86 Opinion
Keith Morrison
Vice-rector for educational development of the Inter-University Institute of macau
kmorrison@iium.edu.mo
In profit we trust
d
o you and your employer behave ethically? Are you for its wealthy shareholders, then on the back of that hard-
terrified to whistle-blow on unethical business practices earned money, pay off its failed bosses with disgustingly high
in your organisation? ethics are vital. However, while severance package?
necessary and desirable, an ethical code is not enough, some Why should profits be privatised, losses socialised and
of the most venerable US companies with the most wonderful bosses rewarded whatever happens? Why should some
codes of practice broke them. recently, and closer to home, countries export the problems arising from the financial greed
we haven’t had to look far for ethical problems in business. of some of their institutions onto the rest of the world?
There seems to one lesson to learn, trust is a signficant ‘business confidence’ is not simply a financial matter; it
casualty of business. concerns trust. When trust is betrayed then stiff penalties
should ensue and the perpetrators should be barred from
What to trust? setting up further businesses.
We cannot trust what we ingest: polluted toothpaste, milk
Fair business means ethical
products that kill, poisoned food, potentially lethal paint on
toys. We cannot trust what we wear: cosmetics made with
business, not just making profit
banned substances; clothes made with sweatshop labour;
regardless of the human cost.
shoes made by workers forced to inhale toxic fumes from Unethical business behaviour has
glue. We cannot trust companies to employ workers legally:
no place in a civilised society
illegal construction workers are routinely rounded up in
macau and carted back home. We cannot trust shops not to They have over-stepped an ethical boundary. Powerful
hike up prices unreasonably when there is a run on demand. deterrents for unethical behaviour are needed. regulation
We cannot trust employers to pay wages on time, or at all is necessary as, unfortunately, many people and institutions
in a depressing number of cases. We cannot trust failed cannot be trusted. regulation, transparency, and full and
businesses to pay their employees the wages owed to them. fair information are essential for the promotion of ethical
We cannot trust banks and financial service institutions to behaviour and the protection of the public from the excesses
give correct and full advice – witness the rancour of investors of selfish marketeers and capitalist greed.
seeking to regain their lost savings from international
companies. Nasty and cruel
Trust is a fundamental requirement in human interaction
and in business, yet, it is low on the agenda of many in Why do business people behave so badly? The pursuit
business. breaching trust brings going concerns down; it of profit? Greed? Self-interest? probably all of them. There
is commercial suicide. companies and those who deliver stands a need to protect ourselves from our own worst nature;
services have a fiduciary duty of care and an ethical the side of human nature that is nasty, cruel, exploitative and
responsibility not to break the trust of consumers and clients. uncaring.
but ‘good’ business practice is not only about ensuring It is not good enough to characterise this as the law of the
customer loyalty for business purposes; it is about an ethical jungle and that survival means that you must exploit and kill
duty to behave correctly, fairly and responsibly, not to turn a in the pursuit of profit. Fair business means ethical business,
quick buck at any cost. not just making profit regardless of the human cost. Unethical
business behaviour has no place in a civilised society.
Innocent pay Similarly, it is not good enough to blame the financial
institution, the ‘organization’ and ‘the market’ for unethical
Why should an innocent, honest, decent, citizen who practices. At the core of institutions, organisations and the
has worked hard all their life to save for their retirement find market are people. People make the decisions, not institutions
that her savings have been lost or eroded because some or organisations. People must bear a responsibility to behave
powerful, faceless financial organisation has made a lousy, ethically. market freedom brings social responsibilities, it
greedy, self-interested deal in the hope of making a profit does not mean license to do whatever you want.
december 2008
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