Practical and theoretical achievements of business ethics fallen short because of the high standards. So, how are we going
to lift up the fallen-short achievement of business ethics? A guide is needed.
Inside approach alone is insufficient because business, like any social group, is only a single part of society and it needs additional outside control and guidance. Likewise, outside approach alone cannot stand also towards the right direction because it lacks the inner commitment of business. Therefore, outside approach and inside approach must go hand in hand. Due to the rise of trade, globalization and instant communication in business and economics there is an increasing pressure for the various groups to propose global business conduct
standards. Some of them are the following:
Private sector standards include the emerging ISO standard and ISO 1400 (Environmental Standard). These standards tend to focus on the specific management systems needed within an organization to help issue integrity in its business conduct.
Public sector standards. These standards include those proposed by the multilateral institutions such as United Nations and OECD. They typically include governmental aspects of international trade and overlapping requirements of different regulatory
Environment. OECD Guidelines are components of larger projects that include an anti-corruption initiative and efforts to create a more equitable global trade environment. Anti-corruption is an important aspect of these standards.
Civil society standards. Civil society includes a wide variety of non-governmental organizations (NGOs) such as research and academic institutions, membership organizations, advocacy groups and citizen’s groups. It focuses on controlling and mitigating the real or perceived harmful effects of globalization. They address issues such as fair labor standards, respect for natural environment and supporting the efforts of emerging democratic institutions. We need to place the approaches to business and economic ethics into the global context due to the difficulty in attaining progress in business and economics and due to the challenges of globalization. *****