As tourists walk across the Széchenyi Lánchíd Chain Bridge in Budapest, Hungary, they approach the stunning Gresham Palace. The Four Seasons Hotel Gresham Palace obtains a remarkable site due to the panoramic view of the famous Danube River, Buda Castle, and Fisherman’s Bastion from the front rooms of the hotel. As you enter this Four Seasons, your eye is drawn towards a glass atrium leading up to the front desk. A crystal chandelier is in the center of this atrium and further adds to the grand interior architecture and design of the hotel. After having the opportunity to walk through the Four Seasons Hotel Gresham Palace and stay in the Four Seasons Firenze, I understood why this hotel chain is one of the most well known in the world. The Four Seasons brand is one of luxury and is a part of one of the most influential industries in the world: hospitality. However, even though this hotel chain is luxurious for customers, the hospitality industry the Four Seasons falls into entails poor employee wages, high employee turnover, and lack of stability. Furthermore, this industry has created mass tourism leading to social discrepancies, economic dependencies, and weakened culture. Thus, is the Four Seasons Hotel Chain ethical for partaking in an industry that has led to such problems? Should the Four Seasons shift their attention from customers to employees in order to address industry concerns?
The Great Depression and Glass-Steagall
Fueled by post-World War I consumer optimism and rapid migration from rural towns to cities, the Dow Jones Industrial Average increased tenfold. This period of time, referred to as “The Roaring Twenties”, ended when the market crashed and the Great Depression began. The Dow Jones reached an all time high on September 3rd, 1929 of 381.7, a level that would not be seen again until 1954, in inflation-adjusted numbers. Just over a month later, between October 24th and October 29th, 1929, the Dow fell from 305.85 to 230.07, a record total loss of nearly 25%. This was the start of the Great Depression. Continue reading Sandy Weill, Citigroup and Gramm-Leach-Bliley: Could Virtue Have Saved Us From Crisis?
These are the responses I have gotten for our class oath:
As a manager…
- I lead by example and make decisions in the best interest of my firm, employees, and society. I consider all stakeholders in my decision and aim to create overall value for society.
- it is my social duty to be transparent, ethical, law-abiding, and moral when making decisions in my company that deal with stakeholders.
- I will create value for the company and stakeholders through a set of ethical principles.
- I am representative of society’s interest within my company. The purpose of a manager is to make sure that their employees are working at their best towards sustainable profitability.