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1、College English学术英语学术英语Academic English College EnglishUnit 2 Business EthicsText A Striking the Right BalanceCollege EnglishFree enterprise Free enterprise refers to the system of business in which individuals are free to decide what to produce, how to produce it, and at what price to sell it.自由企业制
2、度，就是确保企业能够拥有在产权受法律保护的基础上所享有的自由创业权、自由经营权、自由交易权以及自由支配或处置财产权等一系列的制度安排。它包括产权制度、进入退出制度、公平竞争制度、平等合约制度、平等交易制度以及平等获取信息服务制度等。 Unit 2Business EthicsText A Background informationCollege EnglishDo you agree or not? Profit maximization is the right goal for a business- Adam Smith College English2016年年315晚会：共筑消费新
3、生态晚会：共筑消费新生态 【曝光曝光】“饿了么饿了么”惊现黑心作坊惊现黑心作坊 看完你还会饿看完你还会饿么？么？ 【曝光曝光】制造用废钢料制造用废钢料 这样的假牙你敢戴吗？这样的假牙你敢戴吗？ 【权威发布权威发布】跨境电商进口儿童用品超三成不合跨境电商进口儿童用品超三成不合格格 【消费预警消费预警】你买的人参可能一半是白糖！你买的人参可能一半是白糖！Balance profit and business ethicsCollege English6Business Ethics Business ethics means written and unwritten codes of moral
4、 standards that are critical to the current activities and future aspirations of a business organization. They can differ from one company to another because of differences in cultural perspectives, operational structures and strategic orientations. The guiding framework of business ethics exists al
5、l levels of the organization. It is about having the wisdom to determine the difference between right actions and wrong decisions. In simpler terms, business ethics provides the morality standards and behavioral patterns expected of individuals and the business as a whole. These moral standards can
6、be perceived in terms of the microenvironment and macro environment of the business.College EnglishStakeholder VS Shareholder There are two schools of thought regarding how companies should approach a definition for business ethics: the shareholder perspective and the stakeholder perspective. Colleg
7、e EnglishStakeholder VS Shareholder Shareholder Perspective Those who approach ethical decision making from a shareholder perspective focus on making decisions that are in the owners best interest. Decisions are guided by a need to maximize return on investment for the organizations shareholders. In
8、dividuals who approach ethics from this perspective feel that ethical business practices are ones that make the most money.College EnglishStakeholder VS Shareholder Stakeholder Perspective The phrase corporate social responsibility is often used in discussions of business ethics. The idea behind thi
9、s concept is the belief that companies should consider the needs and interests of multiple stakeholder groups, not just those with a direct financial stake in the organizations profits and losses. Organizations that approach business ethics from a stakeholder perspective consider how decisions impac
10、t those inside and outside the organization. Stakeholders may include: employees, suppliers, customers, competitors, government agencies, the news media, community residents and others. The idea behind stakeholder based ethical decision making is to make sound business decisions that work for the go
11、od of all affected parties.College EnglishImportance of Ethical Business Decisions Companies and people who behave in a socially responsible manner are much more likely to enjoy ultimate success than those whose actions are motivated solely by profits. Knowing the difference between right and wrong
12、and choosing what is right is the foundation for ethical decision making. In many cases, doing the right thing often leads to the greatest financial, social, and personal rewards in the long run. College English11Corporate Social Responsibility Definitions Corporate social responsibility (CSR) is ab
13、out how companies manage the business processes to produce an overall positive impact on society Corporate social responsibility (CSR) refers to a business practice that involves participating in activities that benefit society. College English12Pyramid of Social Responsibility(Carroll 1991)College
14、EnglishText A Striking the Right Balance Para 1 In 1776, Adam Smith described how an “invisible hand” guides companies as they strive for profits, and that hand leads them to decisions that benefit society. Smiths insights led him to conclude that profit maximization is the right goal for a business
15、 and that the free enterprise system is best for society. College EnglishText A Striking the Right Balance But the world has changed since 1776. Firms today are much larger, they operated globally, they have thousands of employees, and they are owned by millions of stockholders. This make us wonder
16、if the “invisible hand” still provides reliable guidance. Should companies still try to maximize profits, or should they take broader view and take more balanced actions designed to benefit customers, employees, suppliers, and society as a whole? College EnglishPara 2 Most academics today subscribe
17、to the following modified version of Adam Smiths theory: A firms principal goal should be to maximize the wealth of its stockholders, which means maximizing the value of its stocks.College EnglishPara 2 Free enterprise is still the best economic system for the country as a whole. Under the free ente
18、rprise framework, companies develop products and services that people want and that benefit society. However, some constraints are needed- firms should not be allowed to pollute the air and water, to engage in unfair employment practices, or to create monopolies that exploit consumers.College Englis
19、hPara 3 These constraints take a number of different forms. Through the political process, society imposes a wide range of regulations that are designed to keep companies from engaging in practices that hurt society. Another set of constraints are the costs that are assessed on companies if they tak
20、e actions that harm society. Properly imposed, these costs fairly transfer value to suffering parties and help create incentives that help prevent similar events from occurring in the future.College EnglishPara 3 Two recent examples dramatically illustrate these points. First, many Wall Street firms
21、 engaged in extremely risky activities that pushed the financial system to the brink of collapse in 2007 and 2008. Saving the financial system required a bailout of banks and other financial companies, and that bailout imposed huge costs on the taxpayers, and also helped push the economy into a deep
22、 recession. College EnglishPara 3 Apart from the huge costs imposed on society, the financial firms also paid a heavy price - a number of leading financial institutions saw a huge drop in their stock price, some failed and went out of business, and many Wall Street executives lost their jobs. More r
23、ecently, in 2010, the massive BP oil spill in the Gulf of Mexico had a terrible environmental and economic impact of the Gulf region. College EnglishPara 3 In the three months following the initial explosion, BPs stock lost half of its value, and no one knew how high its total cost would be and whet
24、her the company would survive. The spill has also led the United States and other nations to re-examine their policies regarding deep-water drilling, and that might have a serious adverse effect on long-run oil supplies.College English CREDIT CRISISCollege Englishbackground US Federal Reserve lower
25、the interest rates to only % after 911. Investor: low return for 1%, Bank: borrow money from Fed for 1%, cheap credit (低息贷款), go crazy with leverage, earn lots of money, Then investors of Wall Street also wants to earn more money. College EnglishLeverage is borrow money to amplify the outcome of a d
26、eal$10,000College EnglishHow did that happen?House buyersInvestorsWall streetCollege EnglishHow did it work?mortgage College EnglishBad result sub-prime mortgage crisis College EnglishEndCollege EnglishPara 4 Still, some argue that the costs imposed on BP are insufficient to cover the damages that w
27、ere incurred, and that the theory of constrained profit maximization is inadequate. For example, GE Chief Executive Officer (CEO) Jeffrey Immelt believes that just obeying the law is not enough, and that companies should strive to behave ethically and continually operate with societys interests in m
28、ind. College EnglishPara 4 Immelt further argues that value and reputation go hand in hand, and that having a good reputation with customers, suppliers, employees and regulators is essential if value is to be maximized. In his words, “The reason people come to work for GE is that they want to be par
29、t of something bigger than themselves.College EnglishPara 4 They want to work hard, win promotions, and be well-compensated, but they also want to work for a company that makes a difference, a company thats doing great things in the world its up to GE be to a good citizen. Not only is that a nice th
30、ing to do, but its good for business and thus the price of our stock.”College EnglishPara 5 GE is not alone. An increasing number of companies see their mission as more than just making money for their shareholders. Googles well-know corporate motto is “Dont Be Evil.” Consistent with this mission, t
31、he company has its own in-house foundation that has made large investments in a wide range of philanthropic ventures worldwide. There are other instances where corporate leaders have donated personal funds.College EnglishPara 6 In 2008, Microsoft Corporations Bill Gates gave a speech to the world Ec
32、onomic Forum in which he made the case for a “creative capitalism”. Gates stated that, “such a system would have a twin mission: making profits and also improving lives for those who dont fully benefit from market forces.”College EnglishPara 7 Gates has certainly been true to his word. In 2000, he a
33、nd his wife established the Bill & Melinda Gates Foundation. Today the fund has assets totaling $33.5 billion. It received a notable boost in 2006 when famed investor Warren Buffett announced that he would donate a huge share of his fortune to the Foundation. College EnglishPara 7 To date, Buffett h
34、as contributed more than $6 billion, and over time he is scheduled to contribute additional stock that is now worth in excess of $40 billion. These efforts show that there is more to life than money, but it often takes money to do good things. College EnglishBill Gates was born on Oct, 28 in 1955 an
35、d grew up in Seattle with his two sisters. His father was a lawyer and his mother was a teacher. Bill Gates had his elementary school and high school education is Seattle. Bill GatesCollege English And it was during that time Bill founded that his interests lying in writing programs and began to wri
36、te programs at 13. College EnglishIn 1973, Bill Gates was admitted by Harvard but he quitted from Harvard three years later. He put all his time and energy into designing programs for Microsoft Cooperation which established in 1975 by Bill and his friend Paul Allen. College EnglishBill Gates married
37、 Melinda French Gates on January, 1st in 1994.They have three children .In the spare time, Bill has passion in reading books and playing golf. College EnglishWarren Buffett LifeuHis financial career began at the age of 14.uAt 26, he set up his first investment partnership for family and friends with
38、 $174,000. uAt the end of 2008, his personal fortune was $60billion and Berkshire Hathaway, his holding company, was valued at $200million. uBuffett loves charity, preparing to contribute $37 billion , accounting for 85% of his property.College Englishwords for his sonHis son doesnt follow in his fo
39、otsteps, but keeps the faith of Warren Buffett, that is: Enjoying what you are doing everyday is a true success. Earning a lot of money may make you rich ,but that means seeking a meaningless life by sacrificing your happiness. That may be stupid.College EnglishText A OverviewCritical reading and th
40、inking1. Scan Text A and completing the following table.The original version The modified versionThe invisible hands guides companies to strive for profits.Profit maximization is the right goal for a business.Free enterprise system is best for society.A firms principal goal should be to maximize the
41、 wealth of its stockholders.Free enterprise is still the best economic system for the country as a whole.Some constraints are needed for firms.Unit 2Business EthicsCollege EnglishExercise 2 Argument 1 1) a wide range of regulations are imposed 2) assessing costs on companies; BP oil spill Argument 2
42、 1) behave ethically; value and reputation 2) Dont be Evil 3) creative capitalism 4) contributed more than $6 billionCollege EnglishLanguage building upTask 1-1 1. 无形的手 2. 自由企业制度 3. 股东4. 经济体制5. 开发产品和服务6. 市场力量7. 金融机构8. 严重衰退9. 破产College EnglishLanguage building up 10. stock price 11. mission 12. corpo
43、rate motto 13. assets 14. maximize profits 15. financial system College EnglishLanguage building upTask 1-2 1. When politicians and economists talk about【market force】, they mean the economic factors that affect the availability of goods and the demands for them, without any help from or control by
44、the government. 2. The dramatic change in business environment makes all industries face drastic completion. This is also happened in the 【financial institutions】.College EnglishLanguage building upTask 1-2 3. A【free enterprise system】can be contrasted with a socialist economic system, which depends
45、 heavily on government planning and public ownership of the means of production.4. The oil price increases pushed the European economy into【deep recession】.College EnglishLanguage building upTask 1-2 5. Adam Smiths famous【invisible hand】theory has been modified to cater to the current economic situa
46、tion.6. An individual or organization that owns stocks in a corporation can be called【stockholder】.College EnglishLanguage building upTask 1-2 7. In economics,【profit maximization】is the short-run or long-run process by which a firm determines the price and output level that returns the greatest pro
47、fit.8. A socialist market【economic system】has now taken shape, and the basic role played by the market has been improved in the sphere of resource allocation.College EnglishLanguage building up Task 2 -Signpost language 1. and 2. Another 3. also 4. Not only, but 5. other College EnglishLanguage buil
48、ding up Task 3- formal English 1. Smiths insights led him to conclude that profit maximization is the right goal for a business and that the free enterprise system is best for society. (understanding) 2. Most academics today subscribe to the following modified version of Adam Smiths theory. (agree w
49、ith)College EnglishLanguage building up Task 3- formal English 3. Through the political process, society imposes a wide range of regulations that are designed to keep companies from engaging in practices that hurt society. (forces to be accepted) 4. and that might have a serious adverse effect on lo
50、ng-run oil supplies. ( bad)College EnglishLanguage building up Task 3- formal English 5. An increasing number of companies see their mission as more than just making money for their shareholders. (purpose) 6. Consistent with this mission, the company has its own in-house foundation that has made lar