ACCT 001 Lecture Notes - Lecture 32: Financial Transaction, General Agreement On Tariffs And Trade, Foreign Corrupt Practices Act
21 Sep 2020
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Document Summary
Corporate concern for global human rights emerged in the 1990s as news stories depicting the opportunistic use of child labor, payment of low wages, and abuses in foreign factories helped reshape our attitudes about acceptable behavior for organizations. Companies struggling with human rights issues sometimes make short-term decisions to boost profitability that have negative long-term implications. Relationships with subcontractors have proven problematic for some firms. Mncs should view the law as a floor of acceptable behavior and strive for greater improvements in workers" quality of life. Although concern for human rights issues is increasing, abuses still occur. Advancing human rights includes the following principles: Engage in an open dialog with workers and management. Be aware of human rights issues and concerns in each country in which the company engages in business. Adopt the prevailing legal standard, but seek to embrace a best practices . A major ethical issue in international business is how products sold in other countries are priced.
