In the context of business ethics, discuss the ethical system of universalism.

What will be an ideal response?

Answer:
According to universalism, all people should uphold certain values, such as honesty and other values that society
needs to function. Universal values are principles so fundamental to human existence that they are important in all
societies—for example, rules against murder, deceit, torture, and oppression. Some efforts have been made to
establish global, universal ethical principles for business. The Caux Roundtable, a group of international executives
based in Caux, Switzerland, worked with business leaders from Japan, Europe, and the United States to create the
Caux Principles for Business. Two basic ethical ideals underpin the Caux Principles: kyosei and human dignity.
Kyosei means living and working together for the common good, allowing cooperation and mutual prosperity to
coexist with healthy and fair competition. Human dignity concerns the value of each person as an end, not a means
to the fulfillment of others' purposes. Research conducted by the Institute for Global Ethics identified five core
ethical values that are found in all human cultures, including truthfulness, responsibility, fairness, respectfulness,
and compassion. Universal principles can be powerful and useful, but what people say, hope, or think they would do
is often different from what they really do, faced with conflicting demands in real situations