The Role of Economic Ethics for Companies in the Era of Globalization

Abstract

In establishing relationships with others in the business world, the ethical aspect plays an important role. Business ethics have a significant influence in determining the success of a business. Applying the right ethical principles can also improve the flow of communication and increase the level of trust in the work environment. When engaging in business activities, it is necessary to focus on two things. First, there is awareness and sensitivity to the needs and feelings of others. The second reason is to avoid any misunderstandings between stakeholders, as business ethical standards vary widely across cultures and countries. This article aims to explore the relevance of economic ethics in the context of business in the era of globalization. The author of this article applied observation as a strategy and relied on documents as research sources. Based on the discussion presented in this article, the level of trust among members of the business community is greatly influenced by the quality of economic ethics applied. There are many stakeholders that influence each other, including businesses, suppliers, and end consumers. Each of these elements must meet high ethical standards to maintain a solid foundation of trust.