Brief,Overview,amp,#58,Unethic business, insurance A Brief Overview: Unethical Practices Hurt Global Co
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In principle, healthy business competitions at the international level serve the interests of consumers by improving the quality of products at reduced costs. At the same time unfair business practices driven solely by profit motives, although seemingly attractive on a short-term basis, may be a detriment to all parties in the long run. Many of the foreign steel producers import cheap iron ores from developing countries where miners and local labors are often subject to unacceptable working conditions at pitifully low wages. Many of these companies are also constantly violating environmental pollution control standards. Unethical business practices hurt both local and foreign communities; while Bethlehem and neighboring areas lost its major source of revenue and employment, the unabated environmental degradation and suffering of working people a world away continue to damage communities throughout the world. Circumventing Americas strict environmental regulations has become common place; major industries such as petrochemical and manufacturing have cut costs by relocating plants in developing regions like Mexico, Central America, India, China and Eastern Europe where the environmental regulations are less stringent and penalties associated with non-compliance are frequently excused. Also, many multinational US companies are still indifferent and have not yet taken proactive steps to address the critical issue of global warming. Equally important, business competition also contributes to the use of child labor to mass produce products needed by corporations. Even today, millions of children in developing countries such as India, Indonesia, and Pakistan are doing hard labor for miniscule payment. Nike and Reebok, as well as other major companies, have been accused of buying goods from subcontractors which were produced by child labor. Alongside of this, there have been strong allegations that China is using the free labors of prisoners to produce exportable materials. It seems that companies are sacrificing human rights in order to cut costs. Multinational companies are joining hands with dictators in the name of global competition. For example, oil companies such as Exxon-Mobil are in strong partnership with the military dictatorship in Equatorial Guinea, so they can purchase cheaper petroleum crude (2). Over 75% of Guineas residents live in poverty without any signs of redemption while malfeasance and corruption perpetrated by Guineas ruling family run rampant. When America is at war fighting for democracy, its companies should not be contributing to debase it. International business competition that is grounded on the principles of fairness, human rights values and environmental stewardship not only cuts consumer prices and promotes thrift, but also creates lesser disparity and placates hostility around the world. In contrast, the type of unscrupulous competition that we are seeing today is detrimental to people in nations around the world as well as communities in the US.
Brief,Overview,amp,#58,Unethic