Business ethics as a means of achieving sustainable economic development

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Published: Mar 25, 2020
DOI: https://doi.org/10.12681/ethiki.22777
Keywords:
Business Ethics; Sustainable Development; Social Welfare; Corporate Social Responsibility; Social Exclusion; Institutional Economics; Economic Growth; Environmental Sustainability
Anna Nikolaidou
Abstract

This article examines the role of business ethics in the context of sustainable economic development and social welfare. The author defines business ethics as the engagement of a corporation with society and its environment to promote the social interest alongside progress and profit. The study explores the concept of "sustainable development," arguing that it must transcend one-dimensional economic perspectives to include environmental protection, democratic participation, and human values as essential components for eliminating poverty and social exclusion. Drawing on economic theories such as the Coase Theorem and institutional economics, the paper analyzes how institutional frameworks and moral rules shape market interactions and wealth distribution. Furthermore, the author addresses the debate regarding corporations as "moral persons," concluding that corporate responsibility cannot be separated from the ethical choices of the natural persons who manage them. Ultimately, the paper suggests that a universal framework of business ethics is necessary to institutionalize reciprocity and ensure long-term sustainable growth.

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