ETHICAL ISSUES AND GLOBALIZATION

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ETHICAL ISSUES AND GLOBALIZATION

ETHICAL ISSUES AND GLOBALIZATION

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Globalization can be defined as the breakdown of borders between countries, economies and governments. Advancement of technology, communication and transportation has resulted in a global economy (Farrell, Fraedrich & Farrell, 2002).  This means that the playing field has been leveled for businesses across the globe. ). Many companies are now setting up businesses across boarders.

Globalization therefore brings together people and countries with different cultures, values, laws and ethical standards. According to Farrell, Fraedrich and Farrell (2002), surveys show that about 90% of American firms have a written code of ethics, on the other hand ethical codes of conduct are found less frequently in other countries e.g. only 51% of German firms, 41% of British firms and 30% of French firms surveyed had a code of ethics in place.