Acc 557

Topics: Capitalism, Economics, Socialism Pages: 3 (814 words) Published: December 5, 2012
Ethics Case Study
Dien Huynh
University of Phoenix
ACC/557 Accounting Ethics

Ethics Case Study
The case study of Lillian Fok, Sandra Hartman and Kern Kwong in 2010 about differences and similarities in business ethical values has been done to examine ethical values that underlie business decisions in the U.S., China, and Jamaica. China transforms from a socialist based, command economy to a free market economy. Because of the transformation, China needs to change their mindset or probably their ethical values to adapt to the change. On the other hand, Jamaica has been already a capitalist country but it struggles to build the economy because of its colonial status from Great Britain (Fok, Hartman & Kwong, 2010). This paper will discuss how ethics plays a role in decision making for financial, environmental, and cultural issues, how positive and normative economics reflect in the case study, and how market efficiency, economizing and the market system affect the ethical values of the three countries: U.S., China and Jamaica. Roles of ethics in decision-marking for financial, environmental, and cultural issues

U.S., China and Jamaica have different economic and cultural background, so their business decisions are influenced by different ethical standards. China is transforming from the socialist economy from capitalist economy, so there will be clashes between individualism and collectivism mentality. In the vignette #1 of the case study, managers of the three countries are asked to give their view on bribing foreign businessmen to gain access to his country’s market. Big discrepancy is found in Rationale C (Bribe; unethical), E (Is an acceptable practice in other countries), and F (Is not unethical, just the price paid to do business). 23.5% American respondents, 17.9% Jamaican respondents, and 8.2% Chinese respondents believe it is unethical to do so. 13.6% American respondents, 46.9%...

References: Fok, L.Y., Hartman, S.J. & Kwong, K. (2010). Differences in business ethical values: a study of differences in business ethical values in mainland China, the U.S. and Jamaica. Review of Business. Retrieved November 16, 2012, from University of Phoenix, Week 1, ACC/557 – Accounting Ethics.
McConnell, C., & Brue, S. (2005). Economics: principles, problems and policies (16th ed.). New York: McGraw-Hill.
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