Business ethics Essay Example | Topics and Well Written Essays - 1750 words - 1

Business ethics - Essay Example Based on ethical theories and literature, this paper will attempt to show that it is important for companies to embrace the concept of sustainable development in order to grow their bottom line and ensure future growth. Companies are required to embrace sustainable development because by doing so, they will be fulfilling their ethical obligations to sustainability. In order to understand these ethical obligations, this paper analyses the ethical theories related to sustainability and how they apply. In an article by Mohamed Eid (2012) on sustainable development, the author relates the four major ethical theories to sustainability. These theories help understand how sustainable development is critical to any company. The first ethical theory supporting sustainable development is utilitarian ethics, a theory that focuses on the need to maximize good and the promotion of happiness. Based on this theory, sustainable development is approached by looking at the balance between economic, social and environmental welfare. Companies are thus required to engage in actions that will promote the overall good by striking a balance between these aspects. Companies have to focus not only on themselves and the maj ority in society but include the minorities as well. This requires that future generations are considered when making critical decisions. This also demands a focus on the economic gains of the company that meet the needs of all stakeholders (Najam, 1999 p. 70). The utilitarian theory requires companies to use approaches and methods that promote happiness from the individual level to the wider society. Companies thus need to create an environment that guarantees a better future for everyone. Secondly, sustainability is also tied to the deontological theory in which it is argued that actions are either right or wrong irrespective of their consequences. In this case, actions need to be justified by accepted universal principles. Currently,