Discuss when greed and selfishness in businesses go too far and become a hazard to society.

Adam Smith argues that selfishness is a critical aspect of actualizing economic development. There is truth in this argument since when people are motivated there is usually the ability to achieve almost anything. Which is the best motivation that beats actualizing self gratification? Even if there is, they are very few.

However, at some levels greed and selfishness might be a hazard to the society. This would happen if businesses do not have any concern regarding the interests of other stakeholders like employees, suppliers, consumers among others. Selfishness and greed that triggers businesses to produce inferior products for consumers and violate labor laws in attempt of generating more profits is harmful to the society. The act works towards diminishing other individuals instead of enhancing economic development.

Stepping back into your shoes again, contrast your system of values and ethics concerning greed and self-interest with the system of values of Smith or Marx.

Both Marx and Smith have great points to support their arguments. I am a great advocate of equality something that Marx tends to uphold. The society is more balanced when people have equal access to some resources that are deemed basic. But is it possible to have equality on all facets? I don’t think so. People are gifted and talented in different ways. As a result, there will always be a variation on what one attains compared to the others. The capitalist perspective that Smith upholds also has my support. Capitalism motivates people to work hard in order to attain self gratification. As people gain individually, it acts as a catalyst towards economic development. This is a positive input to the society. However, capitalism also has the ability of putting the means of production in the hands of few individuals. The aspect results in development of social classes hence creating a path for exploitation of the “have nots”.

Discuss if the ethical perspective of a particular group to which you currently belong, or previously belonged resembles the perspective of Adam Smith or Karl Marx?

There is this group that I belong to, and it encompasses people with the desire to pool their funds and invest as a group. The group adheres to both Smith and Marx’s perspectives. There is an essence of equality based on how operations are conducted. Capitalism also manifests itself based on the desires that drive people, something that influences the effort that they make towards ensuring that the group succeeds.

Reference

Fieser, J. & Moseley, A. (2012). Introduction to business ethics. San Diego, CA: Bridgepoint Education, Inc.

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