Stewardship and economic organization: The ethical emphasis in business

Never before has the American business community been challenged to justify and support its ethical standards as today. Hearings before government agencies, attacks by public interest groups, and emphasis on consumer interests have raised serious questions concerning the moral code of industry, the social responsibility of the business community, and what lies ahead for the business firm as it behaved in the past. Somehow much of the public believes that corporate responsibility has been compromised, and that regard for profits has become a way of life that overlooks humane and societal considerations. Management must recognize that it is invested with a definite ethical and moral, as well as legal, responsibility to demonstrate the highest traits of business leadership in its stewardship role. Anything short of such a standard may be catastrophic for the future of the American enterprise system.