Tag: Teaching

The Islamic Workplace

On By southwerkIn business ethics
The religion of Islam has a strong and well developed system of business ethics.

From An Islamic Approach to Business Ethics –

Ethics in Islam

Islam places the highest emphasis on ethical values in all aspects of human life. In Islam, ethics governs all aspects of life. Ethical norms and moral codes discernable from the verses of the Holy Qur’an and the teachings of the Prophet (sws) are numerous, far reaching and comprehensive. Islamic teachings strongly stress the observance of ethical and moral code in human behaviour. Moral principles and codes of ethics are repeatedly stressed throughout the Holy Qur’an. Besides, there are numerous teachings of the Prophet (sws) which cover the area of moral and ethical values and principles. Says the Holy Qur’an:

You are the best nation that has been raised up for mankind; You enjoin right conduct, forbid evil and believe in Allah. (3:110)

The Prophet (sws) also says:

I have been sent for the purpose of perfecting good morals. (Ibn Hambal[1], No: 8595)

This goes without saying that there is a general consensus among human beings about certain fundamental ethical values. However, the Islamic ethical system substantially differs from the so-called secular ethical systems as well as from the moral code advocated by other religions and societies. In the Islamic scheme of things, adherence to moral code and ethical behaviour is a part of I%man (faith) itself. According to the Islamic teachings, Muslims have to jealously guard their behaviour, deeds, words, thoughts, feelings and intentions. Islam asks its believers to observe certain norms and moral codes in their family affairs; in dealings with relatives, with neighbours and friends; in their business transactions; in their social affairs, nay in all spheres of private and public life.

The You Tube site, TheIslamicWorkplace (all one word), has a number of brief lectures on the subject. You should watch if only for the parables used in the teaching.

R. Edward Freeman and Business Ethics

On By southwerkIn business ethics, Uncategorized

Freeman is a philosopher not originally trained as a businessman. He brings an original point of view to the subject. He started teaching at Wharton some years ago and has taught regularly since then. This is a lecture of about an hour length. This is obviously not for all my readers. Only those devoted to further study in Business Ethics more likely students than regular readers. Nevertheless, hearing a lecture from a highly skilled and experienced teacher is a pleasure and I recommend it.

James Alan Pilant

Shareholders Out of the Loop?

On By southwerkIn Capitalism

The SEC says that Bank of America didn’t properly inform shareholders that Merrill planned to rush out $3.6 billion in bonuses to its employees – information that shareholders needed to make an informed decision about the merger.

In the fourth quarter, Merrill lost 14 billion dollars.

What do you get bonuses for? I was under the mistaken impression that these were rewards for performance. Apparently they have other uses.

However, there is a counter argument, Thomas F. Cooley, writing in an opinion piece for Forbes magazine writes that bonuses and other benefits are closely tied to shareholder interests and demonstrates this by using graphs. He graphs shareholder interests against executive benefits. I quote:
The observations cover the years 1992 to 2006. Our sample consists of information on 31,587 executives, employed by 2,872 companies, for a total of 33,896 company-executive matches and 167,822 executive-year observations.

His graphs indicate correlation between stockholder interests and compensation. I am not convincedin this instance. I am not opposed to high executive compensation provided it is approved by the shareholders and rewarded for successful performance. I am very opposed to executive compensation paid for out of public funds for a disastrous performance.

My problem with Mr. Cooley’s graph isn’t in its accuracy but in my perception that it does not analyze the problem at hand – the correlation between investment banks success and their executive bonuses with an appropriate analysis of how government funds played out in that success.

High executive compensation might work well in dozens of industries. Does it work well in these? And if it does not, what should we be doing instead?

Is it ethical to consider a business successsful if it can get government rescue money totalling billions of dollars to put it in the black? If so, is it then ethical to pay bonuses based on a success purchased with public money?

James Pilant

Hard Thinking

On By southwerkIn ethics, Teaching

I had the misfortune and the opportunity to think over the long break. The misfortune was due to my trip to Tulsa. I have a dramatic allergy response to the city either the phosphorous laden Arkansas River or the emissions of the oil refineries or both. I was down and in a lot of pain for several days. But on a larger note, I thought. I am 53 years old and I am not sure what happens next. Gail Sheehy called my age, the age of mastery. I don’t feel like a master of my career or much of anything else.

So, I thought. I apologize for the lack of posts. I wanted to clarify what it was I was trying to do. I wanted to clarify to myself my purpose and to set some goals for this savage year. Yes, savage year. I predict a rough year for me and, more particularly my students. They have come seeking new lives and all this economy has to offer them is pain. They seek an American dream that barely exists.

Why should I write this when so few read it? I wrote my previous blog for more than a year and never gained an audience. I finally deleted it feeling it was of no significance. This one is different. It is different because I am using it as a tool to seek kindred souls and develop my thought.

I want to talk about ethics seriously and without backing away in educational jargon from confronting the evils of our time. Of particular concern are two issues. One is the total lack of protections for our internet communications. We as a people are entitled to some kind of protection for our e-mail and other posts. The second is privatization in the state of Arkansas, my home. I sense something in motion. I worry about the assets of the people of this state being turned over to private interests for their unjust and cruel enrichment.

Sometimes, I would fold my tent and walk away. I could read, listen to music, play my games and let the sweet things of life escape me away from the tedium of the continuing struggle for significance, for the struggle against evil, for that action that says I stand and while I live I will try to do what’s right. Let me quote Tennyson:

 Tho’ much is taken, much abides; and tho’
  We are not now that strength which in old days
  Moved earth and heaven; that which we are, we are;
  One equal temper of heroic hearts,
  Made weak by time and fate, but strong in will
  To strive, to seek, to find, and not to yield.

Not a great post, but my post. A new year. Continued struggle. 2o10

James Pilant