GUIDED READING ACTIVITIES Essay Example | Topics and Well Written Essays - 500 words

GUIDED READING ACTIVITIES - Essay Example They explain their stand and arguments by giving specific examples and referring to the relevant theories. In this regard, the claimed contribution to the current knowledge is the use of the dominant story in furthering ethical business conducts especially by the stakeholders of particular concerned companies. The authors of the article mainly use the dominant theory to discuss the essence of ethics in doing business in the contemporary world. They specifically state that the dominant theory is not consistent with the law in that the dominant theory puts the interests of the stakeholders first before considering the interest of the community, customers, suppliers, and the employers. In addition, the dominant theory is according to the authors resistant to change in that because of the priority given to the shareholders’ interests, the system becomes reluctant to accept change as it firmly believes in a hierarchical system of classifying various interests. Perhaps the most important feature of the dominant theory in this regard is that the dominant theory is inconsistent with the basic ethical rules. In many business environments, business ethics is a fundamental tool for ensuring that corporates operate in accordance with the international best practice. In this regard, it is appropriate to infer that the integration thesis applies to all business decisions and environments. The integration thesis states that nearly all decisions that are of business nature normally contain some element of ethics in them and the opposite is true. This means that ethical decisions also have some business implications. There is also the responsible principle that insists t hat almost everybody either want to or should take individual responsibility for the consequences of their actions. In the conclusion part, the authors offer some arguments for managing the shareholders especially if their interests seam to