Ethical Lessons
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In her book, Laura Nash (1993) states: Managers have seen the high costs that corporate scandals have exacted: heavy fines, disruption of the normal routine, low employee morale, in creased turnover, difficulty in recruiting, internal fraud, and loss of public confidence in the reputation of the firm"(page 2). She wrote this in 1990.
1. Have things improved since Nash wrote this line ? Explain.
2. Have the scandals of the early 2000s helped managers prioritize ethics? Explain.
3. Have we learned our lesson as a society? Explain.
4. Do we now have sufficient checks and balances in place to prevent the crises of the 1990s and early 2000s? Explain.
5. What else can be done to reduce the likelihood of unethical abuses? Explain.
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1. Have things improved since Nash wrote this line ? Explain.
Yes, things have improved since Nash wrote this line. After 1990 came the corporate scandals like WorldCom, Tyco, and Enron and a realization that corporate scandals lead to disaster for the different stakeholders of the company. Several companies have developed a code of ethics and this has been communicated to its stakeholders. There was a spate of corporate scandals between 2000 and 3002 and after that the companies and all stakeholders became aware of the need to reduce corporate scandals (1).
2. Have the scandals of the early 2000s helped managers prioritize ethics? Explain.
Yes, the scandals of early 2000 have helped managers prioritize ethics. This prioritization process has been put in motion partly by the realization that corporate scandals lead to very disastrous consequences. There was an effort from the board of directors and other owners, managers, and other stakeholders to give importance to corporate governance. On ...
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