Name Tutor Date Institution Word Count: 3000 Sustainable Management Futures Question 1.1 Free market economists have demonstrated and documented that free enterprise is the most competent and productive way of providing people’s economic desires. With free market economy, the easy and powerful logic of supply and demand cannot be refuted…
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Even though, they acknowledge its efficiency, they still claim that free enterprise is inherently exploitive or unfair. Although opponents agree that free market is productive, they still argue that it produces the wrong commodities. For instance, they argue that free market produces too much of the luxury goods at the expense of public goods. The opposition to free market is not much of economic considerations as moral. For example, profit comes from the workers, but the workers are only entitled to a small pay. The profit rightfully belongs to workers but end up being denied the right. Although production from the free market can be efficient, the commodities produced do not fit what people desire. The inequalities resulting from the free market depict unethical moral standards. Individuals gain wealth unequally favouring inequality in the distribution of resources, which is morally wrong (Schumpeter, 1994 pp 68). It is in the free market that individuals dictate what people should consume and what they should earn. These considerations represent a moral consideration. These considerations are based on values and goals rather than the real working of an economy. Moral equality supports that no individual should be superior to the other and, therefore, no one can impose his value, desire, and belief on another. Since each person has his to follow his discretion in what he decides to produce or sell, there is no coercion. When there is no coercion, there is no moral wrong; hence, since free market is free from coercion, the market is then ethical. It is only in the free-market that commodities and services are worth what individuals believe they are worth. This makes individuals be willing to pay for a charge that they feel is worth the value of the commodity or service. Moral equality in a free market is emphasized by the equal right of all individuals being free to act without coercion. Involvement of government in a free economy is unnecessary and wrong ethically. When governments are involved in a market economy, there is coercion to doing certain things. For example, people are coerced to pay taxes to sustain inefficient bureaucracies. These violate the rights of individuals. People, who oppose free market and prefer power of government in making things done, impose their views on others, which indicate moral superiority on others. A free economy depicts a free society, where every person can live as per his own values and principles. Since people need to be free without being coerced to act, free market exists as the only market practicing ethics. Capitalism represents a system of interaction, which utilizes money as the medium of exchanging commodities and services (Nelson, 2010 pp 16). The system evolved from barter trade, where individuals traded items in terms of value. Just like a free market, there is no coercion in the trading of products and services. Each person has the discretion of producing or selling what he feels is right for him. What makes capitalism a moral aspect is the presence of fair trade and involvement of voluntary transactions. Capitalism benefits the society through freeing up commerce, creation of wealth, and provides incentives necessary for technological advancements. Socialism usually exists in a parasitic association with capitalism (Mises, 2009 pp 51). It has to rely and work within a monetary system.
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The opening of the study consists of the background information about ethics in business and management, sustainability principles and the ethical theories that promoted to have a deeper learning about it. The report continued with the analysis of ethical foundation and ethical violation of wal-mart and finished with possible ethical strategies for wal-mart.
This has brought to attention the significance of CSR and sustainability in recent times. Sustainability is defined as encompassing all three foundations including the people, economy and the environment (Sastry, 2012). The relation between these three foundations suggests that there exist limitations on the development of people and the economy; that is, development of individuals and the economy comes at the cost of development of the environment.
Make recommendations on the way forward for a more ‘sustainable’ market economics. 7 References 10 1.1 Using Your Knowledge of the Free Markets Perspective Examine the Ethics and Morality of "Let Capitalism Rip" Allegation made by Prime Minister David Cameron.
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It commercially manufactures aircraft on a large scale. Airbus is actually a subsidiary of European Aeronautic Defense and Apace Company that is commonly known as EADS. In 2001, EADS took a huge step towards strengthening the individuality of Airbus. In 2001, efforts have been made by EADS and BAE to formally make Airbus a single integrated firm.
The author states that the company can also drive cost efficiencies by focusing its attention towards the international suppliers. It can be observed that big companies are generally focused upon the purpose as well as profits. Therefore, the company feels proud since it assists in improving the lives of people.
Toyota has placed it its primary objective to develop a social policy that bases its parameters on diversity, responsibility and equality for its major contribution on social and economic development of the society.
The traditional business model mainly emphasized on the economic aspect of the organization and accordingly designed the activities. However, the recent scandals have put the trust of the stakeholders of the company at stake, which is augmenting the interest of the organizations to focus towards CSR.
or sustainable development, it implies a situation whereby a firm combines its economic goals with the responsibility for the social and ecological impacts those goals have on the environment. Among scholars and researchers in business management, there are both critics and
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