What does the term “business ethics” mean?
It is a philosophy that helps a company determine its behavior toward customers, suppliers, shareholders, employees, and a community where it is located. Notice that ethics is not the same as law because, in my opinion, something can be legal but not ethical. So you argue that ethical business practices are a much more efficient way of generating wealth? Yes. Here’s an example: You go into McDonald’s, pay 30 rubles and get a hamburger. From an economic perspective, there is no distinction between “legal” and “illegal,” between “ethical” and “unethical:” Let’s imagine you bribed the cashier and she pocketed the money instead of putting it in the McDonalds’ cash register. If the cashier pockets the money, she now has to bribe the cook to make the hamburger. In turn, the cook will have to bribe the manager who orders supplies from the factory, etc. Each briber has to negotiate a separate deal at massive cost in time and energy. The result is massive inefficiency (sound like any country we
