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The labor party under Tony Blair and Gordon Brown has been blamed for letting the market be controlled by capitalism - Essay Example

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Sustainable Management Futures Name: Course: Presented to: Date: Sustainable Management Futures The labor party under Tony Blair and Gordon Brown has been blamed for letting the market be controlled by capitalism in favor of the rich and have ignored the middle and low class citizens who have continuously struggled to meet their needs under stiff competition presented by a capitalist market…
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The labor party under Tony Blair and Gordon Brown has been blamed for letting the market be controlled by capitalism
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The labor party under Tony Blair and Gordon Brown has been blamed for letting the market be controlled by capitalism

Download file to see previous pages... Though Cameron blamed Labor for excesses of the recent years for what he termed as turning a blind eye to corporate excesses, the idea of a responsible capitalism was the main agenda behind Cameron’s campaigns. The main question is whether there is any rationality in advocating for a more responsible capitalism, or if here are any ethics and moral standing in capitalism. Keat (2009) argues a distinct ethical consideration has a crucial role in political reasoning. This is against the neutralist restriction of legitimate grounds regarding state actions on moral considerations of rightness. In other words, legal considerations must involve not only the matters of justice, but also the distribution of social wealth, opportunities in life, and the general survival chances. This implies; an ethical system has to be concerned with the pursuit of collective goals, and safeguarding the same good in the country. Therefore, the main question is whether “let capitalism rip ideology” under conservative party meets the above conditions. Herbermas (1996) states that there cannot be any possible exclusion of ethics from politics, but any political ideology has to be based on nature of ethical reasoning in which the concept of identity and self understanding are central. Ikerd (2008) elaborates the most basic law of science portray that unrestrained capitalism cannot by any chance be sustainable. In other words, according to Ikerd, all economic activities are naturally individualistic; as in capitalism there is no any economic incentive aimed at doing anything for the sole benefit others, and does not offer any thought towards the future generations. This means that any market system has to involve sustainable resource utilization and has to be mindful of each and every individual including the generations to come. Gray (2008) notes while a free market are the best type of market in advocating ethics and morality due to a direct link between contribution and rewards, free markets can corrode some characters while still enhancing others. Therefore, the results of a free market according to Gray will depend much on how one envisions life. Moreover, the thought that free markets emerge spontaneously with the removal of state interference in the market has been vehemently opposed. Therefore, free markets according to Gray do not indicate the absence of a government. In other words, in free markets, the markets depend on a system of laws, which decides what is to be traded or not. Hence, free markets due to presence of stringent of laws governing what is to be traded always involve an aspect of moral constraints policed by governments, and depend on property rights that are created and enforced by the government. Free markets have however led to loss of efficacy and productivity due to redistribution of wealth through taxes. All the same free markets are equivalent to having values in businesses so that organizations operate to standards of moral concepts in a pluralistic society (Griffiths n,d). Therefore, the market fundamentalism proposed by the rightwing was a harsh market dogma that erodes the market of the sustainability and responsibility befitted in a free market with its constraints and limitations. The core of the dogma, which was the assertion that such removal of government control in ...Download file to see next pagesRead More
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