Business Ethics and the Need for Virtue Theory: Towards Economic Growth in the 21st Century East Africa

Abstract

In the postmodern world, ethics is peripheral to business. There are many issues facing our society with regards to poverty alleviation, addressing hunger, and health and well-being among others. We still have problems in our educational systems, women are ostracized, work and economic growth is affected, inequalities are rampant; we are not responsible in our consumption and production; and our climate action is still wanting. The study focuses on issues in business ethics. The objectives are: i) to identify the main issues in business ethics in, ii) to investigate whether businesses are guided by business ethics, iii) to discuss the principles of business ethics. The methodology and research methods are: This study employs a qualitative virtue ethics theory to address the problems. The study reviews the literature theoretically. Discussion: This study explicates the five pillars of globalization and discusses major business problems such as inflation and economic downturn, supply chain security, increasing customer expectations such as customer care, customer communication, customer satisfaction; accelerating digital transformation, business sustainability (continuity) and the changing times of the world. The study concludes that the principles of business ethics in East African economies are to be given the place and priority they deserve. In this aga, which is known as postmodernity, virtue ethics and Christian faith together hold promise.