteria that are in common with stakeholder theory such as justice and balance, and includes unique additional criteria such as trust and benevolence. (shrink)

Using relevant encyclicals issued over the last 100 years, the author extracts those principles that constitute the underpinnings of Catholic Social Teaching about the employment relationship and contemplates implications of their incorporation into human resource policy. Respect for worker dignity, for his or her family's economic security, and for the common good of society clearly emerge as the primary guidelines for responsible human resource management. Dovetailing these three Church mandates with the economic objectives of the firm could, in essence, alter (...) the firm's nature because profit motivations would be constrained by consideration for worker and societal welfare. Integration of Church teaching with current corporate goals should therefore impact greatly on a variety of human resource policies. (shrink)

Jewish tradition has a long-standing commitment to justice, equity and compassion toward society's most vulnerable members, including its working-class. It has produced a substantial literature describing appropriate practice in business relations and the ethics of the marketplace. Less well-known, however, are its prescriptions for employee productivity and accountability. These elements are considered here within the context of contemporary organization, and with particular application to the school of quality management associated with W. Edwards Demings.This paper is an expanded version of the (...) Herbert H. Schiff Lecture in Management and Administration, delivered at Yeshiva University, July 8, 1992. It is dedicated to the memory of my beloved mother, Mrs. Chana Schnall. (shrink)

Research about the role of religion in entrepreneurship and more broadly management is sparse. In this conceptual article, we complement existing entrepreneurship theory by examining entrepreneurship from an Islamic perspective. EIP is based on three interconnected pillars: the entrepreneurial, socio-economic/ethical, and religio-spiritual. We outline how Islam shapes entrepreneurship at the micro-, meso-, and macro-level, indicate how Islam may be considered an entrepreneurial religion in the sense that it enables and encourages entrepreneurial activity, review research streams interlinking Islam with entrepreneurship and (...) management and outline promising research approaches. (shrink)

This study was designed to examine the determinants of and differences between the ethical beliefs of two groups of Japanese students in religious and secular universities. Multiple regression analysis revealed that students of the Japanese religious university perceived that young, male, relativistic, and opportunistic students tended to behave less ethically than did older, female, and idealistic students. Students of the Japanese secular university perceived that male, achievement-oriented, and opportunistic students tended to behave less ethically than did female and experience-oriented students. (...) Opportunism was found to be one of the most important determinants in explaining misconduct. Multivariate analysis of variance (MANOVA) and multiple discriminant analysis (MDA) revealed that students of the Japanese secular university tended to score higher on achievement and humanism, and lower on theism and positivism than did students of the Japanese religious university. In addition, students of the Japanese secular university were somewhat more sensitive to academic dishonesty practices than were students of the Japanese religious university. (shrink)

The recent financial crises indicated the need to reinforce corporate governance mechanisms in emerging and developing market economies. Corporate governance refers to all the factors that affect firm processes. Firms must avoid debt financing instruments and adopt financing instruments that allow for “risk-sharing” rather than “risk-shifting” because all recent financial crises were, in essence, debt crises. The primary objective of this paper is to examine the principles of risk-sharing promoted by Islamic finance and study their implications for corporate governance. The (...) secondary objective of this paper is to propose a pricing model for a new risk-sharing financial instrument that was recently discussed by Zarka and Al-Suhaibani. We study the implications of this new instrument as a powerful tool for corporate governance in the case of Islamic markets. We explain the possible contribution of IPS to agency cost reduction, Sharia screening costs and ethical corporate governance. (shrink)

Islamic financial institutions (IFIs) are emerging as prominent players in the financial world and are increasingly known for their conservative socially responsible investment (SRI). Being the Shari'a regulators and monitors of IFIs, the Shari'a departments are expected to implement the Islamic perspective of SRI – drawn from Shari'a principles – in their respective institutions. The purpose of this paper is to develop an SRI framework applicable to IFIs and other Shari'a compliant entities and assess its applicability within Shari'a departments of (...) two Islamic banks. This paper involves cross-case analysis based on interviews with Shari'a department officials in two settings differentiated by their respective independence. The proposed framework consists of required, expected and desired SRI aspects as applicable to IFIs. The findings reveal that the required aspects are uniformly observed by the two cases. There are, however, variations when it comes to observing the expected and desired ethical SRI aspects that may be driven by the independence of the Shari'a boards. This inconsistency and non-adherence of expected and desired aspects may lead to reputational risks in the long run. (shrink)

ABSTRACT:We argue that Confucianism makes a fundamental contribution to understanding why civility is necessary for a morally decent workplace. We begin by reviewing some limits that traditional moral theories face in analyzing issues of civility. We then seek to establish a Confucian alternative. We develop the Confucian idea that even in business, humans may be sacred when they observe rituals culturally determined to express particular ceremonial significance. We conclude that managers and workers should understand that there is a broad range (...) of morally important rituals in organizational life and that managers should preserve and develop the intelligibility and integrity of many of these rituals. (shrink)

Religion and work are seldom discussed. The two have caused scholars to question the religion’s role with work. This paper reviews research on the integrate between religion and work by examining issues of concept, definition, measurement, and reviewing research that examines the relationship of work and religion with respect to: different times, types of people, organize human interactions and sources of knowledge. We then discuss the methodological requirement for reintegrating work studies into social institutional theory and indicate what the conceptual (...) payoffs of such integration might be. These payoffs include breaking new conceptual ground, resolving theoretical puzzles and envisioning the nature of new social institutions. (shrink)

This discussion develops six of the most important guiding principles of classical Jewish business ethics and illustrates their application to a complex recent case of product liability. These principles are: (1) the legitimacy of business activity and profit; (2) the divine origin and ordination of wealth (and hence the limits and obligations of human ownership); (3) the preeminent position in decision making given to the protection and preservation (sanctity) of human life; (4) the protection of consumers from commercial harm; (5) (...) the avoidance of fraud and misrepresentation in sales transactions; and (6) the moral requirement to go beyond the letter of the law. Although these Talmudic principles are clearly obligatory only for “Torah-obedient” Orthodox and Hasidic Jews, many Jews share a sensibility informed by them. Non-Jews, too, may be instructed by Jewish teachings about business ethics. (shrink)

Jewish business ethics in Israel addresses two major sources of economic immorality—unbounded desire and fear of economic uncertainty—through enforcement and spiritual education. Business is seen as a path to sanctity, when time is set apart for religious study, wealth is seen as originating from God, the vulnerable are protected against fraud and theft, charity is seen as an obligation, and mercy towards debtors is tempered by justice.

Philosophers have constituted business ethics as a field by providing a systematic overview that interrelates its problems and concepts and that supplies the basis for building on attained results. Is there a properly theological task in business ethics? The religious/theological literature on business ethics falls into four classes: (1) the application of religious morality to business practices; (2) the use of encyclical teachings about capitalism; (3) the interpretation of business relations in agapa-istic terms; and (4) the critique of business from (...) a liberation theological point of view. Theologians have not adequately addressed the questions of whether there are particular theological tasks in the field as they define it, and whether, if they define it, the theological definition is different from the philosophical. (shrink)

This article presents a qualitative research about the way in which business leaders of a retail company gradually clarify the ethical responsibilities of their company – in an ongoing discussion of particular cases. It is based on 12 years of experience as an external member of the ethics committee. The aim of the article is not so much as to evaluate the different single decisions that were made and implemented to make the company meet high ethical standards, but rather to (...) focus on three issues and on how they relate to each other: (1) the shift from a communitarian Christian set of values to a broader secular framework of basic principles; (2) the way in which business people in a retailing company cope with issues that seem ethically troublesome, when reflected upon from a ethical point of view; and (3) how the process of ethical dialogue has led to a typology of the different levels of responsibility that retailers are willing to attribute to themselves according to the kind of problem at stake. The three issues together illustrate how a company that took the business ethics question head-on systematically moved into a particular ongoing collective learning process. (shrink)

The Greek philosopher Aristotle, writing over two thousand years before Wall Street, called people who engaged in activities which did not contribute to society "parasites." In his latest work, renowned scholar Robert C. Solomon asserts that though capitalism may require capital, but it does not require, much less should it be defined by the parasites it inevitably attracts. Capitalism has succeeded not with brute strength or because it has made people rich, but because it has produced responsible citizens and--however unevenly--prosperous (...) communities. It cannot tolerate a conception of business that focuses solely on income and vulgarity while ignoring traditional virtues of responsibility, community, and integrity. Many feel that there is too much lip-service and not enough understanding of the importance of cooperation and integrity in corporate life. This book rejects the myths and metaphors of war-like competition that cloud business thinking and develops an "Aristotelean" theory of business. The author's approach emphasizes several core concepts: the corporation as community, the search for excellence, the importance of integrity and sound judgment, as well as a more cooperative and humane vision of business. Solomon stresses the virtues of honesty, trust, fairness, and compassion in the competitive business world, and confronts the problem of "moral mazes" and what he posits as its solution--moral courage. (shrink)

The paper starts by giving a historical and philosophical explanation for the current separation between theology and economics. It is then argued that postmodern culture offers the church and theology an opportunity to get reinvolved in the world of business, and especially in Business Ethics. Before opportunities for involvement is discussed, the question on the unique nature of Christians ethics is posed. The notion of Christian ethics as essentially an understanding of reality is proposed and defended against rival interpretations of (...) Christians ethics. Finally the role that the church and theology can play in developing business morality on the marco-, meso-, and micro-economic levels are discussed. (shrink)

As global business operations expand, managers need more knowledge of foreign cultures, in particular, information on the ethics of doing business across borders. The purpose of this paper is twofold: to share the Islamic perspective on business ethics, little known in the west, which may stimulate further thinking and debate on the relationships between ethics and business, and to provide some knowledge of Islamic philosophy in order to help managers do business in Muslim cultures. The case of Egypt illustrates some (...) divergence between Islamic philosophy and practice in economic life. The paper concludes with managerial implications and suggestions for further research. (shrink)

Centesimus Annus raises the issue of the relationship of religion to practical conduct. This paper constructs the issue; illustrates the construction with materials from Theravada Buddhist cultures; and applies the construction toCentesimus Annus. This is an exercise in social history.

Confucian ethics as applied to the study of business ethics often relate to the micro consideration of personal ethics and the character of a virtuous person. Actually, Confucius and his school have much to say about the morals of the public administration and the market institutions in a more macro level. While Weber emphasizes the role of culture on the development of the economy, and Marx the determining influence of the material base on ideology, we see an interaction between culture (...) – specifically Confucian business ethics – and the economy. In this paper, we are going to study this interaction in several crucial stages of development of Confucianism. The paper concludes by postulating the relevance of Confucian business ethics to the global knowledge economy. (shrink)

While Buddhism focuses on the same ethical concerns as Western ethical traditions, it provides a distinct perspective and method for dealing with them. This paper outlines the basic Buddhist perspective and then provides some experiential exercises which offer insight for self-understanding and ethical practices in business. Implications for business and ethics research are provided.

The issue of whether religious belief should be an appropriate grounding for business ethics raises issues very similar to those raised in asking whether religious belief should be an appropriate grounding for political morality. In light of that fact that writings in political morality have been a common resource for contemporary business ethics, this paper presents contemporary arguments about the role of religion in political morality while noting the relevance of these debates for business ethics.The paper takes the position that (...) rather than excluding religion from public morality, political morality (and business ethics) ought to take an inclusive, ecumenical approach. To argue this position and to present fully a range of literature normally not studied in business ethics circles, the paper presents and critiques the major contemporary authors in the field of political morality and contrasts them with the inclusionists who seek to keep public grounds open for all moral perspectives. (shrink)

During the past decade many individuals have sought to create a connection between their work persona and their religious/spiritual persona. Management education has a legitimate role to play in introducing teachings drawn from our religious traditions into business ethics and other courses. Thereby, we can help prepare students to consider the possibility that business endeavors, spirituality and religious commitment can be inextricable parts of a coherent life.

This article examines the relevance and value of Confucian Ethics to contemporary Business Ethics by comparing their respective perspectives and approaches towards business activities within the modern capitalist framework, the principle of reciprocity and the concept of human virtues. Confucian Ethics provides interesting parallels with contemporary Western-oriented Business Ethics. At the same, it diverges from contemporary Business Ethics in some significant ways. Upon an examination of philosophical texts as well as empirical studies, it is argued that Confucian Ethics is able (...) to provide some unique philosophical and intellectual perspectives in order to forge a richer understanding and analysis of the field of contemporary Business Ethics. (shrink)

Arguing that the grounding of philosophical ethics is more complex than De George's reference to reason and human experience reflects, and that religious ethics is less doctrinaire and less given to indoctrination than De George suggests, Camenisch maintains that De George has portrayed an artifically wide gap between the two fields. Rejecting De George's typology of religious ethics as unhelpful, Camenisch suggests that the crucial distinction between philosophical and religious/theological ethics is the community or lived nature of the latter. The (...) implications of this dimension of religious ethics for business ethics is briefly explored in relation to the use of cases, the role of the lives of moral exemplars, corporate responsibility, and obligations to future generations, to indicate not that religious ethics generates answers different from those of philosophy, but that it provides a different perspective on some central moral matters. (shrink)

To be in business is first to be. To do in business, is to enhance one's being and the being of others; it ought never result in the diminishment of either. This article invites philosophical reflection on the purpose of business.To be and do in business looks for an explanation that goes beyond the meaning of work. The meaning of work is a worthy philosophical inquiry; the meaning of business is a separate question. The purpose of business is relational. Business (...) is doing for others on condition of receipt of something of fair value in return. It deals essentially with exchanges. Persons in business relate to other persons whose needs, preferences, and desires are met, to some degree of satisfaction, by the product or service the business is organized to provide — at a price. To meet the need, preference or desire is the purpose of business. (shrink)

The ethical issues involved in bankruptcy affect the debtor, the creditor and the society in which they operate. Facing the debtor is his responsibility to pay back the loans and credit extended to him while the creditor has to decide whether or not to press his legal rights, irrespective of the consequences to the debtor. Society will have to determine to what extent, if any, it is prepared or obligated to fund the rehabilitation of the debtor and those employees, whose (...) employment is terminated as a result of the bankruptcy. These issues will be determined according to the value structure of the particular souly in which debtor and creditor operate. This paper views the issues in a Jewish perspective. Debtors are considered to always be liable for their debts and there is a moral shame attached to bankruptcy, except in those cases where it is caused by natural disasters. While creditors are taught and encouraged to voluntarily waive their rights, this is considered charity with all its negative overtones. The courts are obligated to review the debtors assets and sell them, if necessary, to meet the creditors loans, leaving only basic necessities for minimal living of the debtor and his family. Society however, including the creditor, a part of the group, are obligated to fund the rehabilitation of the debtor either through its interest-free loan, charity or the provision of alternative employment. These may be funded out of communal taxes. (shrink)

The empirical findings in Collins and Porras'' study of visionary companies, Built to Last, and the normative claims about the purpose of the business firm in Centesimus Annus are found to be complementary in understanding the purpose of the business firm. A summary of the methodology and findings of Built to Lastand a short overview of Catholic Social Teaching are provided. It is shown that Centesimus Annus'' claim that the purpose of the firm is broader than just profit is consistent (...) with Collins and Porras empirical finding that firms which set a broader objective tend to be more successful than those which pursue only the maximization of profits. It is noted however that a related finding in Collins and Porras, namely that the content of the firm''s objective is not as important as internalizing some objective beyond just profit maximization, can lead to ethical myopia. Two examples are provided of this: the Walt Disney Company and Philip Morris. Centesimus Annus offers a way to expose such myopia, by providing guidance as to what the purpose of the firm is, and therefore as to what kinds of objectives are appropriate to the firm. (shrink)

The dominant approach to understanding Islamic Business Ethics has been based almost exclusively on either interpretations of the Qur’an and Sunna or influenced by Western understanding of Islam and ethics. However, there is a rich—largely ignored-tradition of ethical analysis conducted by Muslim philosophers which would broaden our understanding of Islamic ethics and hence IBE. We seek to correct this imbalance by examining works of Al-Ghazali, an early Muslim philosopher, scholar, and mystic. His approach to Sufism, combining an interpretation of revelation (...) with reason, can contribute to new developments in business ethics scholarship and practice especially in Muslim communities. His thought portrays a vibrant work ethic that, while based in Sufism, has important practical implications for business. We argue that including such historically and contextually recognized perspectives in our understanding of BE, both in theory and in practice, would work well with an audience that looks to Islam as a source of justice and proper moral conduct. (shrink)

Entrepreneurship is a critical need in society, and an entrepreneur's life can be a life wonderfully lived. However, most of the literature examining entrepreneurship takes an overly narrow financial viewpoint when examining entrepreneurship and entrepreneurial success. Our paper surveys the current entrepreneurial literature on what constitutes successful entrepreneurship. We then engage key conceptual ideas within the Catholic social tradition to analyze what we see as an undeveloped notion of success. We then move to construct a richer notion of success through (...) the framework of virtue. (shrink)

Confucius’s teachings fall under four headings: “culture, moral conduct, doing one’s best, and being trustworthy in what one says” (7/25).1 Trust or, more precisely, being trustworthy, plays a central role in the Confucian ethic. This paper begins by examining the Confucian concept of trustworthiness. The second part of the paper discusses how the ideal of trustworthiness makes itself felt inbusiness practices within China. The paper concludes by raising and addressing several objections to the Confucian emphasis ontrustworthiness.

The main aim of this study is to undertake a critical examination of the ethical and developmental performance of an Islamic bank as communicated in its annual reports over a period of 28 years. Islami Bank Bangladesh Limited’s ethical performance and disclosures are further analyzed through interviews conducted with the bank’s senior management. The key findings include an overall increase in ethical disclosures during the study period. However, the focus on various stakeholders’ needs has varied over time reflecting the evolving (...) nature of the Islamic finance industry over the last three decades. Based on a secular economy, IBBL focused in the first two decades on the “Particular” Shariah compliance disclosure as a way of establishing its reputation and differentiating itself from conventional banks in a dual banking system. Post 2005, the ethical performance and disclosure shifted to more “Universal” disclosures such as sustainability, charity, employees, and community related disclosures signaling responsible conduct and the bank’s adoption of a “wider stakeholder approach.” However the bank is still failing to provide full disclosure on certain significant categories such as sources and uses of disposable income, thereby contradicting the principles of full and comprehensive disclosure and accountability. In addition, the structure of IBBL’s investment portfolio reveals an overreliance on debt-based financial instruments and a shortcoming in fulfilling the developmental and social objectives of Islamic finance. This is evidenced by the “qualified” Shariah Supervisory Board reports that the bank consistently received. This research provides further evidence that Islamic banking and Finance in its current practices reflect the “global” and the “local” influences in an era dominated by global conventional finance. (shrink)

Despite the fact that Islam is one of the major religions, the frameworks of this faith are yet to be fully understood. As a consequence, it is being confused with activities contrary to its teachings. Islam has an elaborate treatment for almost every aspect of life including the affairs of business. Business is an acceptable and dignified occupation, which has to be conducted within the given frameworks. Islam encourages the creation, acquisition and consumption of wealth, and the fulfilling of certain (...) conditions in so doing. Wealth is held in trust as a gift from God. The terms of reference of this trust are to be complied with. Ethical principles do play a major role in shaping the behavior of a Muslim, in or out of business. In an era of globalization, the need for a better understanding of the premises of Islamic faith cannot be overemphasized. (shrink)

Ethical considerations, especially those religiously driven, play a significant role in shaping business conduct and priorities. Profit levels and earnings constitute an integral part of business considerations and are relevant and closely linked to prevailing ethics. In this paper, Islamic prescriptions on profit maximization are introduced. Islamic business ethics are outlined as well. It is suggested that while Islamic teaching treats profits as reward for engaging in vital activities necessary for serving societal interests, profit maximization is not sanctioned and therefore (...) should not be the goal of ethically guided business ventures. (shrink)

Kyosei, a traditional Japanese concept, has been applied to a variety subjects, from biology to business. It has more recently become synonymous with the concepts of corporate responsibility, ethical decision making, stakeholder maximization, and responsible reciprocity. The purpose of this paper is to trace kyosei's modern business application back to ancient Confucian thought. The ideals associated with Confucianism were instrumental in the creation of Japanese business codes of ethics during the early part of the seventeenth century. A short history of (...) this period is presented to provide a contextual framework for understanding these codes. A specific code of ethics, called the shuchu kiyaku, is presented for the first time in English and shown to have direct roots in Confucian writings. Statements from modern company codes and from modern Japanese and American businessmen are presented to reflect the philosophy of business embodied in that ancient code of ethics. (shrink)

This article draws upon 100 years of writings which are referred to as the Catholic Social Tradition (CST). Using this tradition as a guide, the nature of work is explored along with the principles and virtues which vitalize the deepest dimension of work — how it affects the dignity of the human person. It develops five operational ethical principles which can be applied to questions of workplace ethics. Organizational policies and programs that seem consistent with CST are also discussed.

Power and authority in terms of the Ten Commandments (TCs) are discussed. The paper reviews the TCs in Christianity, Judaism, and Islam. The treatment and basis for power and authority in each religion are clarified. Implications of power and authority using the perspective of the TCs are provided. The paper suggests that in today's business environment people tend to be selective in identifying only with certain elements of the TCs that fit their interest and that the TCs should be viewed (...) as general moral guidelines. (shrink)