Prompt 1: Students must read the Wall Street Journal to increase awareness of the business world. Pick an article that focuses on Global Marketplace. Briefly summarize and share your reaction/ reflection on your selected article Prompt 2: Discuss two contemporary issues in business ethics. Examine the issue, share an example, and what your reaction is Share on Facebook Tweet Follow us Sample Answer Prompt 1: Summary and Reflection on a Wall Street Journal Article Selected Article For this prompt, I chose the article titled “China’s New Trade Rules Spark Global Supply Chain Concerns” published in The Wall Street Journal on February 10, 2023. Article Summary The article discusses China’s recent implementation of new trade regulations aimed at enhancing domestic industries and increasing government oversight over exports. Key points include: – New Regulations: The Chinese government has introduced rules that require foreign companies to disclose sensitive information about their technology and business operations if they wish to continue operating in the Chinese market. – Global Supply Chain Impact: These regulations have raised concerns among multinational companies about the security of their intellectual property and the potential for increased operational costs. Many businesses rely on China as a critical node in their supply chains, and these new rules could disrupt established practices. – Reactions from Businesses: Companies are grappling with how to navigate these changes, with some considering relocating production to other countries to avoid compliance challenges. The article highlights that this shift could lead to a substantial redesign of global supply chains, impacting economies worldwide. Reflection Reading this article was eye-opening as it illuminated the delicate balance between global trade dynamics and national policies. I was particularly struck by the extent to which a single country’s regulations could ripple through the global economy. The potential consequences for businesses—especially those that have invested heavily in China—are significant, raising questions about the future stability of international supply chains. This situation also highlights the ethical dilemmas faced by companies operating in countries with stringent regulatory environments. Should businesses comply with rules that may endanger their proprietary information? It raises broader questions about the ethics of globalization and the responsibilities of corporations to protect their interests while navigating complex international landscapes. Overall, this article emphasizes the interconnectedness of global markets and the need for businesses to remain adaptable in the face of regulatory changes. Prompt 2: Contemporary Issues in Business Ethics Issue 1: Data Privacy One of the most pressing issues in contemporary business ethics is data privacy. With the rise of digital technology, companies often collect vast amounts of personal data from consumers, raising significant ethical concerns regarding how this data is used and protected. Example: A pertinent example is Facebook’s Cambridge Analytica scandal, where personal data from millions of users was harvested without consent for political advertising purposes. Reaction: This incident highlighted the importance of ethical data practices and consumer trust in the digital age. Companies must prioritize transparency and accountability in their data collection methods, ensuring that users are informed and consent to how their information is used. The fallout from such breaches can lead to significant reputational damage, legal repercussions, and loss of consumer confidence. Issue 2: Corporate Social Responsibility (CSR) Another contemporary issue in business ethics is the expectation for companies to engage in Corporate Social Responsibility (CSR). Stakeholders increasingly demand that businesses operate sustainably and contribute positively to society. Example: The backlash faced by oil giants like ExxonMobil over environmental concerns illustrates this issue. Critics argue that these companies should invest more in renewable energy sources and take accountability for their environmental impact. Reaction: This highlights an evolving understanding of a corporation’s role beyond profit maximization; businesses are now seen as integral players in addressing societal challenges such as climate change. My reaction is one of cautious optimism; while corporate accountability is essential, there is a risk that some companies may engage in “greenwashing,” where they present a misleading image of environmental responsibility without making substantive changes. It is crucial for consumers to hold businesses accountable and for companies to genuinely commit to ethical practices that benefit society. Conclusion Both prompts illustrate the complex landscape of modern business ethics, where companies must navigate legal regulations, consumer expectations, and moral responsibilities. As the business world continues to evolve, staying informed about these issues will be essential for fostering ethical practices and ensuring sustainable growth. This question has been answered. Get Answer
