...The Morality of Capitalism 500520316 ENT 527 Ryerson University Dr. Jeffrey Overall Friday, January 23, 2015 Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned. Through the capitalist system, state and economic affairs are completely separated, leaving the government with a single role to protect individual rights against those who pose a threat against others through physical force. Capitalism is diminishing as government regulations of most countries have increased with the intent to gain more revenue through the involvement of business affairs. Therefore, governments are subsidizing businesses through loans, bailouts and tax credits. Although laws and institutions are vital, capitalism is sustained by the more fundamental role played by basic human spirit of independence, initiative, and innovation conducted through entrepreneurship. Capitalism is the only social system that protects the human means of survival which consists of thinking and applying reason to produce material values or creating innovation. Capitalism is a system of freedom where individuals have a choice in work or business to be involved with and the choice to trade with others freely through mutual agreement. Capitalism creates better products, better production and better distribution processes through its system of competition and innovation, resulting in lower costs and prices. An example demonstrating...
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...Do you believe that Capitalism is moral? Justify you answer. Capitalism can be defined ideally as an economic system in which the major portion of production and distribution is in private hands, operating under what is termed a profit or market system. (Shaw et al. 2013, p.118) As compared to other forms of economic systems, capitalism benefits the society in various ways (and based on utilitarian argument, this will be morally preferred because the balance of good over bad is the greatest). Few would deny that capitalism is the most productive and efficient economic system, especially after the collapse of Soviet Communism. But some critics still contend that capitalism is not a moral system. Yet morality is impossible unless one is free to choose between alternatives without outside coercion. Since capitalism is based on freedom of choice, it provides the best environment for morality and character development. In addition, business success not only requires but also rewards virtuous behavior by participants in the market. A social system such as capitalism is a system of relationships and cannot be moral or immoral in the sense that a person can be – only individuals can be moral agents. However, a social system can be moral in its effects if it promotes the possibility and likelihood of moral behavior by individuals who act within it. It follows, then; that there is a moral imperative to create a political and economic system that permits the greatest possibility...
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...Journal of Business Ethics (2007) 74:303–314 DOI 10.1007/s10551-007-9517-y Ó Springer 2007 Stakeholder Capitalism R. Edward Freeman Kirsten Martin Bidhan Parmar ABSTRACT. In this article, we will outline the principles of stakeholder capitalism and describe how this view rejects problematic assumptions in the current narratives of capitalism. Traditional narratives of capitalism rely upon the assumptions of competition, limited resources, and a winner-take-all mentality as fundamental to business and economic activity. These approaches leave little room for ethical analysis, have a simplistic view of human beings, and focus on value-capture rather than valuecreation. We argue these assumptions about capitalism are inadequate and leave four problems in their wake. We wish to reframe the narrative of capitalism around the reinforcing concepts of stakeholders coupled with value creation and trade. If we think about how a society can sustain a system of voluntary value creation and trade, then capitalism can once more become a useful concept. KEY WORDS: capitalism, stakeholder, ethics, economics, free market Introduction1 We live in the age of markets. While markets have been around for thousands of years, we are just beginning to understand their power for organizing society and creating value. In the last 200 years markets have unleashed a tremendous amount of innovation and progress in the West. The industrial revolution, the rise of consumerism, and the dawn...
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...thought. Religion is usually defined as the belief of a supreme, invisible power that has absolute control over our fate as humans, the universe and everything surrounding it. This invisible power establishes symbols that relate humanity to spiritual and moral values. Religion is all about spirituality (nature of consciousness) and morality (the distinction between right and wrong or good or bad). Religion is present in every corner of the world but practiced very differently and it has different influences in our lives depending on the location where it is practiced. Therefore, it generates different outcomes. In some undeveloped societies, religion can play a positive role in the improvement of social conditions, but when it comes to economic and political conditions, it can be very devastating. Religion can sometime help improve and stabilize the social system in undeveloped countries through its teachings. In all of the four dominant religions practiced in the third world (Catholicism, Hinduism, Buddhism, and Islam), the teaching of promoting peaceful coexistence among humans are very popular. Religion also infuses social norms like honesty, morality and equality which will lessen social injustices, racism, corruption, crime etc. In some undeveloped countries, religion is the only source that can be used to help establish social order when the legal system fails. However, when it comes to improving the economic and political conditions of undeveloped societies, religion is...
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...In the affluent society, capitalism comes into its Own. The two mainsprings of its dynamic -- the escalation of commodity production and productive exploitation -- join and permeate all dimensions of private and public existence. The available material and intellectual resources (the potential of liberation) have so much outgrown the established institutions that only the systematic increase in waste, destruction, and management keeps the system going. The opposition which escapes suppression by the police, the courts, the representatives of the people, and the people themselves, finds expression in the diffused rebellion among the youth and the intelligentsia, and in the daily struggle of the persecuted minorities. The armed class struggle is waged outside: by the wretched of the earth who fight the affluent monster. The critical analysis of this society calls for new categories: moral, political, aesthetic. I shall try to develop them in the course of the discussion. The category of obscenity will serve as an introduction. This society is obscene in producing and indecently exposing a stifling abundance of wares while depriving its victims abroad of the necessities of life; obscene in stuffing itself and its garbage cans while poisoning and burning the scarce foodstuffs in the fields of its aggression; obscene in the words and smiles of its politicians and entertainers; in its prayers, in its ignorance, and in the wisdom of its kept intellectuals. Obscenity...
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...Nietzsche: His philosophy and “Beyond Good and Evil” And Marxists vs. Mill’s view of socialism 1- Describe Nietzsche’s basic philosophy and his “New Morality” as revealed in his “Gay Science”, “Twilight of the Idol’s” books. Then choose one of his writings in his book “Beyond Good and Evil” and describe the philosophy he attempts to reveal. Conclude with your opinion on his philosophy of religion and his view of the Cosmos. Born on October 15, 1844 in the small town of Röcken, near Leipzig, Friedrich Wilhelm Nietzsche was a German poet and philosopher, a classical philologist and a professor of Greek at the University of Basle. He was the author of many works that talked about religion, morality, culture, philosophy, science using a unique style and radical questioning of the value and objectivity of truth. In his writings, Nietzsche called for revision of all values; he rejected organized religion attacking Christianity and other religious institutions as contributors to what he called “slave morality”. He was, also, equally critical of democratic institutions whose singular vision and courage, according to him, produce a “master morality” and he called the rule by mass mediocrity. Nietzsche also believed that European materialism have led to decadence and decline. He died on August 25, 1900. In his works, he voiced the sentiments of radical moralists. He was deeply critical of his own times and he called for a revision of all values. The major...
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...Glengarry Glen Ross The Culture of American Capitalism David Mamet’s Glengarry Glen Ross offers its audience a vivid portrait of the plethora of fallacies within a Capitalist-driven society. Within the realms of playwriting, Mamet echoes many of Karl Marx’s same critiques of Capitalism: universal acceptance, unequal distribution of resources, priority of self-interest versus that of the society in which one lives, and the false belief in the fair pursuit of achievement. These critiques are supported through the development of the characters who each represent a specific critique of American Capitalism. In addition to said critiques, Mamet shows how the artificial beliefs and subsequent actions derived from a Capitalistic culture can be counterproductive for an economic system/culture and its individuals. A constant example of this is the portrayal of men in this piece. The characters all associate the worth of a man with his level of success. The problem here is that a constant ideal of American Capitalism is that success is represented by material wealth, rather than an intangible source of self-fulfillment. Strength of intangible values is not the measure of a man, rather his ability to successfully fulfill the monetary-driven duties bestowed upon him by his boss. The successful fulfillment of the duties bring temporary, but instant gratification with the tools to continue to successfully fulfill those duties. Roma is depicted as not only the pinnacle of success in the office...
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...financial crisis happen. The views on what roles the government should have in the economy range from capitalism, which is a belief that the economy should be controlled by individuals (hrw ESL dictionary 85), to communism, which is a belief that a social organization such as the state should control economy.(558) Most people adopt a view somewhere between these extremes, yet even those moderate views vary greatly. Because society put emphasis on productivity and profit, most economic systems in the world tend to be oriented toward capitalism instead of communism. Many believe that capitalism is immoral because it is based on profit, which they claim to be the result of egoistic actions. I personally think that it is not the system that is unethical, but more how it is used and what is done with it. It can be compared to a neutral instrument such as a knife, which can be used either to cut food or kill. There is no morality in the knife itself. In this essay, it will be argued that, unlike most beliefs, capitalism is a morally acceptable economic system. To support this claim, three premises will be used. First of all, the market economy on which capitalism is based upon, promotes mutual help and fair exchange. Also, under such a system, when an individual is pursuing his own interests, he is simultaneously increasing the general wealth of his society as well as his own. Lastly, capitalism facilitates exchanges with people outside of our circle of care by dealing with them voluntarily...
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...Danny Whitford Francis Bacon, an English scientific philosopher of the late 16th and early 17th centuries, is best known for his advocacy of the scientific method during the scientific revolution. Also known as the Baconian Method, his scientific method revolves around inductive reasoning through which a series of conclusions can be made. He is known as the “Father of the Scientific Method” and the “Father of Experimental Science”. One of Bacon's most famous works is his History of Life and Death, in which he explains his observations and experimental conclusions about the prolongation of life by use of natural medicines and practices. His experimental approach to science with the use of inductive reasoning and trust of his senses was very influential in the Enlightenment during the 18th century. Bacon's scientific method formed the basis for modern science, and nearly all major scientific conclusions today rely on the inductive reasoning through observations of the senses that Bacon advocated. Nicolas Malebranche (Mal-brahnch), a French rationalist philosopher of the 17th and early 18th centuries, focused on rationalizing God's existence by means of the natural world rather than purely on faith and spirituality. His works, comparable to those of St. Augustine and René Descartes (Day-cart), attempt to show the active role of God in all aspects of the world and of human nature itself. Malebranche (Mal-brahnch) asserted that all human reasoning, thought, and cognitive...
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...Test Bank, Business Ethics by Shaw – Test Bank A+ Graded Chapter 1—The Nature of Morality MULTIPLE CHOICE 1. Which of the following characteristics distinguishes moral standards from other sorts of standards? a. moral standards are purely optional b. moral standards take priority over other standards, including self-interest c. moral standards cannot be justified by reasons d. moral standards must be set or validated by some authoritative body 2. Choose the statement that gives the most accurate description of etiquette: a. the rules of etiquette are a fundamental branch of morality b. conformity with the rules of etiquette is sufficient for moral conduct c. etiquette refers to a special code of social behavior or courtesy d. the rules of etiquette are backed by statutory law 3. Our relationship with the law is best described by which of the following? a. To a significant extent, law codifies a society’s customs, norms, and moral values. b. The law is a completely adequate guide to the moral standards that we should follow. c. The law makes all immoral conduct illegal. d. Violating the law is always immoral. 4. Which of the following is not one of the four basic kinds of law? a. statutes b. constitutional law c. common law d. contractual law 5. A proper perspective of religion and morality is a. only religion can tell us what is right and wrong b. it’s not true that morality must be based on religion c. religion never influences people’s moral beliefs d...
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...have been much debate on the ethics and morality of capitalism and some insistence on changing the rules (Miliband) through more government intervention. This is based on the argument that the system depends on the ethical behaviours of executive ceo’s honesty and integrity, most of which is responsible for the financial crisis of 2007. An example, the unethical conducts of giving mortgages to unqualified borrowers to earn large fees and accounting frauds in the 2000s by large companies such as Enron, Health south and WorldCom. Also moral issues on the fairness in terms of profit making, freedom in terms of individual’s choice between starvation and the acceptance of whatever wage offered and the effects of competition between large companies have been questioned. These incidents have drawn heavily the disadvantages of the free market system, as companies cannot be trusted to allocate resources on the best interest of society. Milton Friedman asserts capitalism to be based on greed and does not reward virtue. What the system lacks is ethical decision making as Okri (2008) states, “individualism has risen almost to a religion and appearance made more important than substance”. However, the advantage of the free market system outweighs the disadvantages. Capitalism compared to other economic system produces more wealth and rewards individuals with wealth through hard work (conservapedia, 2012). Also the greatest benefit of capitalism is human choice. Individuals are free to...
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...financial crisis happen. The views on what roles the government should have in the economy range from capitalism, which is a belief that the economy should be controlled by individuals (hrw ESL dictionary 85), to communism, which is a belief that a social organization such as the state should control economy.(558) Most people adopt a view somewhere between these extremes, yet even those moderate views vary greatly. Because society put emphasis on productivity and profit, most economic systems in the world tend to be oriented toward capitalism instead of communism. Many believe that capitalism is immoral because it is based on profit, which they claim to be the result of egoistic actions. I personally think that it is not the system that is unethical, but more how it is used and what is done with it. It can be compared to a neutral instrument such as a knife, which can be used either to cut food or kill. There is no morality in the knife itself. In this essay, it will be argued that, unlike most beliefs, capitalism is a morally acceptable economic system. To support this claim, three premises will be used. First of all, the market economy on which capitalism is based upon, promotes mutual help and fair exchange. Also, under such a system, when an individual is pursuing his own interests, he is simultaneously increasing the general wealth of his society as well as his own. Lastly, capitalism facilitates exchanges with people outside of our circle of care by dealing with them voluntarily...
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...Durkheim’s theory states that a society is like an organism with different structures and functions, he acknowledges the presence of individuals and social solidarity. He believed that a society is held by a division of labour and that the structure can be changed over time. His basic argument is that there are two types of social solidarity, mechanical solidarity and organic solidarity.. Societies with limited division of labour fall under mechanical solidarity and societies with high division of labour fall under organic solidarity.In both societies individuals act according to what they are obliged to do for others,so each person is recognized for their contributions to the society.Social morality in this sense is ‘strictly necessary’ for solidarity between people to occur; without morality, “societies cannot exist.’” (Grabb, p. 79).According to Giddens (p. 73), the main substantive problem for Durkheim stems from “an apparent moral ambiguity concerning the relationship between the individual and society in the contemporary world.” Mechanical solidarity is the solidarity that comes with likeness,the early societies tended to be small and simple.Durkheim also adds that mechanical solidarity mean the common ideas and tendancies of members the societies are larger in number than individual ideas and tendencies.The division of labour was little and it was divided by sex and age.In this type of society everyone carries out their similar tasks and work and the work is normally...
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...Capitalism Is the Devil The United States was founded by numerous founders who wanted to build the best nation in the world. According to the Constitution, the right should be given to “We the People”. The government should build “a more perfect Union” and promote “the General Welfare”. It has always been a dream. It is a goal that we cannot reach. But somehow, capitalism has been disguised as the best system ever devised, making citizens believe that it is the only way we can reach our goal. And it leads us to an irreversible situation of plutocracy. It is Michael Moore who pulls back the curtain on capitalism to reveal the insidious role it has played in the destruction of our American dream. In his documentary film “Capitalism a love story”, Michael Moore demonstrates the failure of Capitalism as an economic system in America. The movie explores what capitalism is, who benefits and whom capitalism hurts. Moore shows us how capitalism has been hijacked by entrepreneurs and how it jeopardizes the middle class. The poorest, uneducated, and hardworking middle class are the most likely people to be taken advantage of by the unscrupulous corporations such as the home loan industry, health insurance industry and many others businesses. According to the film, some people are no longer able to live in their own house, which they live for decades, because they cannot pay their bills or the authorities have sold their land to corporations. Kids in Pennsylvania are sent to private...
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...Textual Analysis of the Adam Smith Problem Sympathy and self-interest, when examined superficially, seem like conflicting notions. For this reason, Adam Smith is often criticized for writing two philosophical books – one about the human nature to exhibit sympathy, and one about the market’s reliance on our self-interest – that contradict each other. Through careful examination of Smith’s explanations, however, these two apparently separate forces that drive human behavior become not only interwoven, but symbiotic. In his first work, Theory of Moral Sentiments, Smith seems to argue that sympathy is the guiding force that produces most human behavior. He writes that it is human nature to be concerned with both the wellbeing and misfortunes of others, and that this concern for others is felt so deeply in us that we modify all our behavior in order to act in its accordance. Because we feel the pain and happiness of the others, we generally act in such a way as to extend the happiness and minimize the pain of those around us – especially those closest to our hearts, like loved ones and heroes. With this in mind, sympathy looks like a very altruistic principle, quite void of any self-interest at all. This view of sympathy, however, is not the view that Smith sustains throughout Theory of Moral Sentiments. In fact, as Smith continues to dissect the causes and effects of our sympathetic nature, it begins to look more and more as if sympathy is based in concern for oneself. This...
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