International Journal of Business and Social Science

ISSN 2219-1933 (Print), 2219-6021 (Online) DOI: 10.30845/ijbss

Ethical Globalization: A Sustainable, Equitable Approach
Raymond D. Smith, Ph.D.

The central thesis of the paper is the failure of globalized business practice to address the social ethical concerns relevant to human and commercial behavior. As a result, globalization has produced very inequitable outcomes based on class and wealth. Specifically, the benefits have largely accrued to the rich, while bringing meager benefits and even net costs to the working class. In answer to the generalized justifications of globalization, the paper cites the many weaknesses of the globalization phenomenon in terms of its impacts on workers, the environment, and the economies of both developed and developing countries. It cites the greed and sociopathic tendencies of business leaders who use cold economic rationality in place of social ethics such as compassion, caring and fairness in deciding global investment strategies as causes for these damaging externalities. Finally, it offers solutions in terms of Integrative Economics and Stakeholder Theory and calls for personal renewal and the embracing of internalized values that counter the “economism” of purely rational profit maximization.

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