Group # 1 1 Presented To: Ma'am Amna Majid Rizvi

Group # 1
Presented To: Maam Amna Majid

Rizvi
THINKING AND MANAGING ETHICALLY
The
TheBusiness
BusinessSystem:
System:Government,
Government,
MarketsAnd
and International
International Trade
Trade
Markets
Dr. Keith Y.N. Ng
Ph.D., MBA, MCIM
Business Ethics: Concepts and

Cases
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Globalization
The process by which the

economic and social systems of
nations are connected together
so that goods, services, capital
and knowledge move freely
between nations.
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Globalization
Threats
Local business wiped out

Workers laid of
Lower environmental standards
Issues
Globalization and free trade VS

Government intervention in economic
afairs
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Economic System
The system a society

uses to provide goods
and services it needs to
survive and flourish.
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Economic Systems
The economic system accomplishes
two basic economic task:
The task of producing goods and services,
which requires determining what will be
produced, how it will be produced and
who will produce it.
The task of distributing these goods and
services among its members which
requires determining who will get what
and how much each will get.
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Economic Systems
To accomplish these two tasks,
economic system rely on three
kinds of social devices:
Tradition-based societies
Command economy
Market economy
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Economic Systems
Tradition-Based Societies
Small and rely on traditional communal
roles and customs to carry out the two
basic economic tasks.
Individuals
are
motivated
by
the
communitys expression of approval or
disapproval
and
the
communitys
productive resources - such as its herds
are owned in common:
e.g. wife shall cook, husband shall work, etc.
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Economic Systems
Command Economy
Based primarily on a government authority (a
person or a group) making the economic
decisions about what is to be produced, who
will produce it and who will get it.
Productive resources such as land and
factories are owned or controlled by
government and are considered belong to the
public.
e.g. China, Vietnam, North Korea, Cuba, former
Soviet Union run their economies primarily on the
basis of commands.
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Economic Systems
Market Economy
An economic system based primarily
on private individuals making the
main decisions about what they will
produce and who will get it.
Productive resources like land and
factories are owned and managed by
private individuals.
Essentially on Supply and Demand
e.g. England in 19th century
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Economic Systems
Mixed Economy
An economic system
consisting the elements of the
three economic systems:
Tradition-based societies
Command economy
Market economy
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Free Markets
Markets in which individuals

are
able
to
voluntarily
exchange goods with others
and to decide what will be
done with what he or she
owns without interference
from government.
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Issues Today
Arguments for and against free markets
within a nation
Arguments for and against free trade
between nations
Ideology is a system of normative beliefs
shared by members of some social group.
John Locke
Adam Smith
David Ricardo
Karl Marx
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(based
(based
(based
(based
on
on
on
on
moral rights)
utilitarian principles)
utilitarian principles)
justice principles)

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Free Markets And Rights:

John Locke
John Locke (1632-1704), an English political
philosopher developed the idea that human
beings have a natural right to liberty and
a natural right to private property.
Locke argued that if there were no
governments, human beings would find
themselves in a state of nature and would
be free from the law of nature.
Every one would be equal in every aspect
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Free Markets And Rights:

John Locke
The two natural rights that free markets are
supposed to protect are: the right to freedom
the right to private property
Free markets preserve the right to freedom for each
individual to voluntarily exchange goods with others
free from the coercive power of government.
Free markets preserve the right to private property
for each individual to decide what will be done with
what he/she owns without interference from
government.
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Lockes State of Nature

All are free and equal
each individual would be equal to others
free from constraints
Each person owns his body and labor,

and whatever he mixes his labor into.
People agree to form a government to
protect their right to freedom and
property.
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Lockean Rights
The right to life, liberty and property
Individuals have an absolute right to do whatever
they want with their property and the government
has no right to interfere with or confiscate an
individuals private property even for the good of
society (Fifth Amendment of US Constitution)
e.g. Land Acquisition Act
When a person expends labor/efort to create or

improve something, that person acquires property
rights over that thing
e.g. writing a book, software programs
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Criticism of Lockean Rights

Lockes critics focus on four weakness in his argument:
1. The assumption that individuals have natural rights:
This assumption is unproven and assumes that the rights to
liberty and property should take precedence over all other
rights. If humans do not have the overriding rights to liberty
and property, then the fact that free markets would
preserve the rights does not mean a great deal.
2. The conflict between negative rights and positive
rights: Why should negative rights such as liberty take
precedence over positive rights? Critics argue, in fact, that
we have no reason to believe that the rights to liberty and
property are overriding.
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Criticism of Lockean Rights

Lockes critics focus on four weakness in his argument:
3. The conflict between Lockean rights and justice: Free
markets create unjust inequalities, and people who have no
property/who are unable to work will not be able to live. As a
result, without government intervention, the gap between
richest and poorest will widen. Unless government
intervenes to adjust the distribution of property, large groups
of citizens will remain at a subsistence level while others
grow ever wealthier.
4.
Individualistic assumptions and their conflicts with
the ethics of caring: Locke assumes that people are
individuals first, independent of their communities. But
humans are born dependent on others, and without caring
relationships, no human could survive.
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Free Markets And Utility:

Adam Smith
Adam Smith (1723-1790), the father of
modern economics is the originator of this
utilitarian argument for free market.
Adam Smith argued that when private
individuals are left free to seek their own
interests in free markets, they will inevitably be
led to further the public welfare by an invisible
hand.
Invisible Hand: According to Adam Smith, the
market competition that drives self-interested
individuals to act in ways that serve society.
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Adam Smith
Second major defense of unregulated markets rests on the
utilitarian argument that unregulated markets and private
property will produce greater benefits than any regulation
could.
In a system with free markets and private property, buyers will
seek to purchase what they want for themselves at the lowest
prices they can find:
Private businesses will produce and sell what consumers
want;
Sell at lowest possible prices
The free market coupled with private property, ensures that the
economy is producing what consumers want, prices are at the
lowest levels possible and that resources are efficiently used.
The economic utility of societys members is maximized.
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Adam Smith
In a competitive market, a multiplicity of
private businesses must all compete with
each other for the same buyers.
To attract customers, each seller is forced
to sell what the consumers want and to
drop the price as low as possible.
The competition produced by a multiple of
self-interested private sellers serves to
lower prices, conserve resources, and make
producers respond to consumer desires.
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Adam Smith
Smith argued that a system of competitive markets allocates
resources efficiently. Examples: Natural Price: The price that covers the price of producing a
commodity including the going rate of profits in other markets.
When a supply of a certain commodity is not enough to meet
demand, the buyers need to pay a higher price than the
natural price.
Producers of that commodity will reap profits higher then those
available to producers of other commodities.
The higher profits will induce producers of other products to
switch their resources into the production of the more
profitable commodity.
As a result shortage of that commodity disappears and the
price sinks back to its natural level.
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Adam Smith
Smith argued that a system of competitive
markets allocates resources efficiently.
Examples: Supply of a commodity is greater than the
quantity demanded, its price falls, inducing its
producers to switch their resources into
production of more profitable commodities.
The market allocate resource so as to most

efficiently meet consumer demand thereby
promoting social utility.
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Adam Smith
According to Adam Smith, the best policy of
a government to advance public welfare is
to do nothing to let each individual pursue
self-interest in natural liberty, so he is free
to buy and sell whatever he wishes.
Any interventions in the market, by the
government can only interrupt the selfregulating efect of competition and reduce
its many beneficial consequences.
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Criticisms of Adam Smith

Smith's utilitarian argument is criticized for
making unrealistic arguments:
Smith assumes that monopoly does not exist.
Forces of supply and demand will force prices
down to their lowest levels.
Smith assumes that all relevant costs are

paid by manufacturer.
Pollution is an example
resources without paying.
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using
social
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Criticisms of Adam Smith

Smith assumes that human beings are
solely motivated by self-interested desire
for profit.
Sometimes caring can lead to a better-of
situation.
Some degree of economic planning is

possible and desirable.
All we need to know to set appropriate prices
are reports on the sizes of the inventories of
producers.
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Keynesian Criticism of Adam

Smith
Most influential criticism of Adam Smiths classical
assumption came from John Maynard Keynes (18831946).
Smith assumed that without any help from government,
the automatic play of market forces ensure full
employment of all economic resources including labor.
Aggregate Demand: Keynes argued that the total
demand for goods & services is the sum of the demand
of three sectors of the economy: household, businesses
and government
The aggregate demand of these three sectors may be less
than the aggregate amounts of goods and services
supplied by the economy at the fullest employment level.
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Smith
This mismatch between aggregate demand and aggregate
supply will occur when household prefer to save some of
their income in liquid securities instead of spending it on
goods and services.
When aggregate demand is less than aggregate supply the
result is a contraction of supply.
Businesses realize they are not selling all their goods and
services they will cut back on production causes cut back
on employment.
As production falls the incomes of household also fall but
the amount households are willing to save fall even faster:
The economy reaches a stable point of equilibrium at
which demand equals supply but at which there is
widespread unemployment of labor and other resources.
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Smith
According to Keynes
Government can influence the propensity to save

via monetary (money supply) and fiscal (tax and
government spending) policies, and therefore can
lower the level of unemployment.
Government can prevent excess savings through
its influence on interest rates by regulating the
money supply. The higher the money supply, the
lower the interest rate
Government can influence the household savings
be raising or lowering taxes
Inflation is incidentally the result.
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Smith
These views became the kernels of Keynesian
economics
The theory which holds that free markets alone
are not necessarily the most efficient means
for co-ordinating the use of societys resources
During
1970s,
Keynesian
remedy
for
unemployment
(increased
government
spending) had the expected efect of creating
increasing inflation but did not cure
unemployment.
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Smith
During the 1970s Stagflation (due to
union system) contradicts Keyness
view.
PostKeynesian
school:
Economists who have sought to
challenge and modify Keynesian
economics believed that government
must also curb the power of large
oligopolistic groups.
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The Utility of Survival of the

Fittest:
Social Darwinism
The doctrines of social Darwinism

named after Charles Darwin
(1809-1882), who argued that the
various species of living things
were evolving as the result of the
action of an environment that
favored the survival of some
things while destroying others.
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Fittest:
Social Darwinism
Social Darwinism - belief that economic
competition produces human progress.
Darwin claimed that species change gradually
because only the fittest survive to pass their
favorable characteristics on to their progeny.
Individuals whose aggressive business dealings
enable them to succeed in the competitive world
of business are the fittest and are the best.
Free competition enriches some individuals and
reduces others to poverty will result in the
gradual improvement of human race.
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Fittest:
Social Darwinism
Social Darwinists argued that:
If Government interfere with the competitions
they would unintentionally be impeding progress.
Government must not lend economic aid to those
who fall behind in the competition for survival and
if these economic misfits survive, they will pass on
their inferior qualities and human race will decline
Economic competition ensures the best firms
survive and the economic system will gradually
improve.
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Fittest:
Social Darwinism
Criticism:
The survival of humanity depend on
cooperative attitudes and mutual willingness
of people to help each other, not a ruthless
disregard for other human beings which
might advance the business world.
Naturalistic fallacy: The assumption which
implies that whatever happens naturally
always happens for the best. It holds that
survival of fittest means survival of best.
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Free Trade and Utility:

David Ricardo
Countries difer in their ability to produce
goods (Adam Smith).
One country can produce a good more
cheaply then another and it is said to have
an absolute advantage in producing that
good.
These cost diferences may be based on
diferences in labor costs and skills, in
climate, in technology, in equipment, in
land or in natural resources.
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David Ricardo
David Ricardo (1772-1823), a British economist,
said that even if one country has an absolute
advantage at producing everything, it is still better
for it to specialize and trade.
Comparative advantage
A situation where the opportunity costs (costs in

term of other goods given up) of making a
commodity are lower for one country than for
another.
One country may be more efficient in making one

product while another country will be moreefficient in making another product.
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David Ricardo
What if one country has an absolute
advantage over another country in
producing100
everything?
Barrels 100 Rolls of
of Wine
Cloth
Cost in Man- Cost in Manyears

Years
Engla
nd
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120
100
Portug 80
90
al
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David Ricardo
With 220 labors in England and

170 labors in Portugal, and no
Wine
Cloth
trade:
England
100
Portugal
100
Total Output 200
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100
100
200
44

David Ricardo
In England:
To produce 1 barrel of wine, it must give u 1.2 rolls of cloth.
To produce 1 roll of cloth, it must give up 0.83 barrels of
wine.
In Portugal:
To produce 1 barrel of wine, it must give up 0.89 rolls of
cloth.
To produce 1 roll of cloth, it must give up 1.1 barrels of wine.
Conclusion
England has a comparative advantage in the production of
cloth.
Portugal has a comparative advantage in the production of
wine.
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David Ricardo
Ricardo says that a nation should
produce the product which it has
comparative advantage in producing,
and trade it for what the other country
Wine
Cloth
has an comparative advantage in
England
0
220 rolls
producing.
Portugal
Total
Output
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212 barrels 0
212 barrels 220 rolls

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David Ricardo
Suppose the rate of exchange is 1.04
rolls of cloth for 1 barrel of wine, and
England trades 106 of its rolls of cloth
for 102 of Portugals barrels of wine.
(Both will haveWine
more of both
Cloth products
thanEngland
either had
when 114
theyrolls
did not
102 barrels
specialize
Portugalor trade).
Total
Output
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David Ricardo
Conclusion:
After specialization both countries have
more products than either had when they
did not specialize or trade.
Ricardos theory is considered to be most
significant concept in international trade
theory today and is the most significant
economic arguments people propose in the
favour of globalization.
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Criticisms of David Ricardo

Ricardo makes a number of assumptions do not
hold in the real world:
1. Assume resources used to produce goods (e.g.
labor, equipment, factories) do not move from
one country to another.
Today multinational companies can easily move
their productive capital from one country to
another.
2. Assumes that each countrys production costs are
constant and do not decline as countries expand
their production (i.e. no economies of scale) or
as they acquire new technology.
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Criticisms of David Ricardo

Ricardo makes a number of assumptions that do
not hold in the real world:
3. Assumes that workers can easily and
move
costless from one
industry to another.
In reality re-trenched workers often cannot find

comparable jobs and need retraining to stay
employable.
4. Ignores international rule setters.
International
trade
inevitably
leads
to
disagreements and conflicts and so countries must
agree to abide by some set of rules and rule setters.
Main organizations that set the rules that govern
globalization
and
trade
are
World
Trade
Organization, IMF, World Bank.
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Marx and Justice:

Criticizing Markets and Trade
Karl Marx (1818-1883) during the Industrial
Revolution was the harshest and most
influential critic of the inequalities that private
property institutions, free markets, and free
trade are accused of creating.
Sufering and misery that capitalism was
imposing on its workers:
Exploitative working hours
Pulmonary diseases
Premature deaths caused by unsanitary
factory conditions.
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Marx and Justice:

According to Marx:
Capitalism ofers only two sources of income:
o Sale of ones own labor;
o Ownership of the means of production (buildings,
machinery, land, raw materials)
1s are forced to sell their labor to 2s because they
cannot produce anything without access to the
means of production.
As a result, the income gap between 1s and 2s is
widened.
Workers cannot produce anything without access to

the means of production so they are forced to sell
their labor to the owner in return for a wage.
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Marx and Justice:

The owner does not pay workers the full value of
their labor, only what they need to subsist.
The diference (surplus) between the value of the
labor and the subsistence wages becomes the
source of the owners profits.
Those who own the means of production becomes
wealthier and workers becomes relatively poorer.
Capitalism promotes injustice and undermines
communal relationship.
Marx held that human beings should be enabled to
realize their human nature by freely developing their
potential for self-expression and satisfying their real
human needs.
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Alienation
In Marxs view capitalism alienates the
lower working classes by not allowing them
to develop their productive potential nor to
satisfy their real human needs nor to form
satisfying human relationship.
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Alienation
According to Marx, capitalist economies alienate
workers in four ways:1.
2.
3.
4.
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In capitalist societies, products that workers

produce are taken away by the capitalist employer.
Capitalism forces people into work that they find
dissatisfying and unfulfilling and that is controlled
by someone else.
Capitalism alienates people by instilling in them
false views of what their real human needs and
desires are.
Capitalist societies alienate human being from
each other by separating them into antagonistic
and unequal social classes that break down
community and caring relationship.
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Alienation
Private property and free markets
leads to alienation, which is unjust and
in conflict with the demands of caring.
So common property institutions
should
be
established
instead.
Productive society can still be the
result because the desire to be
productive is an instinct.
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The Real Purpose Of

Government
According to Marx, the actual function
that governments have served is that
of protecting the interests of the ruling
economic class.
According to Marx, society can be
analyzed in terms of its two main
components:
Economic Substructure
Social Superstructure
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Consists of the materials and social
controls that society uses to produce
its economic goods.
Marx refers to the materials (land,
labor, natural resources, machinery,
energy,
technology)
used
in
production
as
the
forces
of
production.
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Marx called the social controls used in
producing goods (i.e. the social controls
by which society organizes and controls
its workers) the relations of production.
Two main types of relations of production:
Control based on ownership of the
materials used to produce goods
Control based on authority to command
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In modern industrial society, capitalist
owners control their factory laborers
because:
The capitalist own the machinery on
which laborers must work if they are to
survive.
Laborers must enter a wage contract by
which they give the owner (or manager)
the legal authority to command.
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Consists of its government and its popular
ideologies.
Marx claim that the ruling class created by the
economic substructure inevitably controls this
superstructure.
The members of the ruling class will control
the government and use it to protect their
position and prosperity and will popularize
ideologies that justify their position of
privilege.
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According to Marx:
Societys government and its ideologies are designed
to protect the interests of its ruling economic classes.
These classes are created by the societys underlying
relations of production.
These relations of productions, in turn, are determined
by the underlying forces of production.
Marx claimed all major historical changes are
ultimately produced by the changes in societys forces
of production.
Historical materialism: the Marxist view of history as
determined by changes in economic methods by which
humanity produces the materials on which it must live.
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Immiseration of workers
Immiseration of workers
Capitalism produces the combined
efects of increased concentration of
industrial power, cyclic crises due to
an over supply of goods, rising
unemployment,
and
declining
relative compensation.
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Replies from Proponents of

the Free Market
Defenders of free market counter Marx criticism by:
Marx criticism wrongly assume justice means either
equality or distribution according to need.
Re-emphasizing that justice means distribution
according to contribution
e.g. when markets are free and functioning

competitively, workers will be paid according to their
value and contributions as they add to the output of
the economy
Even if private ownership causes inequalities, the

benefits of the system are greater and more
important than the incidental inequalities.
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Mixed Economy
The debate for/against free markets, free trade and
private property has been spurred on by recent world
events:
The collapse of several communist regimes such as
former Soviet Union; and
The emergence of strong competitors in several Asian
nations, such as China, Japan, Singapore and Taiwan.
Collapse of communist regimes around the world has

shown that capitalism with its emphasis on free
markets is the clear winner.
The resulting amalgam of government regulation,
partially free markets and limited property rights is
referred to as mixed economy.
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Mixed Economy
Mixed economy
An economy that retains a market and private property
system but relies heavily on government policies to
remedy their deficiencies.
Government transfers (of private income) are used to

get rid of the worst aspects of inequality by drawing
money from the wealthy in the form of income taxes
and distributing it to the disadvantaged in the form of
welfare.
Minimum wage laws, safety laws, union laws, and other
forms of labor legislations are used to protect workers
from exploitation.
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Mixed Economy
Monopolies
are
regulated,
nationalized or outlawed.
Sweden,
Germany,
Denmark,
Japan, the Netherlands, Belgium,
Norway, Finland, Switzerland are
all mixed economies with high
levels of government intervention.
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Property Systems and

New Technologies
Intellectual property:
Property that consists of an abstract
and nonphysical object.
e.g. a program, a song, an idea, etc.
Unlike physical property, intellectual

property can be copied, used, or
consumed by countless individual at
the same time.
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Property Systems and

New Technologies
Locke and utilitarian view that intellectual
property should be treated as private property.
Without such private property rights, intellectual
creation would dry up.
Marx views that intellectual property should be

treated as public property.
Intellectual creativity
financial incentives.
does
not
require
the
At present, a copyright or a patent can be

granted to the expression of an idea.
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The End of Marxism?

The fall of Soviet Union represent the
end of Marxism!
The soviet union broke up and
reorganized states discarded the
traditional Marxian concepts and
incorporated
both
socialist
and
capitalist elements.
The domination of mixed economy in
western nations
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THINKING AND MANAGING ETHICALLY

Business Ethics: Concepts and

Presented To: Maam Amna Majid

The process by which the

Presented To: Maam Amna Majid

Local business wiped out

Globalization and free trade VS

Presented To: Maam Amna Majid

The system a society

Presented To: Maam Amna Majid

Presented To: Maam Amna Majid

Presented To: Maam Amna Majid

Presented To: Maam Amna Majid

Presented To: Maam Amna Majid

Presented To: Maam Amna Majid

Presented To: Maam Amna Majid

Markets in which individuals

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Presented To: Maam Amna Majid

Free Markets And Rights:

Presented To: Maam Amna Majid

Free Markets And Rights:

Presented To: Maam Amna Majid

Lockes State of Nature

Each person owns his body and labor,

Presented To: Maam Amna Majid

When a person expends labor/efort to create or

Presented To: Maam Amna Majid

Criticism of Lockean Rights

Presented To: Maam Amna Majid

Criticism of Lockean Rights

Presented To: Maam Amna Majid

Presented To: Maam Amna Majid

Free Markets And Utility:

Presented To: Maam Amna Majid

Free Markets And Utility:

Presented To: Maam Amna Majid

Free Markets And Utility:

Presented To: Maam Amna Majid

Free Markets And Utility:

Presented To: Maam Amna Majid

Free Markets And Utility:

The market allocate resource so as to most

Presented To: Maam Amna Majid

Free Markets And Utility:

Presented To: Maam Amna Majid

Criticisms of Adam Smith

Smith assumes that all relevant costs are

Presented To: Maam Amna Majid

Criticisms of Adam Smith

Some degree of economic planning is

Presented To: Maam Amna Majid

Keynesian Criticism of Adam

Presented To: Maam Amna Majid

Keynesian Criticism of Adam

Presented To: Maam Amna Majid

Keynesian Criticism of Adam

Government can influence the propensity to save

Presented To: Maam Amna Majid

Keynesian Criticism of Adam

Presented To: Maam Amna Majid