Ethical Principles in Business.

ETHICAL PRINCIPLES IN BUSINESS

What are the differences between Capitalist , Socialist , Fairness , and Libertarian notions of justice ? What are the strongest and weakest parts of each theory

In the last three decades political philosophy and philosophical economies have been developing a growing literature on the notions of justice

The capitalist , socialist and fairness and libertarian notions of justice in the arena of business ethics fit in bits and parts in today market scene

CAPITALIST APPROACH : In today 's business scene and market character inequalising tendencies of capitalism clearly reflect

upon us . The ownership with the private sector has led to the controlled and unchecked policies which can stretch as far to meet their profits . Even the ethical boundaries are not kept with at times

Unfair wage practices , exploitation of the labor etc come part in parcel with the capitalism approach . Inequality can be reduced only with readdressal of the demands for social justice from the less privileged in society

SOCIALIST APPROACH : Marxism sees a fundamental contradiction between the economic potential for resource mobilization and growth that capitalism promises and it 's egalitarian character that threatens the stability and eventually the survival of the system

Socialist approach offers control of the economy with the hands of the government as a whole . As a result the profits do not remain the front objectives . Instead , the people 's demands , their upliftment , certain policies and measures fro their benefit are the major concerns of the government

Any economic decision or policy is weighed in the light of its benefits and its hazards for the people . Workers and labors are better off in such a set up . They encounter better working conditions , just environment and better representation

FAIRNESS APPROACH : The fairness perspective aims at highest levels of idealistic situation in a workplace with properly placed fair rules and objectives of any organization , which is very hard to achieve otherwise when judged in the light of today 's business scene and market economy 's picture

LIBERTARIAN APPROACH is looked upon as the ultimate cure for inequality and

proper justice . The libertarian notions focus on the basic natural rights of the individuals , whose fulfillment is best enhanced by the combination of a minimal state with a free market economy

Hence it encourages a mixed ownership pattern with equal control and contribution of the private owners and the government . According to libertarian views , inequality of income and wealth is a natural consequence of a market society that can be balanced by policies and measures by the government aimed at reducing these disparities . These measures are bound to interfere with the process of wealth creation and eventually leading to a growing state that can reduce individual freedom

SOURCE : A Solimano - Social Inequality : Values , Growth , and the State 1998 - books .google .com...