There seem to be three major visible effects of the current dynamics of the global economy on the ethics of business practice
1.The Global economy increases the number of interactions between different business ethics frameworks. It does so while also fostering the creation of a "minimum global code" that allows for successful minimal interactions between business actors with very distinct characteristics. In a nutshell, it makes business more universal but also more nuanced.
2.The Global economy brings about volatility and variance in the values of business ethics across time and space. This brings the ability to change, communicate, understand and adapt to the apex of successful entrepreneurship. Complex interdependence means that, when it come to business ethics, we are set to continue witnessing a clear fluidity and variance in the matters of hierarchy of which ethical issues grab the most attention.
3. The Global economy links the micro and the macro-level of business practices. Business-ethics decisions made at the international level by Transnational corporations and regional political organizations will have a direct impact on the practice of business locally. Similarly, organized business practices at the local level can affect business policies at the macro-level (designed by states and companies) by forcing these to adapt to those practices in order to success and be competitive.
First and foremost how you understand what the global economy is and what it represents will define your understanding of its effects on business ethics. This is the case because, according to how you understand the global economy, you will attribute varying levels of agency to specific groups of actors that impact on business. As "globalization" becomes the "cliche of our times", its meaning and that of its conceptual spin-offs such as global economy, frequently tend to get lost in a blurb of meaning. Therefore, for the motives of outlining the effects that the global economy has on business ethics we have assumed it as being essentially defined by the dynamics of complex interdependence - i.e. the increasing number of multiple channels of access between societies.