Assignment task: Based on the introduction, write the background of the problem.
Introduction:
The emergence of globalization has drastically reshaped the business environment, promoting heightened interconnectedness and mutual dependence among worldwide economies (Kortunov,2020). Global phenomenon has not only unlocked countless opportunities for growth and expansion but has also introduced a myriad of ethical challenges for business leaders, especially those in the financial services sector (Little,2018). Ethical challenges transcend geographical boundaries and are prevalent in both developed and developing nations. In the case of Jamaica, West Indies, the financial services sector is a crucial component of the country's economic structure. However, the sector grapples with ethical issues such as corruption, fraud, and money laundering, which have been exacerbated by globalization (Bowra et.al., 2022). Ethical predicaments have significant repercussions for the reputation and credibility of financial institutions, as well as for the stability of the national economy ( Hajj & Hammoud,2023).
Despite the vital importance of ethical decision-making, there is a noticeable absence in the existing literature regarding how financial services leaders in Jamaica navigate ethical dilemmas in a globalized business environment. The current research primarily focuses on the ethical challenges encountered by businesses in developed countries, with minimal attention given to the experiences of leaders in developing countries like Jamaica (Thorpe & Pokhrel,2024). Qualitative exploratory case study aims to fill the knowledge void by examining the impact of globalization on ethical decision-making among financial services leaders in Jamaica. The study will probe into the experiences of these leaders as they navigate ethical dilemmas within a globalized business environment. The insights derived from this research could potentially guide the creation of effective strategies and policies for ethical decision-making in the Jamaican financial services sector, thereby contributing to the broader discourse on business ethics in the context of globalization.