 Hello everyone welcome to this session I am Priyanka Bansore and today we are going to learn about globalization is a key context for business ethics. So these are the learning outcomes of this video lecture at the end of this session students will be able to describe how globalization represents a critical context for business ethics then elaborate on different international perspectives. What are the different international perspectives of the business ethics? Including European, Asian and North American perspectives and students will be able to explain sustainability for business ethics. These are the contents of this video lecture before moving towards to globalization is a key context for business ethics and what are the areas are included in that pause this video for few seconds and you have to think and write what is globalization. Now pause the video and you have to recall globalization is the practice that brings together people from countries that have different cultures, values, laws and different ethical standards. So globalization is a key context for the business ethics and there are mainly two developments. So first one is technological in nature and the second one political in nature. Let us see globalization and business ethics a new global space to manage. So globalization as defined in terms of the closer integration of economic activities is particularly relevant for business ethics and this is evident in three main areas. So three main areas are nothing but culture issues, legal issues and accountability issues. So in the culture issues the reason why there is a potential for such problems is that while globalization results in the deterioratization of some processes and activities it is nothing but the separation of social, cultural and political practices from a location. In many cases there is a still a close connection between the local culture including the moral values and a certain geographical region. So this is one of the contradiction of globalization. So on the one hand culture issues includes globalization makes regional differences less important since it brings regions together and encourages a more uniform global culture. On the other hand in destroying the divisions of geographical distances globalization release economic, political and culture differences and face the people with them. A second aspect is legal issues. So it is closely linked to what we said previously about the already we have seen the relationship between the business ethics and the law. So more economic transactions lose their connections to a certain territorial entity. The more they escape the control of the respective national governments. If we said earlier business ethics largely begins where the law ends. All of you know that whenever the business ethics begins at the end law ends. Then globalization increases the demand for business ethics because globalized economic activities are beyond the control of national governments and the next issue is account ablations. So here the more economic activities become global the less governments can control them and the less they are open to democratic control by the people that is affected by them. Now we will see the ethical impacts of globalization. So in the left hand side stakeholders are represented and in right hand side the ethical impacts of globalization related to stakeholders are represented. So different stakeholders are here such as the shareholders, employees, consumers, suppliers and competitors then civil society, government, regulation so these are the different stakeholders and we have highlighted the homogenizing effect of globalization. It creates a new space where business faces the similar ethical questions worldwide. Contradictory globalization has an opposite effect on business so how it is if the more business becomes global then the more it gets exposed to religions and countries where ethical values and practices are still vastly different. So these are different ethical impacts of globalization for different stakeholders. For example suppose the different stake impacts are nothing but globalization provides potential for greater profitability but also greater risk for the shareholders. So here there are some ethical impacts and these ethical impacts are related to that stakeholder. Again next global products provide social benefits to consumers across the globe but may also meet protest about the cultural domination. Globalization can bring cheaper prices to the customers, yes customers or you can say consumers. Suppliers in developing countries face regulation from MNC's though supply chain management. Globalization weakens government and increases the corporate responsibility for jobs then welfare and maintenance of ethical standards etc. So these are the some ethical impacts of globalization for different stakeholders. Now we will see the international variety in approaches to business ethics. So here various authors have claimed that there are certain fundamental differences. So here in which business ethics is practiced and studied in different parts of the world. Much of this work initially focus on, so here we will focus on Europe, North America and in this section we shall look at these different relations to five key questions are there. So in the left hand side there are so five key questions and discuss some of the specifics of the business ethics in various regions or countries globally, discuss the different questions for the different regions. So there are some key questions. So first one who is responsible for ethical conduct in business. So here in Europe social control by collective then in North America is typically said to exhibit a strong culture of individualism and in Asia top management is typically seen as responsible for the ethical conduct. Now the second question we talking about key actor in business ethics. So here it has tended to be the corporations are common in all regions and countries globally but in Europe government and trade unions are also tended then again government is the key actor in the Asia also. There are so many key issues in the business ethics like social issues in organizing the framework of business in Europe, then misconduct and immorality in decisions, situations in North America, then corporate governance and accountability related issues in Asia. Then one more key question what is the most dominant stakeholder management approach. So here European corporations in general are smaller than their North American counterparts and may be more likely to see multiple stakeholders as they focus of corporate activity. The European companies are often managed by large executive and supervisory boards with an interlocking ownership structures between the companies and the close bank relations. That means these are the key questions then sustainability. So sustainability a key goal for the business ethics. So sustainable development is the development that meets the needs of the present without compromising the ability of future generations to meet their own needs. So the concept of sustainability is mainly focused towards the end concept of the sustainable development. So what we understand by sustainable development? So sustainable development is geared towards the maintenance and flourishing of the present generation, present population, but not at the cost of future population become disadvantage of certain resources. So that the present population, present generation is enjoying. So we are focusing on the balance in or balance in the how you are using it. So that we are preserving something for the future generation also. So here sustainability refers to the term maintenance of the systems. There are the three perspectives that is or you can say there are the components of the sustainability. So according to environmental, economic and social considerations. So here we talk to the three components or three perspectives of the sustainability. We will see in detail about these perspectives in the next video lecture. These are the references of this video lecture. Thank you.