Business ethics crucial in changing corporate scenario

Kolkata, Mar 10 (UNI) Business ethics has increasingly become essential in most B-schools nowadays because knowledge of business ethics make good managers and creates better business environment.

Talking at an interactive session here, organised by the Penn Club, India and Roteract Club, Kolkata, yesterday, Dr Philip M Nichols said, '' I mean no disrespect to India; but I must say that with its new economic policy, it is much easier to make money in India. '' An associate professor of Legal Studies and Business Ethics, Wharton School, University of Pennsylvania and a professor at the Business School of Ethics, Bangalore, Dr Nichols dwelt on the need for studying business ethics and the role that it plays in the changing corporate landscape.

'' It is unlikely that in business, you will not have to deal with social norms in deals and contracts. And if you cannot deal with them, you are a bad manager, '' he said adding, '' One must be prepared for the future, otherwise, everything that you have built will collapse. Then you fail as a manager and consequently bad business atmosphere is created. '' He further said Indian business needs to be more aware about business ethics and the current global market scenario following increasing competitiveness in global market and increased scrutiny in the business world.

Dr Nichols recommended that B-students should now be well aware of the ethics governing the corporate scenario today, adding India, being the largest democracy in the world and with its new economy, should take a leading role in this regard.

UNI