Now, MBA graduates and entrepreneurs around the world are going to be asked to take a pledge similar to what school children take, aimed at instilling moral and ethical values in how business is done and how an enterprise is run, reports Times of India.

According to the people behind this initiative, it was the lack of such values that contributed, at least partially to the Great Recession of recent years. Drafted by the Harvard Business School in association with the forum of Young Global Leaders of the World Economic Forum (WEF), the oath is aimed to instill moral and ethical values in how business is done and how an enterprise is run.

The Global Business Oath - or the Davos Oath, since it will be announced at the WEF meet in Davos later this month - comprises of two parts. One is the MBA Oath, which will be taken at B-Schools by graduating students to become responsible managers, similar to the Hippocratic oath for doctors. The second is the Business Oath, which will be taken by business leaders.

Though not binding in nature, business tycoons and aspiring business tycoons participating in WEF are said to have given their consent to take the oath. The 100 member strong forum of Young Global Leaders have all pledged their support to the initiative. That includes Suhas Gopinath, the 22 year old CEO of Globals, and the only Indian face on the forum. Globals is the platform partner of this initiative, and has designed and built the official oath website www.globalbusinessoath.org.