Look to China for business ethics

Chinese business ethics based on the 2,500 year old Confucian philosophy could lead the world.

International business academic Dean Professor David Lamond says the global financial crisis had shown western business ethics were often ignored.

“In the West we act like we have the best ideas on business ethics and they should be adopted by China, and then events like the global financial crisis happen,” Professor Lamond told Victoria University.

“Our ideas have not even been adopted in the West so why would we think that China could or should adopt them?”

Confucian philosophy has been used in China as unofficial ethical business practice for several millennia and could be used in the West, Lamond said.

“The modern Confucian business person applies the Confucian principles of benevolence (ren), rightness (yi), propriety (li), wisdom (zhi), and trustworthiness (xin) to their business practice,” he said.

Read more at Victoria University