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1、学术英语Academic English,Unit 2 Business Ethics,Text A Striking the Right Balance,Free 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
2、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 Ethics,Text A Background information,Do you agree or not?,Profit maximization is the right goal for a business- Adam Smith,2016年315晚会：共筑消费新生态,【曝光】“饿了么”惊现黑心作坊 看完你还会饿么？【曝光】制造用废钢料 这样的假牙你敢戴吗？【权威发布】跨境电商进口儿童用品超三成不合格【消费预警】
3、你买的人参可能一半是白糖！,Balance profit and business ethics,6,Business Ethics,Business ethics means written and unwritten codes of moral 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
4、 cultural perspectives, operational structures and strategic orientations. The guiding framework of business ethics exists all 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 th
5、e morality standards and behavioral patterns expected of individuals and the business as a whole. These moral standards can be perceived in terms of the microenvironment and macro environment of the business.,Stakeholder VS Shareholder,There are two schools of thought regarding how companies should
6、approach a definition for business ethics: the shareholder perspective and the stakeholder perspective.,Stakeholder VS Shareholder,Shareholder PerspectiveThose who approach ethical decision making from a shareholder perspective focus on making decisions that are in the owners best interest. Decision
7、s are guided by a need to maximize return on investment for the organizations shareholders. Individuals who approach ethics from this perspective feel that ethical business practices are ones that make the most money.,Stakeholder VS Shareholder,Stakeholder PerspectiveThe phrasecorporate social respo
8、nsibilityis often used in discussions of business ethics. The idea behind this 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
9、 business ethics from a stakeholder perspective consider how decisions impact 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 ethi
10、cal decision making is to make sound business decisions that work for the good of all affected parties.,Importance 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 sole
11、ly by profits. Knowing the difference between right and wrong 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.,11,Corporate Social Responsibility,Definit
12、ions Corporate social responsibility (CSR) is about 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.,12,Pyramid of Social Re
13、sponsibility,(Carroll 1991),Text A Striking the Right Balance,Para 1In 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
14、 goal for a business and that the free enterprise system is best for society.,Text 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 wo
15、nder 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?,Para 2,Most academics today subscribe to the fol
16、lowing 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.,Para 2,Free enterprise is still the best economic system for the country as a whole. Under the free enterprise framework, compani
17、es 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.,Para 3,These constraints take a number
18、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 take actions that harm society. Properly im
19、posed, these costs fairly transfer value to suffering parties and help create incentives that help prevent similar events from occurring in the future.,Para 3,Two recent examples dramatically illustrate these points. First, many Wall Street firms engaged in extremely risky activities that pushed the
20、 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 recession.,Para 3,Apart from the huge costs imposed o
21、n 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 recently, in 2010, the massive BP oil spill in the Gulf of Mexico had
22、a terrible environmental and economic impact of the Gulf region.,Para 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 whether the company would survive. The spill has also led the United States and other na
23、tions to re-examine their policies regarding deep-water drilling, and that might have a serious adverse effect on long-run oil supplies.,CREDIT CRISIS,background,US Federal Reserve lower the interest rates to only % after 911.Investor: low return for 1%, Bank: borrow money from Fed for 1%, cheap cre
24、dit (低息贷款), go crazy with leverage, earn lots of money,Then investors of Wall Street also wants to earn more money.,Leverage is borrow money to amplify the outcome of a deal,Leverage,$10,000,How did that happen?,House buyers,Investors,Wall street,How did it work?,mortgage,Bad result,sub-prime mortga
25、ge crisis,End,Para 4,Still, some argue that the costs imposed on BP are insufficient to cover the damages that were 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 e
26、nough, and that companies should strive to behave ethically and continually operate with societys interests in mind.,Para 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
27、to be maximized. In his words, “The reason people come to work for GE is that they want to be part of something bigger than themselves.,Para 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 grea
28、t things in the world its up to GE be to a good citizen. Not only is that a nice thing to do, but its good for business and thus the price of our stock.”,Para 5,GE is not alone. An increasing number of companies see their mission as more than just making money for their shareholders. Googles well-kn
29、ow corporate motto is “Dont Be Evil.” Consistent with this mission, the 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.,Para 6,In 2008, Microsof
30、t Corporations Bill Gates gave a speech to the world Economic 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.”,Para 7,Gates has certa
31、inly been true to his word. In 2000, he and 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.
32、,Para 7,To date, Buffett has 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.,Bill Gates was born on Oct, 28
33、 in 1955 and 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 Gates,And it was during that time Bill founded that his interests lying in writing programs and began to write p
34、rograms at 13.,In 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.,Bill Gates married Melinda French Gates on January,
35、1st in 1994.They have three children .In the spare time, Bill has passion in reading books and playing golf.,Warren Buffett Life,His financial career began at the age of 14.At 26, he set up his first investment partnership for family and friends with $174,000. At the end of 2008, his personal fortun
36、e was $60billion and Berkshire Hathaway, his holding company, was valued at $200million. Buffett loves charity, preparing to contribute $37 billion , accounting for 85% of his property.,words for his son,His son doesnt follow in his footsteps, but keeps the faith of Warren Buffett, that is: Enjoying
37、 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.,Text A Overview,Critical reading and thinking1. Scan Text A and completing the following table.,Unit 2Business Ethics
38、,Exercise 2,Argument 11) a wide range of regulations are imposed 2) assessing costs on companies; BP oil spillArgument 21) behave ethically; value and reputation2) Dont be Evil3) creative capitalism 4) contributed more than $6 billion,Language building up,Task 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
39、产品和服务6. 市场力量7. 金融机构8. 严重衰退9. 破产,Language building up,10. stock price 11. mission 12. corporate motto 13. assets 14. maximize profits 15. financial system,Language building up,Task 1-2 1. When politicians and economists talk about【market force】, they mean the economic factors that affect the availabi
40、lity of goods and the demands for them, without any help from or control by the government. 2. The dramatic change in business environment makes all industries face drastic completion. This is also happened in the 【financial institutions】.,Language building up,Task 1-2 3. A【free enterprise system】ca
41、n be contrasted with a socialist economic system, which depends heavily on government planning and public ownership of the means of production.4. The oil price increases pushed the European economy into【deep recession】.,Language building up,Task 1-2 5. Adam Smiths famous【invisible hand】theory has be
42、en modified to cater to the current economic situation.6. An individual or organization that owns stocks in a corporation can be called【stockholder】.,Language building up,Task 1-2 7. In economics,【profit maximization】is the short-run or long-run process by which a firm determines the price and outpu
43、t level that returns the greatest profit.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.,Language building up,Task 2 -Signpost language1. and 2. Another 3. also 4. Not only, but 5. other,Langua
44、ge building 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. (a
45、gree with),Language 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 long-run oi
46、l supplies. ( bad),Language 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 large investments in a wide
47、 range of philanthropic ventures worldwide. (charitable),Language building up,Task 3- formal English 7. There are other instances where corporate leaders have donated personal funds. (given) 8. It received a notable boost in 2006 when famed investor Warren Buffett announced that he would donate a hu
48、ge share of his fortune to the Foundation. (famous),Text B Two views of social responsibility,Para 1: Government regulation and public awareness are external forces that have increased the social responsibility of business. But business decisions are made within the firm and there, social responsibi
49、lity begins with the attitude of management. Two contrasting philosophies, or models, define the range of management attitudes toward social responsibility,Para 2,The economic modelAccording to the traditional concept of business, a firm exists to produce quality goods and services, earn a reasonabl
50、e profit and provide jobs. In line with this concept, the economic model of social responsibility holds that society will benefit more when business is left alone to produce and market profitable products that society needs. The economic model has its origins in the 18th century, when businesses wer
