Global Markets, Essay Example

Business Ethics

Global code of marketing ethics in the global marketplace is generally defined as governance complexity on business ethics and international business laws. The propensity of global code of marketing ethics that suppress transparency of business ethics mechanism in every arena of marketing, i.e. tariffs, trading, imports, exports, market exchange centers, and, products internationally. Business ethics elaborated the mechanisms of the concepts and the principals on human rights, autonomy, distributive justice, equal treatment, beneficence, and truthfulness(Beauchamp, T et al., 2004)

Business Complexity

However, marketing volatilities and invalidities are in play. In which, marketing volatilities causes a surmountable of conflict and corruption pointed at the multinational regulatory system. The complexity of business ethics stressed on personal perceptions on modes of marketing methods in every continent conduct trade businesses. Some perceived that misleading exaggerate information in business transactions is considered illegal and unethical. Other marketers perceived that it is legal and ethical to do as long it does not violate any international labor laws. Some weighted the legitimate business decisions, excluding ethics, which to the extent are a direct contract. An agreement between two parties agreeing and decide what actions and expectations will be out of the contract. While others weighted to include business ethics in business decisions, which shows that the transaction is done in a good faith (Chao, M. et al, 2010)

Culture Legal Systems

Businesses have to comply and to obey every policy that is imposed to them in order to continue to do business domestically or aboard. Whether the opinions differ in the latter, it has to be followed, not just by the laws itself, complying their culture traditions, norms, and the business activity approaches. For instance, Bai (2007) pointed out, that France have the monistic legal system, while Canada have the a dualistic legal system and China have the non-governmental labour regulation system. France, Canada and China have its own transparency approaches derived from their governance leadership and culture traits and their participateship in the international body organization. In addition, all three continents have legitimacy followed United Nations Human Rights Law (Jing, et. al., 2008).

In comparison, France and Canada are democracy countries in oppose to China is a non-democracy country. Yu Li (2010) analyzed that there are several directions by which democracy may affect trade, with differ implications. First, democratization in the exporting developed country can improve production and product quality and reduce trade tariff costs, increasing bilateral trade. Second, democratization in the importing developed country may escalate trade barrier. Therefore, reduce imports trades. Thus, the effect of democracy on business trades by augmenting the gravity equation with democracy. Whereas, China reduces the transaction costs without putting business laws in front, which implies fees for services and other miscellaneous fees and the intelligent property law are still implemented according to the democracy laws.

Neo-Classic Theory

According to one author, Bernard Hodgson, member of Journal of Business Ethics (2001) elaborated the competitive market system or a deep structural system to enacting the life-value codes –to mitigate the principals of conventional market theory and practice. It is argued that the options or alternative is inescapable. This emphasize the orthodox or neo-classical theory point of view based on philosophical analysis examined the three fundamental principles of such modeling of its personal satisfaction and or maximizing of the satisfaction of self-interest, and the unboundedness of consumers’ preferences on material goods, and maximizing the monetary wealth. It is suggested that the practice of each of these principals to be radically modified. However, in doing so, competitive capitalism would lose its essential identity as a socio-economic order. If there is a possibility for the global marketing code of ethics will be in compliance in the multinational businesses; One of macroeconomics of political factors that differ in traditions of delegation of policies derived from beliefs, norms and culture except if one world can agree on one utilitarian theory then everything else will fall into position.

References

Jing, R., & Graham, J. (2008). Values Versus Regulations: How Culture Plays Its Role. Journal of Business Ethics, 80(4), 791-806. Retrieved March 6, 2010, from Alumni – ABI/INFORM Global. (Document ID: 1495352091).

Bai, L. (2007). Improving the Non-Governmental System of Outsourcing Labour Regulation in China. European Law Journal, 13(6), 772-799. Retrieved March 6, 2010, from Alumni – ABI/INFORM Global. (Document ID: 1373798691).

Yu, M. (2010). Trade, democracy, and the gravity equation. Journal of Development Economics, 91(2), 289. Retrieved March 6, 2010, from Alumni – ABI/INFORM Global. (Document ID: 1900732951).

Chao, M. & Zhang, Z., & Chiu, C. (2010). Adherence to perceived norms across cultural boundaries: The role of need for cognitive closure and ingroup identification. Group Processes & Intergroup Relations, 13(1), 69. Retrieved March 6, 2010, from Alumni – ABI/INFORM Global. (Document ID: 1963550321).

Beauchamp, T. & Bowie, N. (2004). Ethical Theory and Business. 7^th ed. Upper Saddle River, NJ: Pearson Prentice Hall

Bernard J Hodgson.  (2001). Can the beast be tamed?: Reflections on John McMurtry’s Unequal Freedoms: The Global Market as an Ethical System. Journal of Business Ethics, 33(1), 71-78.  Retrieved March 8, 2010, from Alumni – ABI/INFORM Global. (Document ID: 87418905).