Racing to the Bottom?: The Effects of Globalization on Global Ethics

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Author(s): Barbara A. Ritter (Coastal Carolina University, USA)
Copyright: 2012
Pages: 7
Source title: Ethical Models and Applications of Globalization: Cultural, Socio-Political and Economic Perspectives
Source Author(s)/Editor(s): Charles Wankel (St. John's University, USA)and Shaun Malleck (University of California, Irvine, USA)
DOI: 10.4018/978-1-61350-332-4.ch004

Keywords: Business Science Reference / Global Business / Information Ethics / Security & Forensics

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Abstract

The argument of this chapter will depend on two main precepts: (1) large corporations remain largely in control of the globalization process, and (2) the process of globalization is very unlikely to occur ethically if large corporations remain in control. Several facets of these precepts will be considered and argued for. Evidence will be considered supporting the contention that large corporations drive the main markers of globalization. After arguing for these precepts the characteristics and ethical ramifications of corporate-centered globalization will be considered. This final section will answer several questions that emerge from the chapter’s argued for precepts. These questions will include: What needs to be done to be at the forefront of moral global policy? What ethical standards are key? Do MNCs have a moral duty to account for the effects of the race to the bottom? How do we compensate globalization’s losers? What would an ethical business model look like? With an analysis of possible alternatives, an action plan to make change on a global scale emphasizing regulation, transparency, and accountability will be developed.

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