Occupy Wall Street Movement - Essay Example

 Occupy Wall Street Movement Introduction Occupy Wall Street (OWS) has been referred to a movement which was instigated on the 17th of September, 2011 from New York City’s Wall Street and is still in the process of continuation. The protest is generally marched towards better corporate facility services, political influences, proper income distributions and reduction in the involvement of corruption pertinent to the political environment currently prevailing in the US (Pickerel, Jorgensen, & Bennett, 2002). Emphasizing on the continuing movement of OWS, the discussion in this paper will propose to elaborate on the moral as well as the economic implications of the protest. From the theoretical perspective, the Utilitarian, Kantian along with the Virtue Ethics philosophies will be taken into deliberation to discuss the insinuations of the movement. The discussion is intended to further progress towards rendering a rational explanation in identifying the aspects and personalities accountable for the rise of such a socio-economic issue. Discussion The movements of OWS generally came into existence concerning the moral performance of the individuals and the unequal income distribution within the current socio-economic stature of the US. The moral implications which have been involved in the movement, in relation to OWS relates with the Primacy of Self-Interest and the Democracy progression. The Primacy of Self-Interest states the individual responsibility towards any kind of conduct. It is worth mentioning in this regard that the prevailing moral scenario within the US society indicates that the power of controlling depends largely on the wealthy group of population. In such circumstances, the distinct authorities regarding economic decision making is bestowed upon selected individuals belonging to that particular section; thus, segregating the society in terms of income (University of New Mexico, 2012). One of the notions initialized by the OWS protestors conveys the message that the nation and the economy should be controlled by the actual successor who deserves the right to control, based on their potentialities rather than their wealth. This symbolizes the leaders for the economy should be selected through fair and just elections. Furthermore, with regards to the democratic philosophy of politics, it has been connoted by the protestors that the economy should be democratic in power so that individuals can assist each other to a larger extent. Hence, government should offer active participation in protecting people from social threats and problems by allocating residential facilities, ensuring adequate protections, and proper law enforcements among others. The wealthy populace needs to channelize their wealth or funds in a way which would prove to be favorable for the general individuals in future. The moral also indicates that conflicts arising due to cultural discriminations also need to be reduced from the economy (Lakoff, 2012). The economic implications involved in the OWS movements further indicate the inequality that exists in terms of income distribution within the US economy and its severe consequences. With this perspective, it has been assumed by the protestors that along with the pace with regard to the economic development, the native individuals are lacking adequate earning facilities owing to the low employment rate. Another aspect, i.e. the source of fund for election, known to be involved with the aspect of income distribution, became a primary issue for the protestors of OWS (Lakoff, 2012). The other demands or goals of OWS are the elimination of educational loan debt aiming at increasing the literacy rate, adequate actions to ensure increased employment facilities, increased banking facilities and reduction in the chances of recession in the market. Furthermore, the money earned through the industrial sector should be employed or engaged for the betterment of the public rather than in activities related to election (Department of Homeland Security, 2011). Analysis The concepts of justice, as demonstrated through the OWS movement, can be explained with reference to three principal theories concerning ethics, namely the Utilitarian, Kantian and Virtue ethics. Utilitarian ethics can be explained by combining the positive assertions along with normative assertions. Positive assertions relate with the steps taken by an individual for his/her own benefits. While normative assertion relate with the actuality of undertaking steps by an individual for the purpose of satisfying a group along with satisfying individual requirements (Deprez, Gammeltoft, & Kiernan, 2011). With comparison to the OWS goal, normative assertion is found to be the suitable measure owing to the fact that the implications which are involved in the movements are similar to the point of view commonly shared by the individuals in a society which also fulfills numerous other individual requirements related to the goal of OWS (Mill, 1863). Kantian ethics, on the other hand, describes that the performance of individuals should follow moral rules when any decision is to be taken in order to achieve predetermined objectives. It is often regarded as the theory of Deontology which considered action based ethics with greater concern towards the degree of adherence in relation to the enforced rules and regulations (Department of Information Technology, 2005). However, with due consideration to the notion presented through OWS, it can be affirmed that the movement favors consequentialism or Utilitarian ethics by a larger extent. Similarly, Virtue ethics describes an individual’s intrinsic driving force towards their ethical behavior offering lesser significance to their performances. It is in this context that the theory of virtue ethics primarily discusses about the morality of an individual character in its performance (BBC, 2012). In relation to OWS, a strong link between the notion of Virtue ethics and philosophy of the protestors can be identified. Explanation The federal government, cultural diversification, age and gender are more or less considered to be responsible for income inequality along with improper wealth distribution. However, stock exchange markets are also held liable for the existing income inequality and wealth allocation to a considerable extent as it was observed that the native households of the US does not possess a sustainable quantity of assets; rather they prefer employing those funds in the stock market. At times, investing in stock markets help individuals to earn extra money for which the necessity to pay tax is ruled out. It has also been learnt in this context that few individuals suffer huge losses by engaging funds in the stock market. Therefore, it can be stated that stock market investments acts similar to gambling activities creating a significant impression on the total income of the US locales. With reference to the predefined context, it can also be noted that gaining of profits and suffering from losses also account for the income inequality and wealth distribution within the US economy (Banks, Blundell, & Smith, 2000). Recommendations The attainment of the goals related to the OWS movement can prove to be quite beneficial for the capitalistic society. In the similar context, it can be mentioned that a rise in the employment ratio shall also lead to the further increase of domestic income thus reducing income disparity within the US. Concerning the prevailing socio-economic factors within the US, it can also be suggested that the government requires undertaking serious steps regarding the investment ratio or rather the amount of investment made by the individuals in stock markets in comparison with other secured investment options. Furthermore, considering the current scenario, the OWS movement can be identified as expanding continuously comprising a larger group of protestors belonging to various socio-economic regions. In the similar context, concerning its concepts of justice presented with strong linkages to Utilitarian and Virtue ethics, it becomes quite important for the US government to consider the protests voiced through the movement in the locality of Wall Street of New York. Conclusion The movement of OWS was initiated from New York City’s 66 Wall Street on September 17, 2011. The primary goal or demand of the protest entails providing increased employment facilities and equal distribution of income and wealth in the capitalistic society of the US. OWS movement came into action in order to reduce the recession rate for which the individuals in the nation were identified to be suffering from imbalanced allocation of income and wealth. References Banks, J., Blundell, R., & Smith, J. P. (2000). Wealth inequality in the United States and Great Britain. The Institute of Fiscal Studies, pp. 1-70. BBC. (2012). Virtue ethics. Retrieved from http://www.bbc.co.uk/ethics/introduction/virtue.shtml Department of Homeland Security. (2011). Special coverage: Occupy Wall Street. Retrieved from http://www1.rollingstone.com/extras/13637_DHS%20IP%20Special.pdf Department of Information Technology. (2005). Business Ethics: Kantian Ethics (Deontology). National University of Ireland. Deprez, E. E., Gammeltoft, N., & Kiernan, K. (2011). Occupy Wall Street Protesters Head to NYSE as Police Stand Guard. Retrieved from http://www.businessweek.com/news/2011-11-18/occupy-wall-street-protesters-head-to-nyse-as-police-stand-guard.html Lakoff, G. (2012). We, the undersigned writers and all who will join us, support Occupy Wall Street and the Occupy Movement around the world. Retrieved from http://occupywriters.com/works/by-george-lakoff Mill, J. S. (1863). Utilitarianism. McMaster University, pp. 1-63. Pickerel, W., Jorgensen, H., & Bennett, L. (2002). Culture Jams and Meme Warfare: Kalle Lasn, Adbusters, and media activism. University of Washington. University of New Mexico. (2012). The Occupy Wall Street movement. Retrieved from http://danielsethics.mgt.unm.edu/pdf/Occupy%20Wall%20Street%20DI.pdf Read More