Confucian Ethics And The Stakeholder Theory In Business

Abstract

In the past few decades, we have seen global warming, terrorist attacks, financial institution collapses, business scams, the Enron case and other unethical practices in the United States and other parts of the world (Low, 2009; 2009a). Notably then, nowadays, facing with accelerating turbulence and change, business leaders and managers need or should seek fresh ways of thinking and actions to sustain their business performance and growth in a global setting. Asian countries including China, South Korea, Taiwan, Vietnam, Japan and Singapore are fast emerging or becoming dominant global business players; the recent rapid heating and rise of the Chinese economy has an impact on the overall global economy as well as the balance of power in the world. From Confucian Ethics comes the emphasis on positive business dealings and harmonious relationships as well as the value of learning; and these bring many benefits and good practices including good business management and applications of the Stakeholder theory. The understandings and practices of Confucian Ethics in a business organization coupled with the awareness, theory and applications of the stakeholder theory can indeed bring much peace, learning and growth for an organization.

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