I had the most incredible job out of college for a budding macroeconomist with a global lens. Creating markets in everything from natural gas to dark fiber to weather derivatives. At a Fortune 10 company. The darling of Wall Street. Until it wasn’t. And my bosses went to jail.
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Some ethical issues are extremely easy to understand: don’t steal, treat others with respect, and always put down the toilet seat for your lady friends. However, when it comes to the market, the concept of what is right and wrong is a bit blurrier. Of course you can’t exploit children for a lbaor force, but Is it a business’s right to price however they want? After all, if the number is too high or the marketing too egregious, then consumers won’t buy right?
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n a recent op-ed piece, I decried the state of ethics in today’s business community. The Volkswagen emissions fraud, the Peanut Corporation of American contamination cover-up, and Turing Pharmaceuticals’ 5,000% price increase for a particular drug all happened virtually simultaneously and threw me into a bit of a funk. Every day on Wall Street, it seems, an investment bank, hedge fund, or some other financial actor settled charges of wrongdoing by paying a few million dollars in shareholder money. This is depressing, as is the suggestion in a recent Poets & Quants column by Ethan Baron that perhaps MBAs, with their inadequate ethics education, may be responsible for these business fiascos. All this makes clear that those of us who are concerned with improving ethics education have our work cut out for us.
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From sponsoring the local Little League to developing environmentally-responsible technologies, US companies have long invested in philanthropy and corporate social responsibility. Today, they spend an estimated $2 billion in cause marketing and another $14 billion in corporate philanthropy (IEG, Giving USA). And for many leading companies, from Wal-Mart to JPMorgan Chase, that means investing literally hundreds of millions of dollars in sustainability and corporate social responsibility (CSR) initiatives.
In turn, American consumer are expressing a growing interest in the social impact that businesses can have on their lives, their families and their communities. And it’s not just consumers who are asking these questions.
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If you think business ethics is crucial in today’s scandal-ridden era, then just wait a few years. The reasons for running ethical businesses are only going to get more compelling—as well as more complex—over the coming decade, suggests a new global survey conducted by the Human Resource Institute (HRI) and commissioned by American Management Association (AMA).
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| Markets | Actual | Q1 | Q2 | Q3 | Q4 | 2020 |
|---|---|---|---|---|---|---|
| Currency | 13.61 | 14.7 | 14.9 | 15.11 | 15.31 | 15.73 |
| Government Bond 10Y (%) | 8.72 | 9.02 | 9.1 | 9.19 | 9.27 | 9.45 |
| Stock Market (points) | 54050.23 | 50798 | 50067 | 49345 | 48634 | 47243 |
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