Essay: Principles of Responsible Business and Ethical Considerations

This essay delves into the principles of responsible business within the framework of globalization, examining the interconnectedness of goods, services, and people across the globe. It defines globalization and explores its ethical challenges, including the intensification of societal interconnections that can lead to moral dilemmas, particularly regarding economic inequalities and environmental concerns. The essay highlights how globalization can exacerbate wealth disparities and lead to ecological problems. Furthermore, it discusses the impact of trade liberalization on businesses, especially small and medium enterprises, that struggle to compete with global companies. The essay concludes by identifying transnational consequences as the most prevalent dilemma and argues that economic globalization can deepen inequalities, which are morally unethical from both deontological and consequentialist perspectives. The essay references academic sources to support its arguments.

PRINCIPLES OF RESPONSIBLE BUSINESS
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Answer 1.
Globalisation can be defined as a process in which movement of goods and services along
with people is made in integrated and seamless manner throughout the globe. Globalisation is a result
of making global economy open to all by increasing attendants of trade and commerce. In simpler
words it can be said, when countries that were once limited to work in a specific zone and under
common trading law, open up their financial systems to get global. Globalisation takes place when
countries liberates their export and import protocols while inviting foreign investments into countries
diverse business sectors that can also be mainstays of its economy. Through globalisation, countries
becomes attractive that pulls other nation’s resources by opening their market to MNC’s (Stoudmann,
2006).
Answer 2.
Through globalisation, intensification of interconnection amid societies and people around the
globe has made possibility that all the actions in between can create periphery or transnational
consequence. Some of the consequences can even give rise to moral dilemmas about individual
relation in modern society. Many authors have stated that unfolding of neoliberal globalisation has
given the power of wealth in few hands while leaving majority of others in poverty. Although
globalisation has always been taken as a positive approach by big organisations in terms of prosperity
and democracy but, it actually results in radical inequality. In other words it can be said that
inequalities caused by globalisation results in fragmentation of space in which some people profits at
the cost of others (Osimiri, 2015).
The second prominent moral dilemma emerging out of globalisation is issues in managing global
environment to prevent global ecological collapse. This prospect has threatened humanity with the
presence of total destruction. Potential environment consequences are been known to almost every
person on earth like anthropogenic greenhouse consequence, also known as green house warming,
that are resulting in global change to a great extent. Globalisation has in some extent given rise to

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environmental problems as host countries enjoys benefits of industrialisations while rest of the world
are forced to contribute to negative effects of industrial activities (Osimiri, 2015).
Third moral dilemma emerging from globalisation can be seen from increase of uncompetitive
ventures that are unable to survive or face the liberalization in trade or foreign country’s emergence.
Firms that were initially protected by trade barriers and subsidised by government, generally medium
and small enterprises, are the ones who are facing direct consequences in their home country. Since
they have limited capital, they are unable to adjust with global companies. Producers of imports, who
lack capital, whether in agriculture or any urban economy, are found to be most susceptible to the
invasion of imports in cheaper rates along with facing steep changes in prices of available products
(Gurnani, 2015).
Answer 3.
Out of the three above mentioned dilemmas, transnational consequences seem to be the most
prevalent in context to globalisation. The economic globalisation leads to deepening of inequalities
between nations which is morally unethical from both deontological and consequentiality
perspectives. From deontological perspective, globalisation will be fated on account in which
exploited country people will be treated only as a means to profits. From consequentiality perspective,
the ethical disagreement beside globalisation is that it falls short in maximising happiness for larger
number of human beings.

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REFERENCES
Gurnani, R.M., 2015. Globalization and ethical challenges. [Online] Available at:
http://www.abrmr.com/myfile/conference_proceedings/Con_Pro_16615/2015iciee_india20.pdf
[Accessed 06 May 2018].
Osimiri, P., 2015. The Ethical Challenges of Globalization. [Online] Available at:
https://journals.covenantuniversity.edu.ng/index.php/cujpia/article/download/./126 [Accessed 06 May
2018].
Stoudmann, N.R.F.A.-R.a.G., 2006. Definitions of Globalization: A Comprehensive Overview and a
Proposed Definition. [Online] Available at: http://citeseerx.ist.psu.edu/viewdoc/download?
doi=10.1.1.472.4772&rep=rep1&type=pdf [Accessed 06 May 2018].