Business Ethics: Greed is not good
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Capitalism, democracy, socialism, communism, plutonomy, and dictatorship were defined as different forms of governance. Capitalism is a private ownership system focused on profit, while democracy involves citizens in decision making through voting. Socialism advocates for government ownership and equal distribution of wealth. Communism envisions common ownership without social classes. Plutonomy focuses on growth for the wealthy, and dictatorship concentrates power in one entity. The film Wall Street portrays the rise and dangers of unchecked greed, as a character is swept up in fast money but risks integrity and family.
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Social cohesion focuses on horizontal relationships within societies rather than just the vertical state-society relationship. States with strong social bonds, trust, and informal institutions are more resilient during instability. Social cohesion is based on five axes: belonging, inclusion, participation, recognition, and legitimacy. Development partners can complement social contracts by gradually building trust between society and society, finding creative solutions, and supporting respect for agreements and the rule of law.
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2. He studied over 100,000 questionnaires collected from IBM employees working in over 70 countries and identified four dimensions along which cultural values can vary: power distance, individualism, masculinity, and uncertainty avoidance.
3. Hofstede's model is widely used to understand national and regional cultural differences and their impact on work-related values and behavior. While criticized for some limitations, it remains highly influential in cross-cultural research.
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1. A belief in liberty, rugged individualism, and equality of opportunity over equality of results. This has led to conflicts between capitalism and democracy.
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3) MSF's perspective is to prioritize independence and a clear identity, especially in high conflict settings where impartiality is important. Coordination does not require losing independence or identity.
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4. capitalism and islamic economic system
This lecture discusses different economic systems in the world including capitalism and Islamic economic systems. It outlines some key principles of Islamic finance including a prohibition on interest, risk sharing, and sharia-approved activities. It then compares capitalism and Islamic economics, noting that while capitalism allows unlimited private ownership and economic freedom, Islamic economics places restrictions to prevent exploitation and ensure a fair distribution of wealth.
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1. business ethics introduction
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Lois Jenson filed the landmark 1984 sexual harassment lawsuit Jenson vs. Eveleth Mines after enduring harassment including abusive language and threats while working as a miner. In the lawsuit, she argued the company should have prevented the misconduct. In 1998, 15 women settled with Eveleth Mines for $3.5 million following years of litigation and appeals. The case established that companies have a duty to prevent sexual harassment in the workplace.
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Here are the steps to solve this problem:
a) With the 40% drop in export demand, total demand falls to Q = 3244 - 283P - 0.4(3244 - 283P) = 1944 - 283P. Setting supply equal to this reduced demand gives 1944 + 207P = 1944 - 283P. Solving for P yields P = $2.50. So the price falls slightly but farmers do not have much to worry about.
b) At the target price of $3.50, the government must buy enough wheat to raise the market quantity from the equilibrium of 1944 + 207P = 1944 - 283P (where P = $2.50) to the quantity where P = $3.
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Business Ethics: Greed is not good
- 1. Greed is not Good! Show me the money.
- 3. What is Capitalism? • An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. • A system of taking & giving….mostly taking… • America’s wealthiest have a combined net worth of $2.02 trillion, the highest ever recorded by Forbes (2013)
- 4. What is Democracy? • Democracy, or democratic government, is a system of government in which all the people of a state and polity are involved in making decisions about its affairs • Typically done by voting to elect representatives to a parliament or similar assembly • Example : India
- 5. What is Socialism? • Socialism advocates government ownership of all means of production • Only the government can control the distribution of the products to the consumers and the distribution of wealth to the citizens. • Socialists believe that wealth should not be concentrated in the possession of a few members of a society • They view it as the duty of the wealthy to support the non- wealthy.
- 6. What is Communism? • In political and social sciences, communism is a social, political, and economic ideology and movement whose ultimate goal is the establishment of the communist society, which is a socioeconomic order structured upon the common ownership of the means of production and the absence of social classes, money and state. • Communism comes from Latin communis – common, universal
- 7. What is Plutonomy? • In Plutonomy the economic growth is powered by and largely consumed by the wealthy few. • This system focuses on the growth of the rich and powerful rather than the state as a whole.
- 8. What is Dictatorship? • Dictatorship is a form of government where a country is ruled by one person or political entity, and exercised through various mechanisms to ensure the entity's power remains strong.
- 9. Profit & Social Responsibility • ‘There is one and only one social responsibility of business - to use its resources and engage in activities designed to increase its profits as it stays within the rules of the game.’ - Milton Friedman • More importantly, it commits Friedman to the principle that there can be restraints on the capitalist system that are not self-imposed but rather imposed by the society that employs this system for its own purposes.
- 10. Role of Justice in Business Ethics Kinds Meaning Examples Focuses on balancing of benefits & costs Social security, public education & health care Focuses on deciding punishment in light of offense Jail time for assault Focuses on restitution for suffering a harm Car accident caused by defective tires
- 12. Rawls’ Justice Theory • Each person should have an equal right to the most extensive system of liberties compatible with a similar system of liberty for all. • People with similar abilities & skills should have equal access to offices and positions under conditions of equality of fair opportunity. • Social & economic institutions should be arranged to maximally benefit those who are worst off. .
- 13. The Film Bud Fox is a Wall Street stockbroker in early 1980's New York with a strong desire to get to the top. Working for his firm during the day, he spends his spare time working an on angle with the high- powered, extremely successful (but ruthless and greedy) broker Gordon Gekko. Fox finally meets with Gekko, who takes the youth under his wing and explains his philosophy that "Greed is Good". Taking the advice and working closely with Gekko, Fox soon finds himself swept into a world of "yuppies", shady business deals, the "good life", fast money, and fast women; something which is at odds with his family including his estranged father and the blue-collared way Fox was brought up.
- 14. Greed is Good? • All of us have desires. • Desire may drive us to forsake both integrity & family. • Hubris (excessive pride or self-confidence) overtakes our ethics. • It’s a house of cards that eventually comes tumbling down. • It’s a story with a strong ethical base. Yes, you can throw your ethics to the wind and lie, cheat, and steal. And yes, the fruits of success and fame are hard to resist. But the joys are short-lived if it all unravels and the lines you crossed can’t be erased. • But it’s not too late to turn things around, to do the right thing, and to take responsibility.
- 15. • THANK YOU!