Capitalism refers to an economic system where private individuals and corporations, rather than the state, own and control production. The current global economy is largely capitalist. Under capitalism, corporations pursue profit above all else through relentless economic growth and competition. This has led to several problems, including overproduction, wealth inequality, environmental degradation, and the abuse of animals and humans for profit. Utilitarian ethics, which focuses on maximizing overall well-being, provides both advantages of economic growth through consumerism but also disadvantages like overconsumption, pollution, and stress on workers and the public.

1. Topic 7: OUR CURRENT
ECONOMY:
A DETAILED CRITICAL ANALYSIS
& ETHICAL EVALUATION

2. Table of
Content
2
Slide #

3. INTRODUCTION
3
Current economy - Capitalism : an economic ideology -
production is controlled by private business = individual
citizens run the economy without the government
interfering in production or pricing = pricing => free market
value = supply vs demand (relationship between producers
and consumers) Since the 1980s, capitalism has evolved
to keep inflation under control, but now it has embarked on
a regime change

4. INTRODUCTION
4
Under capitalism, the driving force of the economy is the
pursuit of profit. The competition between companies and
even different capitalist powers for markets and resources
means that this drive for profit is relentless and expansive.
Therefore, capitalism also involves a continuous quest for
economic growth

5. INTRODUCTION
5
Capitalism refers to the economic or political system where a
nation’s capital goods and production are owned by private sector
(Cheng & Rathburn, 2022).
Most countries nowadays including the United States of America,
Canada, and many other European Nations have capitalist
economies (World Population Review, 2022).

6. CURRENT ECONOMY : CAPITALISM
6
How
• In a market economy, the prices of goods and services are
determined by its consumers and the business.
• Within a capitalist system, a competitive market can encourage
businesses to be innovative, offer lower prices, while also
maximizing efficiency.
• Goods such plastics, textiles and garments, electronics, and
footwear are manufactured in Thailand and shipped to their largest
export markets including The United Stated of America, European
Union, and Japan (Nations Encyclopedia, n.d.).

7. CURRENT ECONOMY : CAPITALISM
7
• Gonikberg (2020) stated that when corporations shift production to
lower-middle income nations, they eliminate the necessity to pay taxes
to the government of that particular country.
• The presence of tax haven around the world have allowed multinational
firms save trillions of dollars in tax revenue (Fitzgibbon & Hallman,
2020).
• In 2021, the top Asian countries that were considered corporate tax
haven includes Thailand, Malaysia, and Hongkong (Gordon, 2021).

8. CURRENT ECONOMY : CAPITALISM
8
• Tax collection from corporation and household is intended for social
services and educational enhancement in developing nations.
• Multinational corporations also attempt to leverage the loopholes in
offshore government regulations.
• In several European nations and the United States of America, there
has been a rise in cost of landfills, along with the expensive charges
due on electronic disposal. This led them to export the technology
junks offshore (Murphy, 2005).

9. CURRENT ECONOMY : CAPITALISM
9
• Guiyu city in China was one of the major electronic dump sites in
the world. This waste site city was piled with technological waste such
as computers, headphones, microwaves, telephones, and car batteries
from all over the world.
• Most families residing in the town made business on disassembling
electronic waste and harvesting valuable metals.
• They were untrained and poorly equipped labors on the side of the
street, burning metals and dumping toxic acidic waste into rivers and
streams (Jinran & Quanlin, 2016).

10. CURRENT ECONOMY : CAPITALISM
10
• Animals in the industrial agriculture sector are tormented for
their meat or fur.
• They are locked up in cages with restrained movements, undergo
experimentations, and develop genetic deformities. For example,
chickens are confined in cages and injected with hormones or
steroids to produce eggs, they are expected to grow an
extraordinary size for human consumption.

11. CURRENT ECONOMY : CAPITALISM
11
WHY
• Goods and services are produced based on the
supply and demand.
• A market economy

12. CURRENT ECONOMY : CAPITALISM
12
WHY
• There is minimal government and state
intervention within a capitalist market since
the markets are operated freely.

13. CURRENT ECONOMY : CAPITALISM
13
WHY
• Many U.S.-based corporations such as Guardian Glass,
Alliance Laundry have shifted productions and supply chain to
Thailand as they believe in the benefits of offshore production.
• Many Asian countries, particularly Thailand, is extremely
competitive in terms of lower cost of labor, land, and living
expenses (DeSombre, 2020).

14. CURRENT ECONOMY : CAPITALISM
14
WHY
• Adetunji (2018) emphasized that capitalism pushes the level of
consumption upwards and ignores its effects to the ecosystem.
• McMullen (2015) states that animal exploitation in modern economy is
common.
• Animal welfare, life span, and relationship are being compromised for
human profits, because they are seen as an external object only used to
satisfy human’s need.

15. CURRENT ECONOMY : CAPITALISM
15
WHY
• Under capitalist patterns of production, distribution, and consumption, a
catastrophe near future would be inevitable. In order to combat the
effects of capitalism, we need to slow down the depletion of natural
resource
• While the capitalist system still cannot be completely eliminated,
business can build effort to minimize impacts by reducing their carbon
and ecological footprint.

16. CURRENT ECONOMY : CAPITALISM
16
CAUSES WHAT PROBLEMS => humans
• the private sector owning major control over pricing and production,
it has caused overproduction of basically everything.
• As a result of international firms taking advantage of tax havens, the
global inequality gap is perpetuated, causing extreme concentration
on wealth.
• Poorer individuals have no choice but to perform their job under
harsh working conditions, receive unfair wages.

17. CURRENT ECONOMY : CAPITALISM
17
CAUSES WHAT PROBLEMS => humans
• As a result of rigorous environmental regulations in China, businesses are
required to be pre-approved by local governments before they can begin to
operate the e-waste recycling facilities.
• The factory must be well-equipped with the necessary tools for dismantling
electronic wastes and protective equipment for labors to shield them from
harmful toxins.
• According to Adetunji (2018), the poor people living in underdeveloped
countries are being overwhelmed with the climate change, biodiversity loss,
and other environmental impacts that are caused by the wealthiest 10% of the
global population.

18. CURRENT ECONOMY : CAPITALISM
18
CAUSES WHAT PROBLEMS => for
non-human animals
• the economy growing at unprecedented rate has caused
devastating impacts on biodiversity loss (Moranta et al., 2022).
• The animals are being abused for corporations to make profits
(Merkenich, 2018).
• dolphins in Japan are butchered, and some are captured for
displays at marine parks.

19. CURRENT ECONOMY : CAPITALISM
19
CAUSES WHAT PROBLEMS => for non-
human animals
• over 100 million sharks are slaughtered each year for their fins, used
as an ingredient in human food. Some of the sharks are tossed back
into the ocean, leaving them to bleed and die due to loss of blood.
• Within 40 years, 60 percent of the total population of vertebrae
animals have vanished.
• It was predicted that if the capitalist system continues to drain
resources at this level, many species could experience mass
extinctions in the future (Flakin, 2019).

20. CURRENT ECONOMY : CAPITALISM
20
CAUSES WHAT PROBLEMS => the planet
• Capitalism also pushes overconsumption, which further accelerates the
rate of climate change.
• climate change, acidification of oceans, chemical pollution, degrades
the quality of soil, and accelerates biodiversity damage
• These can all lead to a global environmental crisis, which can be
comprehended through the intensification of recent natural disasters
such as the uncontrollable fire in California, or severe floods and
droughts all over the world (Flakin, 2019).

21. EVALUATE –ethical theories : CAPITALISM
21
Utilitarianism
“act utilitarianism”—which action among various options
will deliver the greatest good to society?
a prominent perspective on ethics, one that
is well aligned with economics and the free-
market outlook that has come to dominate
much current thinking about business,
management, and economics.
emphasizes
not rules but
results.
deemed good or right if it
maximizes happiness or
pleasure throughout society.

22. ETHICAL evaluation:
22
system that focuses on overproduction
make what the
customer wants
when they want it
factories and farms
produced more goods
than the people could
afford to buy;

23. ETHICAL evaluation: ADVANTAGES VS. DISADVANTAGES
23
Run at "economic bath quantitities"
Maximize utilization of machines
Avoid suookies shortage in
supplying materials
Improve the flow reducing
lead times
Improving customer service
with the disastrous effects of producing
more than people can afford to buy
harm the economy: prices fell,
factories closed their doors
workers were laid off
add to the already-high levels
of pollution and toxic gases
that contribute to global
warming;

24. ETHICAL evaluation:
24
as we continue to produce
system that focuses on overproduction
consume more than we need
the haves
the population in the “have” column gets
smaller and smaller
as resources become more scarce
Gap
grows
larger
the have-nots

25. ETHICAL evaluation:
25
system that focuses on overproduction
Many of those people will suffer from
malnutrition and dehydration, and
many more will die of diseases
that could easily be prevented or cured
with proper healthcare
and healthy living conditions;

26. ETHICAL evaluation:
26
system that focuses on consumerism
Consumerism
forces people to
work harder
borrow more and
spend less time
with loved ones

27. ETHICAL evaluation: ADVANTAGES VS. DISADVANTAGES
27
Consumerism stimulates economic
growth
Boosts creativity and innovation;
more choices for consumers;
Cost reductions are
encouraged
The poor performers
weed out naturally
Encourage freelancing, entrepreneurialism,
and self-employment
The feel a “need” to purchase goods or
services that are not required, as if
shopping were an addiction;
Take out short-term loans to meet the
needs of consumerism more often than
they do under different spending
structures
The priority of society is to
accumulate items, it does
create jobs, but debt is also
created.

28. ETHICAL evaluation:
28
Trying to follow the latest
trends
have limited resources
increases debt levels
which in turn results in
mental health problems
like stress and depression
system that focuses on consumerism
exhausting to the mind and body

29. ETHICAL evaluation:
29
when your focus is on consumerism is to
work harder, earn more, borrow more, and
spend more time doing these things;
1 in 4 people still lived in poverty
despite all the spending
system that focuses on consumerism

30. ETHICAL evaluation:
30
In a boom,
aggregate demand
increase so firms
will increase output
and this will cause
economic growth
system that focuses on economic growth

31. ETHICAL evaluation: ADVANTAGES VS. DISADVANTAGES
31
Rise in material standard of living of
households = more people can enjoy
more goods and services
More tax revenue for same tax
rates means more finance for
important public and merit goods
“Jam today vs Jam tomorrow” economy
at full employment will have to stop
producing consumer goods to invest in
capital goods.
Negative externalities lead pollution
Threat to traditional ways of life
[ ? If greater prosperity gets
people greater happiness ]
Increased inequalities as gap
between rich and poor increases

32. ETHICAL evaluation:
32
The richer own assess The richer have the
best-paid jobs
Leads to increase
inequality
growth benefits the richer most
system that focuses on economic growth

33. ETHICAL evaluation:
33
In an economic growth country,
large amount of waste will be
generated because of the high
consumption and many forests will
be destroyed to build factories in
order to support the growth by
increasing output.
system that focuses on economic growth

34. ETHICAL evaluation:
34
maximum profit with
low cost which is
considered as the
main goal of any
business
system that focuses on profit
Just a short term
objective for the
survival and
growth of the
enterprise.

35. ETHICAL evaluation: ADVANTAGES VS. DISADVANTAGES
35
The reward of higher profit will
encourage them to try and cut costs
and develop new products
Profit is an important incentive to
encourage people to invest,
innovate and take risks
All in pursuit of profit maximization and
ignores quality, image, technological
advancements (the intangible benefits )
Facing with strong competition, they
must increase their sales and reduce
costs to avoid competition.
Lose sight of other goals and
aspects of a company's vision that
providing meaningful livelihoods
and working toward social and
economic well-being
Lead to increased economic
opportunities, new employment
and higher growth.

36. ETHICAL evaluation:
36
To increase sales and
maximize profit in a retail
store
by making employees work harder without
paying them extra, or using materials that
are harmful for the environment, such as
nonrecyclable packaging
system that focuses on profit
stock up on inventory and
invest in marketing to get
customers in the door
Produce short-term results that
ignore potentially costly situations
developing in the long run

37. ETHICAL evaluation:
37
Poorly planned production and lowering
or eliminating a company’s employee
training or research and development
budget to seek for short-term profit
lead to a negative public perception and
affect future sales due to not producing
long-term sustainable products
system that focuses on profit

38. 38
The purpose of the capitalist
economy is to deliver increased
profit for the bosses.
EVALUATE –ethical theories :
CAPITALISM
The purpose of the
economy under
socialism would be
to fulfill human need
in a sustainable way

39. EVALUATE –ethical theories : CAPITALISM
39
Deontology
“practicing reversibility”
“Do unto others as you would have them do unto you,”
Ethical action arises from doing one’s duty
and that duties are defined by rational
thought.
The inherent
equality of all
human beings. It
considers all
humans as equal
you would more likely
choose a course of action
that would be most fair to all
concerned

40. reflection : a HEALTHY PLANET with a
reasonably
40
Fair distribution
of wealth
Sound ecosystems
+ thriving wildlife Equality
Freedom
What to do to fulfill human need in a
sustainable way

41. reflection : Action to achieve SUSTAINABILITY
41
HEALTHY PLANET with sound ecosystems and thriving
wildlife Healthy ecosystemsclean our water, purify
our air, maintain our soil, regulate the
climate, recycle nutrients and provide us
with food.
Capitalism => against
the ecological barrier =>
at least partly
attributable to
humanity’s
increasing incursions
into nature.

42. reflection : SUSTAINABILITY
42
The development and adoption
of new technologies or
production models
less resource-intensive
and/or less polluting
reduce the risk of biodiversity
loss and ecological collapse
specifically changing
consumption patterns
towards a more sustainable
lifestyles

43. reflection : Action to achieve SUSTAINABILITY
43
HEALTHY PLANET with sound ecosystems and thriving
wildlife
NOW: only a small fraction of plants, animals and
microbial organisms have been studied for their
medicinal properties – meaning there could be a huge
wealth of untapped potential out there.
The pressures of daily life can stretch our
ability to handle stress, focus our attention
and solve problems, which puts us at risk of
being stressed and mentally ill.
provide raw materials and resources for medicines and
other purposes; being the foundation of all civilisation
and sustain the economies
biodiverse environments
can help us recharge

44. 44
HEALTHY PLANET with sound ecosystems and thriving
wildlife
reflection : Action to achieve SUSTAINABILITY

45. reflection :
45
Inclusive
capitalism
encourage private enterprise
(1) to create more jobs for low-income people;
(2) to allow poor people access to financial capital for
entrepreneurialism
(3) to enable poor people the opportunity to purchase a
variety of goods and services.

46. reflection :
46
Inclusive Capitalism is fundamentally about creating long-term value that
benefits all stakeholders – businesses, investors, employees, customers,
governments, communities, members of society, and the planet.
Inclusive
capitalism

47. 47
reflection : Action to achieve HEALTHY PLANET with EQUITY,
DIVERSITY & inclusion
The second one is that companies and non-governmental
organizations can sell goods and services to low-income people,
which may lead to targeted poverty alleviation strategies, including
improving people's nutrition, health care, education,
employment and environment, but not their political power.
https://www.canada.ca/en/employment-social-development/programs/poverty-
reduction/reports/strategy.html
Inclusion is ongoing — not one-off training
The first one is that poverty is a significant, systemic
problem in countries which have already embraced or are
transitioning towards capitalistic economies.

48. 48
reflection : Action to achieve HEALTHY PLANET with EQUITY,
DIVERSITY & inclusion
https://www.canada.ca/en/employment-social-development/programs/poverty-
reduction/reports/strategy.html

49. 49
reflection : Action to achieve HEALTHY PLANET with
FREEDOM
They were, in short, happy to
sacrifice individual freedom in
the name of doing what the
socialist state – not the people –
thought was best for the majority
they treated everyone as
if they were carbon
copies, happy to be
manipulated so long as
the state could in return
guarantee food, shelter
and clothing.
Individual freedom: that is the true value of free
markets – and it’s the argument capitalists need to make.

50. 50
reflection : Action to achieve HEALTHY PLANET with EQUITY,
DIVERSITY & inclusion
companies that lack
diversity are being called
out publicly, and may
even be losing business,
not to mention falling
behind when it comes to
recruiting. Even Google
is starting to show signs
that their lack of diversity
is affecting them
“More and more, when
we’re interviewing,
candidates are asking
what we’re doing about
diversity and inclusion.
And it’s not just diverse
talent themselves, and it’s
not just millennials or
Generation Z — we’re
hearing this from white,
straight men in the
Midwestern United States.”

51. reflection : a HEALTHY PLANET with FREEDOM and FAIR
DISTRIBUTION of WEALTH
51

52. reflection : a HEALTHY PLANET with FREEDOM and FAIR
DISTRIBUTION of WEALTH
52

53. 53
Conclusion
we have the optimism and
power to use our passion, skills,
and careers to innovate and
make a difference in our world

54. REFERENCES
54
Adetunji, J. (2018, November 1). Capitalism is killing the world’s wildlife populations, not ‘humanity’. The
Conversation. https://theconversation.com/capitalism-is-killing-the-worlds-wildlife-populations-not-humanity-
106125
Chen, J. (2022, May 3). Socially responsible investment (SRI). Investopedia. Retrieved July 16, 2022, from
https://www.investopedia.com/terms/s/sri.asp
Cheng, M. & Rathburn, P. (2022, July 6). Capitalism. Investopedia. https://www.investopedia.com/terms/c/capitalism.asp
DeSombre, M.G. (2020, May 23). Safe, reliable, secure and cost-effective supply chains belong in Thailand. U.S.
Embassy & Consulate in Thailand. https://th.usembassy.gov/safe-reliable-secure-and-cost-effective-supply-
chains-belong-in-thailand/
Dunnuck, H. (n.d.). Save the animals: Stop animal testing. Lone Star College.
https://www.lonestar.edu/stopanimaltesting.htm
Elinor. (2022, June 30). Ecological collapse. The Global Challenges Foundation. Retrieved July 16, 2022, from
https://globalchallenges.org/global-risks/ecological-
collapse/#:~:text=The%20development%20and%20adoption%20of,consumption%20patterns%2C%20possibly%
20accompanied%20by Flakin, N. (2019, September 15). Capitalism is destroying the planet – let’s destroy
capitalism! Left LV Voice. https://www.leftvoice.org/capitalism-is-destroying-the-planet-lets-destroy-
capitalism/#:~:text=Global%20warming%20is%20one%20of,and%20the%20destruction%20of%20biodiversity.

55. REFERENCES
55
Florentine, S., & Writer, S. (2019, February 14). Diversity and inclusion: 8 best practices for
changing your culture. CIO. Retrieved July 16, 2022, from
https://www.cio.com/article/228581/diversity-and-inclusion-8-best-practices-for-
changing-your-culture.html
Gartenstein, D. (2019, March 4). Advantages & disadvantages of profit maximization. Small
Business - Chron.com. Retrieved July 16, 2022, from
https://smallbusiness.chron.com/advantages-disadvantages-profit-maximization-
11225.html
Gonikberg, X. (2020, October 31). The effects of capitalism on impoverished nations. Borgen
Magazine. https://www.borgenmagazine.com/the-effects-of-capitalism/
Gordon, B. (2021, July 21). The top 5 Asian tax havens. Enpensivity.
https://www.expensivity.com/asian-tax-havens/
Jinran, Z. & Quanlin, Q. (2016, July 25). Government moves to tackle e-waste pollution. China
Daily. https://www.chinadaily.com.cn/china/2016-07/25/content_26203684.htm

56. REFERENCES
56
Major Ethical Perspectives Rules and Duty: Deontology. Corporate Social Responsibility and
Business Ethics :Open Textbooks for Hong Kong. (2015, October 2). Retrieved July 16,
2022, from https://www.opentextbooks.org.hk/ditatopic/19965
McMullen, S. (2015). Is Capitalism to Blame? Animal Lives in the Marketplace. Journal of
Animal Ethics, 5(2), 126–134. https://doi.org/10.5406/janimalethics.5.2.0126
Merkenich, M. (2018, November 29). Capitalism’s abuse of animals degrades us all. Greenleft.
https://www.greenleft.org.au/content/capitalism-abuse-animals-degrades-us-all
Moranta, J., Torres, C., Murray, I., Hidalgo, M., Hinz, H., & Gouraguine, A. (2022).
Transcending capitalism growth strategies for biodiversity conservation. Conservation
biology: the journal of the Society for Conservation Biology, 36(2), e13821.
https://doi.org/10.1111/cobi.13821
Murphy, D. (2005, June 7). They are poor peasants and don’t understand what this does to
them. The Irish Times. https://www.irishtimes.com/news/they-are-poor-peasants-and-
don-t-understand-what-this-does-to-them-1.452319

57. REFERENCES
57
Nations Encyclopedia. (n.d.). Thailand-Industry.
https://www.nationsencyclopedia.com/economies/Asia-and-the-Pacific/Thailand-
INDUSTRY.html
Our health and happiness depend on a thriving planet. here's why. Our health and happiness
depend on a thriving planet. Here's why. (n.d.). Retrieved July 16, 2022, from
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is-why/
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World Population Review. (2022). Capitalist Countries 2022.
https://worldpopulationreview.com/country-rankings/capitalist-countries

58. &
Q A
58
OUR CURRENT ECONOMY:
A DETAILED CRITICAL ANALYSIS & ETHICAL
EVALUATION:

59. 59
Thank you
From : Nicha & Glory

60. REFERENCES
60
TOPIC 7 (suitable for 2 People)
OUR CURRENT ECONOMY: A DETAILED CRITICAL ANALYSIS & ETHICAL EVALUATION
Please cover all THREE parts of topic 7 in your presentation.
Part 1:
Please first explain in detail how and why Capitalism causes many MAJOR PROBLEMS not just for
humans, but also for non-human animals and the planet.
Part 2:
EVALUATE – by using ethical theories – both the advantages and the disadvantages of having a
system that focuses on overproduction, consumerism, economic growth, and profit.
Part 3:
When you are done, please discuss what you think should be done to achieve SUSTAINABILITY – and
guarantee a HEALTHY PLANET with sound ecosystems and thriving wildlife – as well as EQUALITY,
FREEDOM, and a reasonably FAIR DISTRIBUTION of WEALTH in particular for the 99% who do NOT
control everything – from WITHIN the existing SYSTEM (i.e., from within Capitalism).

61. REFERENCES
61
Background Info/ Introduction & Some General Suggestions for Solutions:
• Annie Leonard, The Story of Stuff (animated documentary):
https://storyofstuff.org/movies/story-of-stuff/
• Annie Leonard, The Story of Change (animated documentary):
https://storyofstuff.org/movies/story-of-change/
• Annie Leonard, The Story of Solutions (animated documentary):
https://storyofstuff.org/movies/the-story-of-solutions/
• Anni Leonard, The Story of Citizens United (illustrated lecture):
https://storyofstuff.org/movies/story-of-citizens-united-v-fec/
• History of Ideas – Capitalism (short clip): https://www.youtube.com/watch?v=dIuaW9YWqEU
• Political Theory – Karl Marx (short clip):
https://www.youtube.com/watch?v=fSQgCy_iIcc&t=339s
• Political Theory – Karl Marx (Erich Fromm, “Marx’s Concept of Socialism” (article):
https://www.marxists.org/archive/fromm/works/1961/man/ch06.htm
• Culture in Decline – Part 2: What Democracy? (video):
https://www.youtube.com/watch?v=bTbLslkIR2k
• Money – Debt – Slavery (short documentary):
https://www.youtube.com/watch?v=iFDe5kUUyT0