Regulating Business' Ethics and Responsibilities

Flashcards covering key concepts of regulating business ethics and responsibilities as outlined in the lecture notes.

Government Regulation in Business

Involves actions by the government to influence economic growth, act as a major purchaser, promote and subsidize businesses, provide financial capital, rescue failed operations, and own business enterprises.

Self-Regulation

Regulation imposed by a corporation or industry, rather than direct government intervention, noted for being accepted as voluntary and more efficient, but may impair competition and have lower standards.

Private Regulation

Non-profit organizations independent of government that set standards for responsible business practices, focusing on social penalties rather than legal sanctions.

Market Regulation

A situation where a competitive market reduces the need for government intervention, relying on corporations to develop and enforce norms and standards.

Government Involvement in CSR

The role of government in encouraging corporate social responsibility through legislation, regulations, and initiatives aimed at promoting sustainable practices.

Corruption of Canadian Public Officials

Provisions under the Criminal Code addressing the bribery of Canadian and foreign public officials, with measures to discourage corrupt practices by Canadian corporations.

Corporate Taxation

The taxation of businesses, often complicated by perceptions of loopholes and tax havens, influencing corporate behavior.

Business Involvement in Politics

Includes financing political parties, expressing support for candidates, and managing executives' public involvement in political issues.

Ethics of Business Lobbying

The practice of influencing legislation and government policies, which can include both justifiable advocacy and unethical practices such as bribery.

Corporate Public Affairs Departments

Management functions that interpret government actions, mitigate risks to the corporation, provide stakeholder engagement, and enhance transparency.