BOARDS' OF DIRECTORS BUSINESS ETHICS The term "bu

The term "business ethics" appears to imply that behaviors that are ethically unacceptable in other facets of society may be acceptable in the business realm. W. P. Lewis (1985) wrote that attempting to define business ethics was similar to attempting to "nail Jello to a wall" (p. 377). His contention was that rules, standards, principles, and even the concept of truthfulness varied with time and place in the business sphere. Within such a framework, one could attempt to justify almost any behavior, and several high-level corporate executives over the years have made such efforts. This attitude echoed the philosophy of Milton Friedman (1962) who wrote:

The view has been gaining widespread acceptance that corporate officials à have a 'social responsibility' that goes beyond the interest of their stockholders à. This view shows a fundamental misconception of the character and nature of a free economy. In such an economy, there is one and only one social responsibility of business ù to use its resources and to engage in activities designed to increase its profits so long as it stays within the rules of the game à. Few trends could so thoroughly undermine the very foundation of our free society as the acceptance by corporate officials of a social responsibility other than to make as much money for their stockholders as possible. (p. 133)

Acceptance of this orientation by boards of directors contributed to the development of organizat

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