Ethics is a term that is nebulous and not always easy to define. However, most people know an unethical act when it is presented. Here are a few cases of unethical behavior.
The CEO of Turing Pharmaceuticals, Martin Shkreli, quickly went from utter obscurity to being the world’s most hated chief executive by buying a company that makes a life-saving pharmaceutical and promptly raising the price from $13.50 to $750 per tablet. Most recent update: Shkreli has been arrested, for fraudulent activity unrelated to his price-gouging. Few tears are being shed, even among those who would defend his price-gouging as an unremarkable side-effect of an otherwise-beneficial free market.
Volkswagen was in the news for unethical behavior on a massive scale. Volkswagen’s installation of a software “defeat device” in 11 million Volkswagen and Audi diesel vehicles sold worldwide has led to a massive vehicle recall and an admission of guilt that has surprised many. Volkswagen misled the EPA and the CEO was terminated.
Find a case of unethical behavior and explain it to the class. Also, find an international company that you believe behaves ethically. (Hint: On company websites you will see the corporate responsibility as indicated by the company).
Ethics is a multifaceted concept that often eludes a concrete definition but is universally recognized when presented in the form of unethical behavior. This essay delves into two contrasting cases: the unethical practices of Turing Pharmaceuticals and the ethical standards upheld by the international company Patagonia. These cases exemplify the spectrum of corporate behavior, highlighting the importance of responsible business conduct in today’s global landscape.
Martin Shkreli, the former CEO of Turing Pharmaceuticals, orchestrated one of the most notorious instances of unethical behavior in recent memory. In 2015, Shkreli acquired the rights to a life-saving medication used to treat a parasitic infection, and he swiftly hiked its price from $13.50 to an astronomical $750 per tablet. This move was not only economically exploitative but also morally reprehensible, as it threatened the lives of vulnerable patients dependent on the medication.
Shkreli’s actions drew widespread public condemnation and underscored the darker side of the free market system. This case showcased how the pursuit of profit can overshadow the ethical obligation to prioritize human lives and well-being. While some might argue that his actions were merely a manifestation of the market dynamics, the majority recognized it as an egregious example of ethical transgression.
Volkswagen’s unethical behavior, while different in nature from Shkreli’s, was equally shocking and had profound implications for both the environment and consumer trust. In 2015, it was revealed that Volkswagen had installed software “defeat devices” in 11 million diesel vehicles worldwide. These devices manipulated emissions readings during testing to comply with regulatory standards while emitting harmful pollutants beyond permissible limits in real-world conditions.
This scandal not only tarnished Volkswagen’s reputation but also demonstrated how unethical decisions can lead to severe consequences. The deliberate deception of regulatory authorities and consumers undermined the credibility of a globally recognized automotive giant. The subsequent recall, CEO termination, and financial penalties served as a stern reminder that unethical behavior ultimately carries a high cost, affecting not only the company but also society at large.
In stark contrast to the aforementioned cases, Patagonia, an international outdoor clothing and gear company, serves as an exemplar of ethical business conduct. With a commitment to environmental sustainability, social responsibility, and transparency, Patagonia integrates these values into every aspect of its operations.
Patagonia’s corporate website prominently showcases its dedication to minimizing environmental impact, promoting fair labor practices, and donating a significant portion of its profits to various environmental causes. This transparent display of corporate responsibility demonstrates a genuine commitment to ethical behavior, aligning its business practices with its mission to create positive change in the world.
The cases of Turing Pharmaceuticals and Volkswagen exemplify the wide spectrum of ethical behavior within the corporate world. While unethical actions can bring about public outrage, legal repercussions, and reputational damage, ethical behavior, as exemplified by Patagonia, not only strengthens a company’s brand and reputation but also contributes to a more sustainable and just global society. As we navigate a complex and interconnected business landscape, it is imperative that companies recognize their ethical responsibilities and prioritize values that extend beyond mere profit-seeking. In this way, businesses can serve as beacons of positive change, fostering a more ethical and equitable future for all.
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