What are unethical business practices, and how do they differ from illegal activities within a business context?
Question: What are unethical business practices, and how do they differ from illegal activities within a business context?
Unethical business practices are actions that deviate from the moral principles or standards of conduct expected in a business context. They may harm the interests, rights, or well-being of customers, employees, shareholders, competitors, or society at large. Some examples of unethical business practices are bribery, false advertising, greenwashing, discrimination, harassment, and environmental negligence .
Unethical business practices are not necessarily illegal, but they may violate laws or regulations that aim to protect the public interest. Illegal activities are those that are prohibited by law and may result in criminal penalties or civil liabilities. However, some unethical business practices may not be explicitly forbidden by law, but they may erode trust, reputation, or goodwill among stakeholders. Therefore, unethical business practices may have negative consequences for the long-term success and sustainability of a business.
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