Business Ethics Capitalism - 5279 Words

Part I: Capitalism 1.1 Introduction According to an online article entitled â€Å" Reflections on capitalism† : The word â€Å"capitalism† was popularised by Karl Marx in the middle of the 19th century .It is a social , political as well as an economic system that countries use to guide their development programs and economic policies. Almost all the worlds countries are currently running their economies on capitalist inspired doctrines ,this fact testifies to a great extent of the many advantages and viability of the system of capitalism . 1.2 Advantages of Capitalism 1.2.1 Cheaper and better products A capitalist economy operates in a â€Å"free market†, this is a requirement vital if capitalism is to thrive. A free market is characterized by†¦show more content†¦Therefore, firms gain monopoly over power in a free market allows and exploit customers by charging higher prices. They often pay lower wages to workers. 1.3.3 Immobility Besides, immobility is one of the main problems of capitalism is that a free market is supposed to be able to easily move factors of from an unprofitable sector to a new profitable industry. However, this is much more difficult practically. Because of the inequality of wealth in a truly capitalist society with no government welfare great poverty is bound to occur. Leading to homelessness, slums, and disease this will further lead to forced migration. Forced migration will also increase these problems in large cities and towns. The people who cannot make any money in the countryside will move to the towns and cities with the belief of finding work and making money. 1.3.4 Irrational Behavior Followed by, economics sympathetic how individuals, families, businesses, and governments make choices under conditions of scarcity. We believe people select products to maximize their happiness and that businesses try to maximize their profits. Theres no right or wrong choice here whatever gives you more pleasure is the better choice for you. Of course, a choice we think will make us happy or give us big profits might end up doing nothing of the sort. People tend to get caught up in hypotheticalShow MoreRelated Business Ethics vs. Capitalism Essay2407 Words   |  10 PagesThe concept of business ethics has tried to change the way businesses operate over the years. Business ethics is a form of ethics that governs the actions of businesses to circumvent the affects business has on every day society. But some question its effectiveness in the application of capitalism. Several case studies have shown that this is the case; many companies place the pursuit of money in front of the pur suit of virtue. Although, the majority of companies are not in the spotlight of actingRead MoreThe Issue Of Business Ethics Essay1359 Words   |  6 Pagessome â€Å"normal† oxymorons such as â€Å"jumbo shrimp, passive aggressive, awfully good, The Great Depression,† and of course, â€Å"business ethics.† In terms of â€Å"business ethics,† the common misconception still remains that the word, â€Å"business† and the word, â€Å"ethics† should never be adjacent. Primarily, I find this misconception offensive, but also blatantly incorrect. As a rising business employee, I look forward to continually proving this â€Å"oxymoron† incorrect by utilizing the skills I learn to further bothRead MoreThe Importance Of Ethical Business Is Not New1334 Words   |  6 PagesThe importance of ethical business is not new. Every long-term successful business has clearly understood the need for ethical business practices. There are lessons to be learned, both positive and negative, from businesses around the world. 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Social Responsibility Read MoreWhat Interests Me : History And Hiring1616 Words   |  7 PagesHistory and Hiring Introduction: The study of Ethics is an important branch of study. It is as important as the study of the sciences, math and business. At its core the study of ethics provides a framework to make decisions on how we conduct our lives. Almost every action we take has ethical implications that affect our own lives and the lives around us. This is important to consider in the business world, since the decisions made by business organizations can affect the lives of millions ofRead MoreThe Evolution of the Corporation Essays830 Words   |  4 Pagespower of corporations are ever evolving it is critical to determine the effects and consequences this evolution brings upon the business world. The Stockholder Theory maintains that managers should act merely as agents to the stockholder and only serve their interests-the maximization of profits (45). 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Morality servesRead MoreEssay about Ethics in International Business1657 Words   |  7 Pages Ethics in International Business Abstract International business ethics challenges the corporate world to deal with questions of what to do in situations where ethical standards come into conflict as a result of the different cultural practices in the nation. Since, there is this dilemma that has progressively troubled the large multinational corporations, international business ethics has arisen to help address these adhesive subject matters. There are several international business ethicsRead MoreThe Integration Of Law And Ethics945 Words   |  4 PagesAs the subject title indicates, Substantive ethics is about the integration of law and ethics in corporate ethics programs. The author of this article gives numerous examples of why integration of law and ethics is needed. There are numerous areas of concern, such as dishonest corporate dealings, global human rights, tort lawsuits, and questionable executive salaries (Blodgett, 2012). There is a view that laws are rules meant to be followed and not necessarily understood f or its ethical value. ThisRead MoreBusiness Ethics and the Role of the Corporation Essay983 Words   |  4 PagesBusiness Ethics and the Role of the Corporation The problem to be investigated is the ethical role that the corporation has when balancing internal strategies with external responsibilities. Dr. Novak explains various responsibilities a business has in his article â€Å"Business Ethics and the Role of the Corporation†. This paper will first discuss why Dr. Novak has two sets of responsibilities in his article on business ethics. Next it will explain what Dr. Novak says about the rule of law and