Sustainable Management Futures Table of Contents 1 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. 3 1.2 Evaluate the system using Milton Friedman’s and Norman Bowie’s Neo-Classical Models of Corporate Social Responsibility (CSR)…
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“Let Capitalism Rip”, in the speech of British Prime Minister David Cameron signifies the dominance of capitalism in the society which concentrates on demolishing the free market. According to Prime Minister David Cameron, the popular capitalism should allow everyone to share in the success of the market. The Prime Minister also includes in his speech the social responsibilities of the firms and to prevent the abuse of the policies that have been conducted by the organisations to gain larger profitability as well as competency (BBC, 2012). To be precise, Prime Minister David Cameron, by making counterarguments over chronic capitalism practiced in UK documented the need for free market considerations not only on profit maximization but also toward Corporate Social Responsibilities (CSR). With due consideration to the aspect of capitalism and market labours, the government intends to enforce the policies toward the determined poverty level, ecological demolition, fundamental inequalities of wealth, and concentrated power in the hands of corporation, and property-owner among others (Charter & Johnson, 2011). The labour economics from a free market perspective signifies that the labours in the economy are based upon the three crucial factors of production which are recognised as land, labour and capital that generates the massive part of the annual GDP of the country. Therefore, the traders as well as the government in the United Kingdom provide significant consideration towards these issues of labours in the economic stature of the country (Block, 2008). In this regards, the speech of Prime Minister Cameron indicates to build a better and structured economy, so that the country along with its citizens can be benefitted in the free market, in terms of avoidance towards economic crisis and other similar challenges including poverty as well as power and wealth distribution (BBC, 2012). The proposal put forward by Prime Minister David Cameron in this speech elaborates on the proper utilization of the human resources (labours) and other natural resources signifying a free rein perception within the market moving ahead against the traditional approach and “Let Capitalism Rip”. In the context of his speech about the dominance of capitalism in the entire business society of UK and its impact on the economic structure of the country, the moral highlighted was to apply the basic fair market approach in the business environment (Charter & Johnson, 2011). Prime Minister David Cameron, in this regard, stated that capitalism can be one of the strongest tools for development of the country’s financial structure, involving wealth creation as well as social responsibilities that was ever recognized. An effective capitalism insists the proprietors of intellectual property rights along with the economic property rights facilitating them to earn a profit as a reward for investing the capital at risk in a suitable form of free market financial activity (Norman, 2011). Capitalism is not only concerned about the economic and social conditions, it also be acquainted with its morals. The notion of capitalism involves morality as it considers a few auspicious demands, such the individual freedom based on personal principles, the assets of hard work and creativity, the social exchange regarding effectiveness of the traditions and intellectual practices along with government’
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(Sustainable Management Futures Assignment Example | Topics and Well Written Essays - 1500 Words)
“Sustainable Management Futures Assignment Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.org/management/1397698-sustainable-management-futures.
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.
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In addition, the critics of the free market economy regarding the invisible hand can produce commodities and services without central planning and control (Schumpeter, 1994 pp53). The opponents of the free market economy have emerged victorious in convincing the world that there is immorality in the free enterprise and free market.
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This ensures that sustainability is achieved hence the needs of the various concerned stakeholders are met. The concepts aim is to conduct sustainable operations management taking into considerations the impact on the environment. With the successful adoption of sustainable operation in processes, all the processes including procurement, delivery are carried out with the need to protect and conserve environment (Appleby 2013).
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