Task: Self-Interest or Community Interest
Adam Smith argued that self-interest is a critical element in a society's economic development. Karl Marx, by contrast, argued that society functions better when each of us is more community oriented.
Pretend you are either Adam Smith or Karl Marx, and explain economic recession from these perspectives.
- Discuss when greed and selfishness in businesses go too far and become a hazard to society.
- Stepping back into your shoes, contrast your system of values and ethics concerning greed and self-interest with the system of values of Smith or Marx.
- Discuss if the ethical perspective of a particular group to which you currently belong, or previously belonged resembles the perspective of Adam Smith or Karl Marx?
Support your claims with examples from required material(s) and/or other scholarly resources, and properly cite any references.