The Role of Law and Ethics in Developing Business Management as a Profession
Society and Economy, Vol. 31, No. 2, pp. 271-293, 2009
23 Pages Posted: 14 Dec 2009
Date Written: December 11, 2009
Currently, business management is far from being recognised as a profession. This paper suggests that a professional spirit be developed which could function as a filter of commercial reasoning. Broadly, management will not be organised within the framework of a well-established profession unless formal knowledge, licensing, professional autonomy and professional codes of conduct are developed sufficiently. In developing business management as a profession, law may play a key role. Where the idea is that business management should be more professionalized, managers must show that they are willing to adopt ethical values, while arriving at business decisions. The paper argues that ethics cannot survive without legal regulation. Yet, it will not be supported by law unless lawyers can find solutions, alternative to the large mechanisms of the official society, secured by the monopolised coercion of the nation state. From a micro perspective of law and business ethics, communities can be developed with their own conventions, rules and standards that are generated and sanctioned within the boundaries of the communities themselves.
Keywords: business management as a profession, formal knowledge, licensing, professional autonomy, professional codes of conduct, contents and nature of management activities, viable morality and its legal component, shortcomings of the state, centered and categorical generating, sanctioning of law
JEL Classification: M14
Suggested Citation: Suggested Citation