Assignment: 1

Summer – 2020

Submitted By: Rafia Rais Nely

ID: 2021655

Submitted to: Dr. Md. Anowar Hossain Bhuiyan

Course: MBA - 515
Section: 01

Date of Submission: 23rd July, 2020

Question: Impacts of globalization on the practices of business ethics in Bangladesh.

Answer: Globalization is that the connection of various parts of the planet leading to the

expansion of international cultural, economic, and political activities. it's the movement and
integration of products and folks among different countries. Globalization has become a
buzzword within the new era of negotiation. Basically it's a process of expanding trade and
commerce everywhere the planet by creating a frontier-less market. But now it's had a far-
reaching effect on many aspects of life. With the event of hi-tech communication media and
rapid transportation facilities, the full world has squeezed and folks have come closer to
1 another. Now we are able to learn in a moment what's happening within the farthest corner
of the world. In fact, globalization is currently understood mainly in terms of mutual
relationship of states and region of economic domain, specifically, trade, financial flows and
traditional corporations. The aspects of Globalization are seen altogether spheres of our life from
economy to culture. because of the method of globalization, individuals of various cultural
background interact with one another all told spheres of life more intensively. Culture is a very
important issue that shows incredible changes within the age of globalization. Changes have
entered in our daily lives through technology, consumer products, and new provocative thoughts.
As a consequence, cultural globalization has increased cross culture relationship, life style,
and codification, mode of behavior, foods, music and cinemas now become global.

"Business Ethics" is employed in many various ways. Business ethics may be a style of applied

ethics that examines ethical principles and moral or ethical problems that arise during a business
environment. It also deals with ethical questions within the field of technical, legal, business, and
medical ethics .It applies to any or all aspects of business conduct and has relevancy to the
conduct of people and business organizations as an entire Business ethics consists of a
collection of ethical principles and values that govern the behavior of the organization
with relevance what's right and what's wrong. Business ethics are guidelines for business
managers to require ethical decisions which impact positively on society and environment.
With the assistance of Globalization trade has increased so has the responsibilities to own fair
practices when managing suppliers, customers and also the employees of the firms. Business and
ethics are uncontroversial notions while however its integration as “business ethics” is other
than a widely controversial notion.
In Bangladesh, though practice of Business ethics is still not so commendable in public sector
and small companies, but business ethics has been an increasing concern among larger
companies, at least since the 1990s. Major corporations increasingly fear the damage to their
image associated with press revelations of unethical practices.
Impact of Ethics on Global Business:

 Ethics and management

 Ethics and corruption
 Corporate social responsibility

Impact of Globalization in the Following Spheres of Business Ethics in Bangladesh:

1. Impact On Communication: With the impact of high-tech communication media and

ultramodern transportation facilities, the planet has come closer. Countries of the
globe became like families in an exceedingly village. they will share their joys, sorrows,
ethics like next-door neighbors.
2. Impact On The Economy: The Impact Of globalization on Bangladesh economy can not
be denied. just like the developing countries of the globe our country is getting benefit
out of border-less market. Our GDP has increased. Garment industries are considered
the exchange earner. In terms of investment, employment and exports, the functioning
EPZs (Export Processing Zones) are greatly successful.
3. Impact On Modern Technology:  Globalization is now largely supported a powerful
technological foundation. The electronic transfer of knowledge via the web has now
created an instant and inter-connected world of data leading to a 24-hour trading network.
This technology has largely changed banking & financial activities. Worldwide money
transfer and transaction of companies have now become a matter of clicking the mouse of
a computer.
4. Impact on Politics: Each and each country changed into competitive economic market.
The wave of globalization has also touched our politics. we are able to learn the
democratic norms and values now. Bangladesh possesses the taste of democracy.
 5. Impact On Education: Like other developing countries of the globe, Bangladesh has
identified education because the key to prosperity and progress. Donor countries are
contributing to the progress of our literacy rate and overall education. Various
international organizations have responded dramatically with their generous aid in
education sector. Many non-formal schools are being run. Meritorious students are
availing themselves of the foreign study scholarship.
6. Impact On Our Culture:  Although globalization is principally connected with
business, trade and diplomacy, it's not viewed from that perspective alone. The tide of
globalization is now encroaching into other spheres too. television channels and therefore
the Internet are bringing all kinds of different customs and behavior into our homes.
Under the influence of globalization, global culture are steadily getting integrated with
local cultures. Different cultures are constantly interacting. As an independent
nation, we've got our own traditional social values, beliefs and attitudes. But within
the globalizing process, many foreign customs and beliefs are intruding on them.

How to Improve Ethical Morality in Business Field of Bangladesh:

 
1. Satisfying basic human needs: Being fair honesty and ethical is that the best human needs.
Every employee desires to be such himself to figure for a company that's fair and ethical in its
practice.
2. Creating Credibility: An organization that's believed to be driven by moral values is
respected within the society even by people who may don't have any information about the
working and businesses of that organization. Uniliver for instance is perceived as a
company permanently corporate governance and social responsibility initiatives. This perception
is held far and wide even by those that don't even know what business the organization is into.
3. Uniting People and Leadership: An organization driven by values is revered by its
employees also. They’re the common thread that brings the workers and therefore the decision
makers on a standard platform to practice ethics.
 4. Improving Decision Making: Decisions are driven by values. as an example, a
company that doesn't value competition are fierce in its operations attending to wipe out its
competitors and establish a monopoly within the market.
 5. Long Term gains: Organizations guided by ethics and values are profitable within the long
term, though within the short run they'll seem to lose money. for instance, Advanced Chemical
Industries (ACI) is one amongst the leading conglomerates in Bangladesh, with multinational
heritage. Their values are quality, customer focus, fairness, transparency, continuous
improvement.
6. Securing the Society: Often ethics succeeds law in safeguarding the society. Technology, for
instance is growing at such a quick pace that the by the time law comes up with a
regulation we've a more recent technology with new threats replacing the older one. Lawyers and
public interest litigations might not help an excellent deal but ethics can.

The main objective of business is to serve people with their every need for the well- being
of soul & to confirm that, there's no alternative of following business ethics. Since the practice of
business ethics in Bangladesh continues to be not ubiquitous. Bangladeshi business
environment will be more ethical by managing those things vey properly and
adequately. like Government regulations, trade association setting guidelines, companies
providing code of ethics. the foremost effective method of assess the effectiveness of ethics
programs is to ask & hear the organizations employees, suppliers, investors & customers.

Reference

 https://www.linkedin.com/pulse/20141019134823-86558369-impact-of-globalization-on-
bangladesh/
 file:///C:/Users/rubel%20rayhan/Downloads/8052-Article%20Text-29470-1-10-20110720.pdf
 “Ethics In Marketing On Bangladesh Perspective: Study on Few Companies
of Bangladesh “collected from “World Journal of Management Volume 2. Number
2.September 2010”, the direct link- 
 “Business for the 21st Century”-Skinner & Ivancevic
 www.sagepub.com/upm-data/10923_Chapter1.pdf  
 www.businessethics.ca/definitions/business-ethics.html