Understanding the Occupy Wall Street Movement - Coursework Example

Understanding Occupy Wall Street Movement: An Overview on the Occupy Wall Street Movement Student Name: Student ID: Course: Professor: Date: Word Count: 1,582 Understanding Occupy Wall Street Movement: Year 2011 will be considered prominent when historians will record the significant changes and challenges prevailing in USA in the second decade of the 21st Century. Thousands of people joined each other with tents in the financial district of New York. They all assembled and set their camps at Zuccotti Park; held their determination with conviction. Change was their demand, and the movement gradually became an International wave. The proposed methodology is about The Occupy Wall Street Movement that started on 17th September 2011 in New York and soon became a national verge among the citizens of America. The purpose of this study is to explore and understand the objectivities of the protestors who support the OWS movement and analyzing the movement by using ethical theories such as Utilitarian, Kantian, and Virtue ethics. It will also try to identify the income inequality and wealth distribution in the U.S and those who are responsible for this difference. To achieve this goal, the paper is initiated with the introduction of the OWS movement, its objectives and the ethical theory that applies best to the implications of the movement. The paper will also present the measures to obtain balance in ethical decision making considering economic, moral and legal components. Finally, the study will be concluded by the observation of the writer. The Background of OWS Movement In the book “This Changes Everything”, Sarah writes about the OWS group that 99% of America do not just demands change but wishes to transform the way people see themselves, when they feel ashamed of not paying off their debts or being in a bad job that does not earn them back what they deserve or the fact that they are not at all responsible for the downturn of economy or they should not be blamed if they cannot pay off their loans to keep their houses (Ruth and Gelde, 2011). “Occupy! Scenes from Occupied America” is a book written by some of the protestors of OWS movement and they have listed some of the most potential demands that this group has set its focus on (Carla and Blumenkranz, 2011) These demands were to cancel the citizens’ united supreme court decision (make amendments in the constitution), removal of the bull structure from wall street (it was suggested by a man who wore a noose in place of a tie and was dressed as a banker), consider the cancellation of some sort of debts particularly for students, for military intervention, pay as you go (to ensure that wars are not waged without the agreement of congress to provide finance on each level at once), to stop taking taxes on small transaction like Tobin Tax, to ensure that there is no unemployment, to guarantee income or social wage which is also known as negative income tax, establishment of care centers for children and senior citizens, to, reestablish the Glass-Steagall Act ( which was passed in 1933 ,a kind of banking reform and it was also repeated in 1980 but it was partially implemented), there should be paid sick leave for all the Americans who are working and to ensure transparency in politics (Carla and Blumenkranz, 2011). OWS and the ethical theories The implications of the OWS movement are very strong and they resemble many aspects of the major business ethics, such as the utilitarian theory, the Kantian theory, and theory of virtue ethics. It will be interesting to identify which theory applies best to the movement and it cannot be applied until these theories and their respective differences are understood. An online document offers an interesting comparison between the three kinds of theory; the following table will be considerate in determining their objectives (Trinity, 2001). Table 1 Comparative study of the three theories (Characteristic, and Objectives) Name Utilitarian ethics Kantian ethics Virtue ethics Description It a movement is generating best results then it is assumed to be in the right direction If an action is in harmony with the moral principles then it is right. The action of a virtuous agent in a condition is considered to be right Tangible The effects of the action results in maximum happiness. The moral principle required by rationality. Action by a virtuous agent, possessing this character which is required by every human to live and flourish Practical reason What’s good for me and how would I get it? What is rational and how would I identify it? What should I practice? Self importance Reason and will including desire Reasons and will to accomplish without desire as it is an outside force Reasons ,will and desire with mannerism and character Rational aspect To get what you want No self contradictory policies, doing only what is required by reasons Focusing on desires that is best determined by the reasons Vital question What I must do? ( directed towards the movement) What I must do? ( directed towards the movement) How must I become the best person? ( directed towards the agent) Prime assessment The result or consequences Perform, take action People The goodness To maximize happiness or similar results The action should be right, and people who are performing should be rewarded Results achieved by the action of good people The righteousness Maximizing goodness Action in sync with moral rules Performance by a virtuous person in a situation The virtue aspect Willing to maximize the effectiveness of the movement Being optimistic while carrying out the moral duties Fundamental notion Characters required to attain happiness According to the comparative study, it may appear that the OWS movement carries combined objectives of all the three theories however; Utilitarian theory may best apply to the implications of the OWS movement. This movement is aimed at providing a better life to all Americans particularly the 99% of the population, who are suffering from income inequality, unemployment and many other problems. According to a report (Hotsheet, 2011), top 20% of Americans are controlling 84% of the wealth and the country takes 39th position worldwide in income inequality. According to most of the Americans the elite class comprising few of the top ranking congress men as well as the corporate sector is responsible for this inequality. It is no wonder why the congress is often known as a millionaire hub (Hotsheet, 2011). Interestingly, USA had fairly equal and stable income divisions until 1970’s; in the following decade it started to stagger and entered the 21st century worsening the income divisions (Noah, 2010). OWS movement fights for this injustice when the taxes are increased for poor and decreased for the elite, making rich richer and poor poorer. Since, the observation highlights that the movement is intended to bring an end to the sufferings and injustices done, this definitely is in sync with the Utilitarian theory whose fundamental principle is to maximize happiness. One equitable outcome of the movement which will be good for American society is to end the rule of that 1% elite class who has been ruthlessly controlling the economy while the rest of the population is working hard, paying the cost of the crisis while its instigators are collecting their profit margin (Ruth and Gelde, 2011). Business ethics and corporate social responsibilities Business ethics is a concept which generally means to identify what is right or wrong and taking the right step upon identifying it. It is a catalyst that encourages managers to take socially responsible decisions. It is a vital component in management. Corporate social responsibility refers to an obligation to take decisions that safeguard and improves the wellbeing of the society as well as the interests of an organization (Friedman, 2001). The process of decision making considering the legal, economic and moral aspects and maintaining a balance among these components is extremely important. Following table will elaborate this significance in the prospect of CSR - corporate social responsibility (Carroll and Archie, 1991). Table 2 Balancing Moral, Economic and Legal Components in Ethical Decision Making (Part of CSR) Moral Economic Legal 1 Consistent performance abiding by the ethical and social norms Consistent performance to maximize earning per share Consistent performance with prospect of government and law 2 To recognize and new ethical principles set by society To be profitable to the maximum To work in harmony with the rules and regulations 3 Not to compromise social norms in order to accomplish corporate goals To maintain competitive position To be a law abiding citizen 4 A good corporate citizen is known by his practice of ethical principles To develop high level of efficiency To be a firm that abides by all the regulations 5 Integrity of organization and moral behavior go beyond by merely obeying the rules and regulations To be defined as a consistently profitable organization To provide services/goods that meets least legal requirements. Observation and conclusion The OWS movement is the voice of Americans, it is their aggression that has acquired a shape of this movement and their perspectives cannot be ignored. They want the rest of the America, which they claim to be 99% to live in a world which is free from corruption. They demand their rights, and aspire to see their countrymen with equal income distribution. While examining their aspirations and their unity, it is an unmistakable prediction that this movement will grow phenomenally, as President Obama says justifies the anger in the people of America, it is their right to raise their voice against a system that is corrupt and is impediment in accomplishing their respective goals in life. References Carla and Blumenkranz (2011). Occupy!: Scenes from Occupied America. New York: Verso, pp.4-5. Milton Friedman (2001). Social Responsibility and Organizational Ethics Study Guide & Homework Help - eNotes.com. [online] Retrieved from: http://www.enotes.com/social-responsibility-organizational-ethics-reference/social-responsibility-organizational-ethics [Accessed: 22 Feb 2013]. Hotsheet, P. (2011). Left behind: Why are rich and poor so far apart?. [online] Retrieved from: http://www.cbsnews.com/8301-503544_162-20102289-503544.ht [Accessed: 22 Feb 2013]. Noah, T. (2010). Introducing the Great Divergence. [online] Retrieved from: http://www.slate.com/articles/news_and_politics/the_great_divergence/features/2010/the_united_states_of_inequality/introducing_the_great_divergence.html [Accessed: 22 Feb 2013]. Ruth , S. and Gelde, V. (2011). This Changes Everything: Occupy Wall Street and the 99% Movement. California: Berrett-Koehler Publishers, pp.2-5. Trinity.edu (2001). Ethical Theories Compared. [online] Retrieved from: http://www.trinity.edu/cbrown/intro/ethical_theories.html [Accessed: 22 Feb 2013]. Unknown. (2011). Occupying Wall Street: The Inside Story of an Action That Changed America. New York: OR Books Publishing, pp.1-10. Carroll, Archie B (1991). The Pyramid of Corporate Social Responsibility. [online] Retrieved from: http://www-rohan.sdsu.edu/faculty/dunnweb/rprnts.pyramid.html [Accessed: 22 Feb 2013]. Read More