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Social and Ethical Issues in Global Markets

In: Business and Management

Submitted By charrison40
Words 3171
Pages 13
Abstract

The purpose of this paper is to identify and examine social and ethical issues within the global market. This document will also review how international management and cultural diversity are pertinent to the success of an organization that is operating in a foreign country. Based upon the above mention, this paper will focus on examining and providing frameworks and strategies that implement the concept of corporate social responsibility and cultural diversity. A number of factors are identified in the study, using literature reviews and numerous online research engines.
Introduction

Business firms that operate in foreign countries face an assortment of ethical and social challenges. These challenges run from fair treatment of employees, stakeholders, and customers, product safety, plant safety, advertising practices, human resources management, environmental problems, business practices, corruption, bribery, kidnapping, torture, and even murder. Therefore, organizations are increasingly concerned about how their actions affect the environment and social welfare. This in turn creates a demand by employees, consumers, investors, lenders, governmental agencies, and other stakeholder groups for demanding firms to operate in an ethical and socially responsible manner. Nevertheless, organizations cannot wantonly abandon their profit maximization aims while internalizing societal goals. As with other organizational decisions, ethical and social decisions should not be made in a vacuum but, should be based upon an informed understanding of the benefits reaped and the costs incurred. “Although the marketplace has done a reasonably good job in deciding what goods or services should be produced, it has not fared as well in ensuring that business always acts fairly and ethically” (Cengage, 2009, 355).

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