SUSTAINABLE MANAGEMENT FUTURES

Sustainable Management Futures



Sustainable Management Futures

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

Cameron clearly considers the current economic situation to be nothing less than a crisis and places the entire blame on the capitalist market structure; indirectly calling for a removal of capitalism from the market and the prevalence of support for a more free market. However, the only time when Cameron supports capitalism is when he asserts that the implementation of capitalism was inadequately managed (Cameron, 2012). It is nearly half way through the analysis of Cameron's speech that it becomes apparent that Cameron is actually not blaming capitalism, but those who attempted to manage the implementation of capitalism and (allegedly, according to Cameron) failed to do so; hence causing the economic damage that Cameron continues to refer to during the course of his speech. Terms such as no true conservative and crisis of capitalism make that clear (Cameron, 2012).

Cameron demands that an increased awareness and pre-requisition of ethics should be integrated into the free market structure so that Capitalism can be allowed to bring forth the benefits for which it is revered (Cameron, 2012). He also clearly identifies the relevance of government intervention and the degree to which government intervention should take place in order to be effective (Cameron, 2012). However, Cameron does not appear to be a major supporter of government intervention since his consistent support of the free market can be expected the scope of government driven regulation on the market.

His understanding appears to be justified when he asserts that the decrease in transparency and corporate social responsibility has been led by the fact that decision makers did not feel as if they had a stake in the economy. With little or nothing to lose, economic fluctuations were of little relevance to decision makers. In essence, Cameron asserts that Capitalism should be allowed to prevail; but only if such a prevalence comes with a new direction towards the implementation of the same. Cameron insists that a stricter requirement for the maintenance of transparency, combined with a pro-active approach towards corporate social responsibility is the solution to the previously erroneous implementation of Capitalism (Cameron, 2012).

In essence, David Cameron's idea of letting capitalism rip is clearly based on his belief in the collective effectiveness and efficiency of innovation, enterprise and competition (Cameron, 2012). In fact, Cameron asserts that the reason behind the current precarious state of the market is essentially the extensive reliance on capitalism that riddled market fluctuations. In his speech, Let Capitalism Rip, David Cameron clearly appears to be advocating a point of view that is adequate and justified when perceived from his shoes (Cameron, 2012). His take on the free market and the efficiency of a capitalist market is clear and leaves little room for interpretation to the lay mind.

In this regard, Cameron's recommendation for a more involved free market structure is visibly ...