Over the years, social and ethical concerns have brought attention to the community that caused much bitter conflict to the relationship between business and society. As people become better educated and more affluent, rising expectations naturally follow for major institutions and these developed a backdrop against which criticisms towards businesses have grown. Therefore, these created the need for them to assume greater societal responsibilities rather than mere ruthless pursuit of own profits. Many businesses today share the same viewpoint that making profit for profit’s sake no longer leads to sustainable performance, stakeholder management has become an increasingly important aspect of a business’ operation integrating traditional economic considerations with environmental and social concerns jones 2012.

Cancer Prevention Research Paper

While doing well and doing good are no longer seen to be mutually exclusive, corporations practicing stakeholder management is highly debated to be sustainable to a large extent. With all the benefits that it brings, this approach however also has its fair share of limitations to be discussed later in this essay. Outlining the term ‘sustainability’ sustainability is the capacity to endure.

One of the best known general definitions about sustainable development was expressed as meeting the needs of the present without compromising the ability of future generations to meet their own needs united nations 1987. Increasing attempts at definition are also recognizing the needs interdependence between economic, environmental and social systems that thus considered them in an integrated way. Soyka 2012 put forward that sustainability encompasses three major elements namely economic propensity, environmental protection and social equity.

Corporations have to make profit to provide support for its shareholders and employees and contribute to their long term wellbeing. It must produce surpluses to carry through tough times and afford funds for growth, and at the same time innovate in minimizing environmental pressures and offer benefits to its community of consumers. The root of this idea is that all systems, both human and natural ones, need to be balanced and regenerative in order to last. Therefore, as sustainability is defined as involving the different aspects of a business operation, the fundamentals of stakeholder management come into place.

At the core of stakeholder theory is the notion that the long term sustainability of business depends on acquiring the cooperation of various constituents, including but not restricted to shareholders donaldson preston 1995. Stakeholders include shareholders, employees, customers, suppliers, government and the community at large. Caroll and buchholtz 20 proposed that pluralism exists within society where there is a wide decentralization of power among many groups and organizations. This implies an exchange, or rather an interdependent relationship between corporations and its society as decisions made by either party can impact the achievement of individual objectives. For example, stakeholders provide capital to the firm and expect maximum returns on their investment. As managers and employees put in their time and commitments, they demand reasonable income and satisfactory working conditions. If whichever way is unsatisfied, the party may withdraw and affect the progress of the other.

This interrelationship results in a strategic reason for corporations to leverage on stakeholder management in meeting expectations that ultimately strengthens their competitiveness. Hence, there exists a two way understanding between them reflecting mutual expectations on each other’s roles, responsibilities and ethics. Donaldson and dunfee 1994 identified this as a social contract which addresses universally understood expectations that are. Our writers can help get your essay back on track, take a look at our services to learn more about how we can help. Essay writing service essay marking service place an order at the end of the cold war era, the term 'good governance' came into circulation which signified the prescriptions by donor agencies for carrying out economic and political reforms by the recipient countries. These prescriptions were presented by international donor agencies as 'conditionalities' and were expected to be met with compliance.

4 the world bank defines good governance as .the one epitomized by predictable, open, and enlightened policy making, a bureaucracy imbued with a professional ethos acting in furtherance of the public good, the rule of law, transparent processes, and a strong civil society participating in public affairs. Poor governance on the other hand is characterized by arbitrary policy making, unaccountable bureaucracies, un enforced or unjust legal systems, the abuse of executive power, a civil society unengaged in public life and widespread corruption. 5 the government of maharashtra report on good governance sought to elucidate on the concept of good governance. 6 at the outset in the 'mission statement' of the report, it clarified that the concept of good governance was much larger than mere administrative reforms as understood in the conventional sense of the term as it covered more ground and substance. Good governance has much to do with the ethical grounding of governance and therefore must be evaluated with reference to specific norms and objectives as may be laid down.

Apart from looking at the functioning of the given segment of the society from the point of view of its acknowledged stakeholders and beneficiaries and customers and incorporating these perspectives in the course of its actions, it must have firm moorings to certain moral values and principles. As a concept, good governance applies to various and distinct sections of the society the government, legislature, judiciary, the media, the private sector, the corporate sector, the co operatives, societies, trusts, organizations and even non governmental organizations. 7 after all, public accountability and transparency are equally relevant for each one of these institutions on which the society derives pillar strength.

Furthermore, only when all these and various other sections of the society conduct their affairs in a socially responsible manner can the objective of achieving larger good for the largest number of people in the society be realized. It must also be mentioned that the foremost test of good governance is the respect for the rule of law. Every lawfully established government must govern according to the laws of the land and all its actions must uphold the rule of law and any effort to take the law in one's own hand or to undermine the law by anyone, howsoever high and mighty he may be, must be dealt with speedily, decisively and in an exemplary manner. The report goes on to observe that it is a matter of great concern that despite over five decades of independence, it cannot be said with conviction that our governance is based on the rule of law. The pillars of governance include accountability, transparency, predictability and participation these are universally applicable regardless of economic orientation, strategic priorities, or policy choices of the government in question.

Middle East Dissertation Topics

However, there application must be country specific and purely based on the economic, social and administrative capacity of the country. The universally accepted characteristics of good governance include participation, rule of law, transparency, responsiveness, equity, inclusiveness, effectiveness, efficiency and accountability. 8 the following text shall cover the principles which may be considered as the key principles of good governance in the opinion of the researcher. These key elements have been listed out by the researcher based on their relevance and contribution towards establishing an efficient and objective driven governing authority, covering socio political and economic considerations. The determinative role that these principles play are supported by the various texts of international governing authorities, like the united nations, as well as the emphasis laid upon them by the constitutions of various countries including india.

Which make the compliance to such principles mandatory, but also 'soft law' provisions, i.e. Which reflect the consensus of countries and their convergence in thought process vis vis these principles. Before we can move into a detailed consideration of the ethics of any regulatory regime, we need to begin by establishing clear definitions of the terminology that we will use, beginning with ethics. As we have seen in recent times, it is possible for banks to have what is generally seen to be extremely negative effects on the lives of every citizen in the state. Their lack of prudence and their ability to influence government policy during the so called celtic tiger years has resulted in every citizen of the state being saddled with a burden of debt that exceeds our ability to pay by some considerable margin. It is also possible for banks to be forces for what most people would call good in society, greasing the wheels of the economy and ensuring that capital finds its way into the hands that are best equipped to deploy it and grow it.

Essay on Canadian Culture

They can play an important role in increasing the prosperity of a nation, which also leads to an increase in health, longevity, and all of the other things that many people believe that societies should aspire to. Our writers can help get your essay back on track, take a look at our services to learn more about how we can help. Essay writing service essay marking service place an order we have used the terms good and negative in the above examples, and ethics, put very simply, is the study of what is good and bad, or right and wrong. Regulation, in our view, is a political issue, and political issues are, at bottom, moral issues, concerning how the resources of a given society are distributed, and what is permitted, and what is forbidden.

Dissertation Ghostwriting

As a philosophical discipline, ethics has been around since before the time of socrates, and has since branched into many different areas that focus on particular questions of morality. These mostly fall into two categories: meta ethics, which is a very abstract area that deals with the meaning of language, and normative ethics which is a search for governing moral principles that can be applied. We will consider regulation from the point of view of applied ethics, a sub discipline of normative ethics that considers the ethics of specific actions. Further, we will focus on the ethics of specific actions from a consequential point of view, meaning that we will consider only the outcome of a specific action or policy, and not whether or not it is right or wrong in isolation. Finally, we will consider these questions from the standpoint of relative morality, as we do not adhere to any religious or fundamental view that commercial activity is a priori right or wrong. So, to summarise, the ethical point of view we will adopt is: nothing is right or wrong in and of itself only the consequences of actions will be considered we have taken a dictionary definition as our starting point as the question under consideration is one of how a certain term is commonly understood.