Dear Students

This is to inform that Graded Discussion Board (GDB) No. 01 will be opened on 24th June, 2013 for discussion and last date of discussion is 26th June, 2013.

Topic/Area for Discussion: 

“Ethics of care in the free market and capitalistic economy”

Tags: -, 2013, 26/06/2013, Business, Date, Discussion, Due, Ethics, GDB, MGT610, More…No.01, Solution, Spring, and

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Replies to This Discussion

Free market capitalism does NOT mean there is no government regulation or influence on commerce. That is a false assertion.

Every advanced nation in the world is a free market capitalist country, including European nations, including China. Though in every case there is some level or another of government involvement and interference in commerce and structuring markets.

"Free market" essentially means that producers are free to enter a line of business and sell their products at whatever price they can charge; meanwhile consumers are free to buy whatever products they want at whatever price they are willing to accept.

The interaction of the two is the "market", and a key to its function is freely-floating prices (the pricing mechanism), with prices going up or down reflecting supply, demand, and scarcity. The healthiest markets are those in which there are many producers competing for business, and also many consumers competing for the available products.

The "capitalism" part refers to systems in which money is collected via savings, and channeled to productive economic activity via financial markets -- so that savers get a return on their money, and entrepreneurs and managers get access to capital to invest in their businesses. Capitalism is characterized by banks that take deposits and lend the capital; and by stock and bond markets that also direct savings into capital investment.

The key to both free markets and capitalism is that they are based on two-sided transactions that are good for both parties, so both parties freely choose to interact and are both better off for it.

mgt610 student share ur points here

Topic

“Ethics of care in the free market economy”

Learning objective

To make the students understand different market systems and the importance of ethics of care in free market economy.

Learning outcome

The students will be able to learn how the ethics of care and public interest are ignored in the free market economy.

Discussion

Karl Marx (1818 – 1883), a big supporter of socialism,criticized the free markets / capitalistic economies and supported socialism as a better alternative economic system. Socialism and Communism, systems based on Marx’s philosophy, could not survive for a long time and their failure further strengthened expanded free market economic system all over the world.

Now the critics of free market economy think that the business owners in free market economies mostly ignore the ethics of care and public interest. They also believe that this system allows unchecked profit making and in this urge for profit maximization, public interest is ignored at large.

Requirement

Do you think that public interest and ethics of care are ignored in the free market economy? Give at least three logical arguments in favour of your view.

 

Sis NAN BLOUCH Fist very good that you declared some concepts to give idea but MY QUESTION IS THAT TELL US THAT THE STATEMENT which is declared by teacher in GDB.

Q1) That do you AGREE with it, the INTEREST of PUBLIC and ETHICS of care are ignored in the FREE MARKET ?

Q2) TELL US HOW THE ETHICS OF CARE IS IGNORED ?

Q3) Try to Explain in STEPS that how FREE MARKET WORKS ?

We will be gratefull

Yes it is reality that the ethics of care and public interest is ignored in free market.Every one tries to accomplish him or her self.Only self interest is preferred now.

Ethics of care may be ignored by Economists.

I think self promotion

Environmental pollution

Self Interest may be logical points in this way that can be explained easily in detail to get good marks but I have not clear concept yet.

Can somebody understand me that what points may be included in it?

Please share ur point of view in this regard

Free-market economists have amply demonstrated and documented the fact that free enterprise is the most efficient and productive way to provide for people’s economic needs and desires. The simple but powerful logic of supply and demand is irrefutable, and even the critics of the free market acknowledge that the “invisible hand” of self-interest can produce and distribute goods and services without any need for central planning and control.

Yet, the pervasive critics and opponents have succeeded in convincing much of the world that there is something sinister or immoral about the free market and private enterprise. Even when they acknowledge its efficiency, they claim that free enterprise is somehow unfair or inherently exploitive. Even when they agree that the free market is productive, they argue that it produces the “wrong” goods, too much advertising, for instance, or too many luxury goods, and not enough “public goods” such as education.

The opposition to free markets, then, is often not so much an economic claim as a moral on

So let us examine the question, is the free market ethical? In order to answer that question, we must first ask, what exactly is a free market?

what a “market” is, the question hinges on the word “free.” In the context of society, “free” means free from the coercion of others. More specifically, it means an absence of coercive harm, which includes coercive restrictions. A person is free when he can buy, produce, and sell whatever commodity or service he desires, with no arbitrary interference from others. Thus, the market is free when all the individuals in it have this freedom.
what a “market” is, the question hinges on the word “free.” In the context of society, “free” means free from the coercion of others. More specifically, it means an absence of coercive harm, which includes coercive restrictions. A person is free when he can buy, produce, and sell whatever commodity or service he desires, with no arbitrary interference from others. Thus, the market is free when all the individuals in it have this freedom.

A free economy is part of a free society, one in which each person may live by his own values. A free society has a free market for the same reason it has free expression and the freedom to choose one’s lifestyle: because people have the right to be free from coercion in any area of life. Not only are the opponents of free markets wrong, in their moral arguments; their proposed alternatives are inherently immoral since they are coercive.

The case for the free market exists on firm moral ground: the free market, free from coercion, is the only ethical market.

yes shanza sis u r right

another point that we can include is hoarding , which is a big issue in our society.

Do you think that public interest and ethics of care are ignored in the free market economy? Give at least three logical arguments in favour of your view
.


ye and following are my arguments

1.Unemployment
2.Certain goods and services may not be provided
3.Consumption of harmful goods may be encourage

plz chk this: is it good?
I am not agreeing with Marx’s view. Karl Marx makes an un-provable assumption that just means equality or distribution according to need. Free market capitalism does not mean there is no government regulation or influence on commerce.  Free markets means that producers are free to enter in business which they want but not violate natural rights of people and charge prices which they want and also buyers are free to buy what they want and select those goods or services which they can afford.

Arguments on my view are

1. In private ownership, owners want to gain profit as much as possible and for this purpose they use advanced technology or skills to produce more and more goods in less and less cost. In this way they are able to compete at an international level and discourage import and also they will inevitably be led to further the public welfare by an invisible hand. By pursuing his own interest he frequently promote that of society more effectively than when he really tends to promote it.

2. Free markets ensure buyers to purchase what they want at the lowest possible price. To fulfill these needs companies attempt to satisfy these needs at lowest possible price. And there is price cut or price ware among competitors; they want to provide more features in fewer prices than their competitor.

3.The "capitalism" form of business, money is collected through bounds, shares and securities. If government or companies want money, they sell these resources and if they have more money they repurchase these to public. People get profit on these activities which are either pre-specified or not. In this way both people and companies fulfill their purposes. People get profit and companies invest in new projects.

sis ur arguments are right but we must agree with this statement that ethics of care and public interest is ignored in free market.Because economists think that this system remain unchecked and they can make more and more profit by illegal manner.

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