ASSIGNMENT

Assignment



Assignment

Q.1.1 Using your knowledge of the free markets perspective, examine the ethics and morality of 'let capitalism rip' allegation made by British Prime Minister David Cameron.

Wrong with Capitalism

Capitalism have become the most debatable topic of recent times, and there are many confusing and hating remarks that has made politicians to use words like fair capitalism, better capitalism, and responsible capitalism. In last speech of David Cameron the British prime minister, there were arguments of ethics and morality in the Capitalism. He mentioned popular Capitalism in his speech. Prime mister calls a word 'true conservative sense' he means to reward a person's work in the society. He argues on the word fair that means equality. However, in theory it cannot be fairness and equality together. He has targeted the giant business and millionaire businessman. He has focused financial sectors. He said that there are market failures and people do not get what they work for.

Suggestions from Prime Minister

In a Capitalist society, a group, usually known as Elite class, owns the major market share. In other words, big businesses are held at few hands. A worker, who has the ability to be the part of that business works there as an employee, who share his ability to work in return of wages he gets. The business can be any. It could be the industries, the ownership of land etc. It is considered that capitalism could be guided by ethical rules and made better. Literally: "Human rights and environmental limitations guidelines define the framework for economic goals". To achieve this goal, each individual group be willing to submit to a voluntary ethical doctrine. We all know how ruthless corporations enforce their profit interests. Such an undertaking would succeed only if you control the capital and forcing a change in his behavior. But this is only possible if we abolish the social system of capitalism (Downing, 2003, p.78-89).

Theory

The theory of Marx could be explained for capitalism. The capital is a wild beast. To tame and civilize the long run is impossible. This has been recognized and Marx put on paper. Nevertheless, the impossible is attempted again. Economics and ethics can be run together but only if we abolish capitalism as a system. The greedy among us can be disciplined only by a change of system (Weber, 1958, p.14-21). Until then, dear, "Sylke Schroeder" from the bank ethics, it stands alone. The others laugh at you, and continue as before. Your just trying to reinvent the wheel, making it even at the beginning of serious design flaws. The wheel has been invented yet, and his plan is socialism. Cameron focuses on the equality of opportunities. He believes in the equality and equity.

Conclusion

David used the term popular Capitalism that is used as insurgent economy where everyone should support everyone. Cameron's special focus was on the corporate social responsibility and proper implementation of popular capitalism. He talked to morally and ethically support the society; he wanted to get over with the evil ...