Review of the Caux Principles for Responsible Business – Best Sample Reviews(2022)
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Review “The Caux Principles for Responsible Business” in Hartman, DesJardins, and MacDonald. Imagine that another organization you have researched has called upon you to develop a position for the organization on adopting these universal ethical norms for business operations.
What arguments would you raise for application of the seven Caux Principles? How would you defend as good business practices the application of these principles? What opposition to adoption of the principles might you expect from others in the organization?
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Solution
Review of The Caux Principles for Responsible Business
Review of the Caux Principles for Responsible Business
Senior Japanese and European executives founded the Caux Round Table to deal with trade frictions occurring in the electronics and automotive industries. The Caux principles are moral norms for responsible business practices to enhance the trust and confidence necessary to sustain free markets. The principles are anchored in ethical bases; unity to achieve mutual benefits, responsible stewardship, and respect for human dignity.
Responsible businesses value stakeholders and to respect their interests and treat them fairly. Responsible companies invest in the environmental, social, and economic sectors of society for improvement through fair competition and technological innovation. Businesses are expected to operate within the confines of the law and adheres to the spirit of the law (Carroll, 2013). Responsible businesses emphasize fairness, equality, and respect the cultures in which they operate. Responsible businesses support responsible globalization by supporting domestic rules and regulations reforms (Hartman et al., 2017). Responsible companies respect the natural environment in which businesses operate and avoid illicit activities like bribery, money laundering, and drug trafficking.
The seven Caux principles are based on ethical issues and they dictate that, for excellent business practices, businesses should work together for mutual benefits. Businesses are to exercise responsible stewardship and respect human dignity. The application of the principles ensure ethical and responsible corporate behavior and set a world standard for measuring business behavior (Mvenner, 2017). Global capitalism in financial markets leads to a downfall in production and consumption making it difficult to ensure the social culture of trust. However, the seven Caux principles are meant to remedy such difficulties.
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The seven Caux principles have legitimacy as they are anchored on ethical bases which are unity to achieve mutual benefits, responsible stewardship, and respect for human dignity. The principles are necessary to ensure responsible business practices that elevate human dignity.
Reference
Carroll, A. (2013). Caux Round Table Principles. Encyclopedia Of Corporate Social Responsibility, 327-332. https://doi.org/10.1007/978-3-642-28036-8_14
Hartman, L., DesJardins, J., & MacDonald, C. (2017). Business ethics (4th ed.). McGraw-Hill Education.
Mvenner, V. (2017). The Caux Round Table: Principles for Business. Also, the ethical legacy of Catholic business schools. CatholicNetwork.US. Retrieved 6 August 2020, from https://catholicnetwork.us/2017/09/11/the-caux-round-table-principles-for-business-also-the-ethical-legacy-of-catholic-business-schools/.
Question
Review “The Caux Principles for Responsible Business” in Hartman, DesJardins, and MacDonald. Imagine that another organization you have researched has called upon you to develop a position for the organization on adopting these universal ethical norms for business operations.
What arguments would you raise for application of the seven Caux Principles? How would you defend as good business practices the application of these principles? What opposition to adoption of the principles might you expect from others in the organization?
Do these arguments have legitimacy? Why or why not?Your initial post should be at least 300 words.
Reference- https://www.youtube.com/watch?v=eQcC1qYP08s&feature=youtube
Reference- https://www.youtube.com/watch?v=PHVuzec6s0c&feature=youtube
Reference- https://www.youtube.com/watch?v=6LD5-2oj7DA&feature=youtube
Related FAQs
1. What is Caux Round Table for Moral Capitalism?
Seven core principles underlie the Caux Round Table for Moral Capitalism approach to responsible business practices. They are rooted in the recognition that neither the law nor market forces are sufficient to ensure positive and productive – in every sense of the term – conduct. Principle 1: Respect stakeholders beyond shareholders.
2. Who is the Executive Director of Caux Round Table?
Young is the Global Executive Director of the Caux Round Table, an international network of experienced business leaders who advocate a principled approach to global capitalism. Young has published Moral Capitalism, a well-received book written as a guide to use of the Caux Round Table ethical and socially responsible Principles for Business.
3. What are the principles of Moral Capitalism?
Seven core principles underlie the Caux Round Table for Moral Capitalism approach to responsible business practices. They are rooted in the recognition that neither the law nor market forces are sufficient to ensure positive and productive – in every sense of the term – conduct.