MGT 216 Week 1 Discussion Question 2
MGT 216 Week 1 Discussion Question 2 fin571
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Date Created: 11/10/15
0 Are there any situations in business that are legal but unethical Can you think of any situations that are ethical but illegal Provide hypothetical workplace examples to support your argument Response Many situations in business are legal but not ethical For example certain business is inherently unethical One example is checkcashing businesses which charges extortionlevel interest rates to poor people on shortterm loans by holding their paychecks as collateral Once people get into checkcashing cycles it s almost impossible for them to get out of debt In a similar vein I d argue that many fee structures in the banking and credit industry are unethical For example many credit card companies pull people in with low introductory rates but the rates quickly increase over time or with even a single missed payment Since the increased rates apply to previously made charges the result is that the effective price of purchased goods increases for the consumer afterthefact By setting minimum payments so low that the customer s debt will actually increase rather than decreasing over time the companies show that their goal is to keep people in debt rather than helping them get out of it The question of what might be ethical but not legal depends on one s moral principles For many people actions that are illegal are inherently immoral However one possible example of such an action is a pharmacist offering a needle exchange service in a community where no other such free service is available Needles are generally only available with prescription so such a program if unsanctioned might be illegal However if the pharmacist believes that he or she is not encouraging drug use but is discouraging spread of disease then this might be an ethical practice Another example of a practice that is ethical but not legal might be bribery in certain foreign markets For example a company that provides travel services to American customers in third world countries may have to provide a certain amount of budget for roadside fines e g bribes to police officers which are standard in countries such as China and Mexico Even though illegal it is part of the way of doing business in those countries and the company would be unable to operate without following cultural practices
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