Business Ethics – Essay Example

Bribery is almost universally widespread. Although the practice is not as common in the United s, in many other countries it is still viewed asa normal part of the business process, and corporations which operate in those countries may be expected to take part by the locals.
The global community can and has introduce greater government transparency (Ferrell, Fraedrich, Ferrell 280) to make bribery more difficult. There is also an increased level of consumer perception about bribery, which might make it harder for companies to engage in this kind of ethically challenging behavior.
There are also several laws in the US aimed at decreasing multinational corporations likelihood of giving and accepting bribes. The first of these is the Foreign Corrupt Practices Act, violators of which “face corporate fines of up to $2 million, and company executives face a maximum of five years in prison or $10,000 in fines, or both” (Ferrell, Fraedrich, Ferrell 280).
However, there is also the Omnibus Trade and Competitiveness Act, which counteracted the FCPA legislation and has generally made it harder to prosecute people for bribery (Ferrell, Fraedrich, Ferrell 280).
One international measure that tries to stamp out bribery is the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, which requires signing nations to make the giving of bribes in an international business environment a criminal offense and to enforce the convention swiftly and efficiently (Ferrell, Fraedrich, Ferrell 280).
References
Ferrell O.C., Fraedrich J., Ferrell J. (2009). Business Ethics: Ethical Decision Making and Cases. (7th ed.) Mason, OH : South-Western Cengage Learning.