Implications for the ethics of business


Question: Discuss the following quotation in the context of the materials covered in the course. In particular, comment on the implications for the "ethics of business." Free markets are easy to admire but hard to love. Creative destruction, survival of the fittest, the warring impulses of greed and fear-all these dire forces raise living standards in the long run by forcing businesses to improve quality and cut costs. But when a stock market crashes, a big employer goes bankrupt, or a small country suffers a flight of foreign capital, free markets usually get the blame. The losers they produce are obvious; the winners, less so.

 

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