Final answer:
Business ethics encompasses corporate responsibility, codes of ethics, and decision-making frameworks, especially significant in the age of emerging technologies. Nike's history reflects the challenges corporations face in adhering to ethical practices. Globalization and the impact of multinational corporations on developing nations are also essential elements of business ethics.
Step-by-step explanation:
Business Ethics and Emerging Technology
Corporate responsibility is a significant aspect of business ethics, which assesses how much responsibility corporations should carry for social, economic, and environmental problems. In the context of Nike's history, the company has faced various ethical challenges, including labor practices and sustainability efforts. Business ethics also extend to the development of codes of ethics that guide the conduct of business members and their relationships with employees, shareholders, and stakeholders.
As for emerging technologies, the ethical framework in business decision-making involves evaluating the difficulties of establishing ethical practices. Emerging technologies, such as artificial intelligence (AI), pose unique challenges, including potential dangers and societal impacts, which require thoughtful ethical consideration. The role of ethical codes is to help navigate these challenges by providing guidelines that inform behavior in these relatively uncharted territories.
Global Impact of Multinational Corporations
Multinational corporations like Nike have a complex impact on politics, workers, and the environment, especially in developing nations. Globalization, another key aspect of modern business ethics, has profoundly affected workers worldwide by shaping labor markets, economics, and the social fabric of communities.
Engaging in ethical business practices with multinational corporations can be challenging, but it ultimately supports sustainable development and fair treatment of workers and uses of resources.
Thinking about Ethical Sources
Thinkers such as Milton Friedman and Norman Bowie have offered diverse perspectives on the ethical responsibilities of businesses, meaningful work, and stakeholder theory. Philosophers have debated if ethical knowledge is objective or subjective, and religious texts can also offer insights into ethical business practices, as seen in the hadith and the writings of Ibn Khaldun.