WHAT FUTURE WILL KAZAKHSTAN CHOOSE FOR TEACHING ETHICS IN ECONOMY?

Abstract

Current trends in the world economy indicate that the center of economic power has been gradually gravitating from the West to the East. The conventional business system that has gone through several crises within the last decades does not fulfill traditional expectations. Considering the situation, one can notice the problem that signals and calls for special inspection – a lack of ethical principles in the contemporary economy. The paper presents some ideas on how this setting finds its reflection in business education and what solution can be found. The author concentrates primarily on Corporate Social Responsibility (CSR) and Islamic economics and finance. Both concepts incorporate an active ethical component that guides the decision-making process and actions in each case. The paper presents a brief history and overview of each theory and its inclusion in business education. Comparing and contrasting CSR with Islamic economics and finance, the author highlights the advantages and disadvantages present in each case. The conclusion in built up around a Futures Studies perspective that allows modeling a "preferable future" in Kazakhstan economy and business education, indicating a close link between these two social components. Only a new cohort of business leaders for whom ethics is an integral part of personal character and daily functioning can develop a new ethical economy.