The Global Economic Ethic Manifesto: Implementing a Moral Values Foundation in the Multinational Enterprise |
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Authors: | Thomas A Hemphill Waheeda Lillevik |
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Institution: | 1.University of Michigan-Flint,Flint,U.S.A.;2.The College of New Jersey,Ewing,U.S.A. |
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Abstract: | The Global Economic Ethic Manifesto (“Manifesto”) is a moral framework/code of conduct which is both interactive and interdependent
with the economic function of the main institutions of the economic system: markets, governments, civil society, and supranational
organizations, which lays out a common fundamental vision of what is legitimate, just, and fair in economic activities. The
Manifesto includes five universally accepted principles and values: the principle of humanity; the basic values of non-violence
and respect for life; the basic values of justice and humanity; the basic values of honesty and tolerance; and the basic values
of mutual esteem and partnership. We posit that the Manifesto provides an ethical foundation for explicitly assisting multinational
enterprise's (“MNE”) executive management and boards of directors to meet the moral failures criticisms associated with the
expansion of global capitalism, and similarly how the U.N. Global Compact (“Compact”) is focused on addressing complimentary
market and institutional failures. In this article, we argue how the Compact and the Manifesto complement each other, explaining
how the policies and guidelines of the Compact can now be implemented at the organizational/individual level through a comprehensive
human resource management (HRM) plan supporting the ethical framework of the Manifesto. Finally, we have described how the
Manifesto completes a comprehensive managerial framework (consisting of both the Compact and the Manifesto) for what we term
an “MNE Moral Values-Based Corporate Governance Model.” Ultimately, further research is needed in understanding how much impact
external and internal influences make on creating a sustainable ethical culture in MNEs. |
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