BUSINESS ORGANISATION CODE-(151102)

Gaurav Jain 01211415109 BBA(MOM) 1st Year (2nd Semester)

Submitted to G.T.V.L.N Charyullu

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BUSINESS ETHICS
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Business ethics (also known as Corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and business organizations as a whole. Applied ethics is a field of ethics that deals with ethical questions in many fields such as medical, technical, legal and business ethics. In the increasingly conscience-focused marketplaces of the 21st century, the demand for more ethical business processes and actions (known as ethicism) is increasing. Simultaneously, pressure is applied on industry to improve business ethics through new public initiatives and laws (e.g. higher UK road tax for higher-emission vehicles). Businesses can often attain short-term gains by acting in an unethical fashion; however, such behaviours tend to undermine the economy over time. Business ethics can gauravjains.vrps@gmail.com be both a normative and a (www.bbaexperts.com) descriptive discipline. As a corporate practice and a

BUSINESS ETHICS

GENERAL BUSINESS ETHICS

This part of business ethics overlaps with the philosophy of business, one of the aims of which is to determine the fundamental purposes of a company. If a company's main purpose is to maximize the returns to its shareholders, then it should be seen as unethical for a company to consider the interests and rights of anyone else. Corporate social responsibility or CSR: an umbrella term under which the ethical rights and duties existing between companies and society is debated. Issues regarding the moral rights and duties between a company and its shareholders: fiduciary responsibility, stakeholder concept v. shareholder concept. gauravjains.vrps@gmail.com Ethical issues concerning relations between (www.bbaexperts.com)

C ORPOR ATE

GOVE RN AN CE
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CORPORATE GOVERNANCE
Corporate governance is the set of processes, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered or controlled. Corporate governance also includes the relationships among the many stakeholders involved and the goals for which the corporation is governed. The principal stakeholders are the shareholders, management, and the board of directors. Other stakeholders include employees, customers, creditors, suppliers, regulators, and the community at large. Corporate governance is a multi-faceted subject. An important theme of corporate governance is to ensure the accountability of certain individuals in an organization through mechanisms that try to reduce or eliminate the principal-agent problem. A related but separate thread of discussions focuses on the impact of a corporate governance system in economic gauravjains.vrps@gmail.com (www.bbaexperts.com) efficiency, with a strong emphasis on shareholders'

ORPORATE GOVERNANC FOCUSES On

Structures and mechanisms that ensure internal structure and rules of the board of directors Disclosure strictures in regard to information for shareholders and creditors Transparency of operations and an impeccable process of decisiongauravjains.vrps@gmail.com making
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A SIMPLE MODEL FOR CORPORATE Shareholders elect GOVERNANCEtheir directors as

Corporate Governance Fr a m e w o r k
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representatives. 2. Directors vote on key issues and adopt majority decision. 3. Directors make transparent decisions for which shareholders and others can make them accountable. 4. Companies adopt accounting standards gauravjains.vrps@gmail.com that generate
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ECONOMIC SYSTEM
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ECONOMIC SYSTEM
An economic system is the system of production, distribution and consumption of goods and services of an economy. Alternatively, it is the set of principles and techniques by which problems of economics are addressed, such as the economic problem of scarcity through allocation of finite productive resources. The economic system is composed of people and institutions, including their relationships to productive resources, such as through the convention of property. Examples of gauravjains.vrps@gmail.com contemporary economic systems include (www.bbaexperts.com)

CHARACTERISTICS OF ECONOMIC SYSTEM

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ADVANTAGES OF ECONOMIC SYSTEM

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DISADVANTAGES OF ECONOMIC SYSTEM

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TYPES OF ECONOMIC The basic and general economic systems are: Market economy (the basis for several "hands SYSTEM off" systems, such as capitalism).
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Mixed economy (a compromise economic system that incorporates some aspects of the market approach as well as some aspects of the planned approach). Planned economy (the basis for several "hands on" systems, such as socialism, or a command economy). Traditional economy (a generic term for the oldest and traditional economic systems) Participatory economics (a recent proposal for a new economic system) Inclusive Democracy (a project for a new political and economic system)
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MARKET ECONOMY
A market economy is economy based on the division of labor in which the prices of goods and services are determined in a free price system set by supply and demand. This is often contrasted with a planned economy, in which a central government determines the price of goods and services using a fixed price system. Market economies are also contrasted with mixed economy where the price system is not entirely free but under some government control or heavily regulated, which is sometimes combined with state-led economic planning that is not extensive enough to constitute a planned economy. In the real world, market economies do not exist in pure form, as societies and governments regulate them to varying degrees rather than allow self-regulation by market forces. The term free-market economy is sometimes used synonymously with market economy, but, as Ludwig Erhard once pointed out, this does not preclude an economy from having socialist attributes opposed to a laissez-faire system. Economist Ludwig von Mises also pointed out that a market economy is still a market economy even if the government intervenes in pricing. gauravjains.vrps@gmail.com Different perspectives exist as to how strong a role the government (www.bbaexperts.com)

MIXED ECONOMY
A mixed economy is an economic system that includes a variety of public and government control, or a mixture of capitalism and socialism. There is not one single definition for a mixed economy, but relevant aspects include: a degree of private economic freedom (including privately owned industry) intermingled with centralized economic planning and government regulation (which may include regulation of the market for environmental concerns, social welfare or efficiency, or state ownership and management of some of the means of production for national or social objectives).
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centrally planned economy, or command and control economy. In such economies, central economic planning by the state or government controls all major sectors of the economy and formulates all decisions about the use of resources and the distribution of output. Planners decide what should be produced and direct lower-level enterprises to produce those goods in accordance with national and social objectives. Planned economies are in contrast to unplanned economies, such as a market economy, where production, distribution, pricing, and investment decisions are made by the private owners of the factors of production based upon their own interests rather than upon furthering some overarching macroeconomic plan. Less extensive forms of planned economies include those that use indicative planning, in which the state employs "influence, subsidies, grants, and taxes, but does not compel." This latter is sometimes referred to as a "planned market economy". A planned economy may consist of state-owned enterprises, private enterprises directed by the state, or a combination of both. Though "planned economy" and "command economy" are often used as synonyms, some gauravjains.vrps@gmail.com

PLANNED ECONOMY

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TRADITIONAL ECONOMY
A traditional economy is an economy based on custom and tradition. The economic system in which resources are allocated by inheritance, has a strong social network and is based on indigenous technology and methods. Although this type of economy has been converted to mixed, command, or market technologies in many societies that were once traditionally driven; over 400 million people across the globe still practice this methodology, as researched by the World Bank. The techniques may be outdated. This type of economy ensures that every gauravjains.vrps@gmail.com
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ARTICIPATORY ECONOMI
Participatory economics, often abbreviated parecon, is an economic system proposed by activist and political theorist Michael Albert and radical economist Robin Hahnel. It uses participatory decision making as an economic mechanism to guide the production, consumption and allocation of resources in a given society. Proposed as an alternative to contemporary capitalist market economies and also an alternative to centrally planned socialism or coordinatorism, it is described as "an anarchistic economic vision", and it could be considered a form of socialism as under parecon, the means of production are owned by the workers. The underlying values that parecon seeks to implement are equity, solidarity, diversity, workers' self-management and efficiency. (Efficiency here means accomplishing goals without wasting valued assets.) It proposes to attain these ends mainly through the following principles and institutions: workers and consumers' councils utilizing self-managerial methods for decision gauravjains.vrps@gmail.com making, balanced job complexes, (www.bbaexperts.com)

INCLUSIVE a political theory and DEMOCRACY Inclusive Democracy is

political project that aim for direct democracy, economic democracy in a stateless, moneyless and marketless economy, self-management (democracy in the social realm) and ecological democracy. The theoretical project of Inclusive Democracy (ID; as distinguished from the political project which is part of the democratic and autonomy traditions) emerged from the work of political philosopher, former academic and activist Takis Fotopoulos in Towards An Inclusive Democracy and was further developed by him and other writers in the journal Democracy & Nature and its successor The International Journal of Inclusive Democracy, an electronic journal freely available and published by the International gauravjains.vrps@gmail.com Network for Inclusive Democracy.
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Thanks For Your Kind Attention

Hope You Appreciate My Work

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