Role of values and principles
Principles
What are values and principles? Sometimes these two terms are used as if they mean the same thing. Principles are enduring universal standards. Stephen covey defines principles as “guidelines for human conduct that are proven to have enduring, permanent values”. In his analogy of the map and compass, principles-like compass points-they don’t change. The compass will always point to the north; principles will always point to the most appropriate behaviour.
Values
Principles are enduring, values are conditioned by perspective. values might be based on principles, but the nature of those principles will depend on people who form them. Take the principle of justice. For socialist this principle would be manifest in the value of “equitable distribution of wealth.” For libertarians the principle of justice would be manifest in the value of “individual ownership” Thus the polar opposites of individualism and collectivism might be based on the same principle.
Virtues
Another term that can be used alongside principles and values is “virtues.”
Virtues imply moral excellence-the application of appropriate principles and values will lead to the development of virtues.
Ethics
The roles of ethics is widely acknowledge by business leaders. Occupational groups, such as medical profession have a well-matured ethical standards. However,it is possible that a business might act ethically but in an unprincipled manner. Ethics imply upholding a hallmark of morals , being in a state of doing , obedience to some universal moral law, special care of the weak, the vulnerable and minority groups, concern for unborn generations, the husbanding of the earth’s resources, the fostering of social goods and the hindering of hindrances to the good.
