International Business

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Corruption and ethics in international business Name Institutional affiliation Date Abstract Corruption has been a challenge in many countries around the world and it has been prohibited in almost every country. Globalization has led to increase in business transactions among states and some of them have been accompanied by a bribery-a major facet of corruption. Different countries have different policies that govern trade and multinational companies may see these policies as an obstruction to enter the foreign market. Many International companies usually offer bribes to influence the foreign officials into making favorable decisions towards the companies. Engaging in corruption is unethical and can have adverse effects on business as well as the economy of the country. Large-scale bribery delays and interfere with both political and economic development in a country. Despite being prohibited, and companies adopting anti-corruption policies, there is many occurrences of this unethical business practice. This paper summarizes an article about corruption incident, discusses factors that possibly led to the incident and how managers can prevent corruption in international business practices. The article that was on The New York Times on March 24, 2010, is about the corruption charges against Daimler, a German car manufacturer. The automaker had to pay over 185 million dollars in fines and plead guilty of bribing foreign officials in over 22 countries across the world. The company bought off the foreign government officials to secure contracts with the government entities for the purchase of the company’s cars worth millions. Those involved in the corruption

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