Explain the challenges in developing a global code of ethics.

The idea of developing a general standard of business practice that can be applied equally to all countries over and above their local customs and social norms is seen as the best hope for stopping the dark side of global capitalism. Western corporations, it is argued, have the financial strength to make extensive capital investments in developing countries, taking the natural resources of those countries as their raw materials for manufacturing plants elsewhere in the world. Without legal enforcement of ethical business practices, those corporations can conduct business without concern for employee welfare and safety. A global code of conduct, to which all international businesses would subscribe, would, it is believed, put a stop to those practices. However, the financial strength of the Western nations is seen as a threat to equal representation of the developing nations, and as a result, those developing nations hold onto their national identities and cultures, thereby precluding any agreement on a general standard of business practice.