Innovation

In: Business and Management

Submitted By QueensResearch
Words 873
Pages 4
GLOBAL ETHICS:
The growing trend of globalization and liberalization of world trade has resulted in emergence of many Multinational Corporations that seek to explore new markets, increase sales and profits. Expanding to overseas markets is every home-based business’ desire in the long run; most companies pounce on the opportunity as soon as it presents itself. Internationalization however poses business challenges in product selection, marketing and ethical issues. Companies e.g. Daewoo that expanded rapidly into international fora oblivious of these challenges lost not only their business in the host countries but also valuable capital investments.
Ethical challenges are however the most common and contentious. This is occasioned by differences in the requirements of home and host countries (DeGeorge, R.T. (15). For instance, friendly payments are called gift-giving in China while as in USA it is considered bribery. In addition, the religious beliefs of the majority in a country also influence its perception of business ethics. In India, for instance, it is unethical to eat beef; in Pakistan, it is abominable to eat pork. As such, companies must adhere to both the legal ethical requirements as well as societal ethical requirements to succeed in international markets.
One major ethical difficulty is questionable payments. In many countries, especially in the East and in Africa, bribes and gift-giving are a social norm, especially for large value business deals. The Lockheed Corporation was locked in a devastating international corruption scandal in 1975-1977. The company had given millions of dollars in gifts to foreign government officials, including Japan and Holland, so as to secure an aircraft contract. While this may have been done in good faith, the USA viewed such an act in light of grave corruption. In the investigation by the Securities Exchange…...

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