Sustainable Management Futures Essay Example | Topics and Well Written Essays - 3000 words - 1

Sustainable Management Futures - Essay ExampleThis issue raises a number of specific questions regarding ethics and morality. discussion at that place are a number of considerations when evaluating the ethics and morality of the free market. Classic economic theory rooted in Adam Smith more often than not painted free market economics not only as an estimable and moral system, only if as the necessary processes that occurred during transactions (Scott 2004, p. 34). Smiths invisible hand posited that the invisible hand of the market would, eventually rectify supply and demand factors, as well as immoral business practices (Scott 2004, p. 34). part to an extent its clear that modern economic systems abide by Smiths invisible hand of the market, there are further ethical and moral constraints that are not entirely articulated by Smiths theory. From an overarching perspective one of the prominent criticisms has emerged from 19th century thinker Karl Marx. Marx not only criticized the free market, but the entirety of the capitalist system (Scott 2004, p. 70). This perspective considered that capitalist operations resulted in the increased exploitation of workers. In this sense, the very tone of profit is the extraction of value from the employees portion of work. ... In the modern Western world one of the most prominent examples of this occurred with Standard Oil who had consolidated the petroleum industry in the 20th century this organization was later divided into smaller subsidiaries as a means of allowing for increased contest (Shaw 2009, p. 45). There is the recognition that if the government was to allow unhinged capital expansion and the development of monopolies and oligopolies because there would be a corresponding increase in prices. Without competition businesses have no motivation towards lower prices. Strictly speaking this perspective eschews traditional notions of the free market as operating without government regulation. This recognition t hen would simply posit free market economics as an unethical system as it limits fair competition. An otherwise prominent consideration within the ethics and morals of the free market system are considerations related to the environment and social welfare. In terms of the environment many industries have a potentiality considerable impact on environment sustainability. Most prominently one recognizes these industries with petroleum companies that have been involved in costly oil spills or other processes of environmental abasement. Another prominent consideration involves companies that produce high amounts of pollutants. Notably, in regions such as China such pollution has resulted in considerable degradation to the skyline and available oxygen (Mathews 1997 Gray 2006 Gray 2002). Finally, there is the consideration of wage rates. Most prominent in emerging economies such as China, but also in the developed world, are concerns related to factory labor. Replete with poor wages and long hours these