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6) Evaluate whether in the current times, corporates and industrialist are pursuing their own interest over general welfare? What should be the role of government vis a vis capitalist class?(250 words)

Topic– Ethics and Human Interface: Essence, determinants and consequences of Ethics in human actions

6) Evaluate whether in the current times, corporates and industrialist are pursuing their own interest over general welfare? What should be the role of government vis a vis capitalist class?(250 words)

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Why this question

The article discusses the lack of concern shown by the philosophy of capitalism towards human welfare and evaluates the role of government in doing a balancing act between the interest of industrial class and the interest of the people. The question is important in today’s scenario where income inequalities, environmental degradation etc are major issues which are hardly given the attention they deserve.

Key demand of the question

The question expects us to analyze the situation prevalent in society today and discuss whether the philosophy of capitalism and its inherent contradictions are responsible for the several issues with human welfare that we witness today. In the second part of the question, based on our opinion from the arguments made in the former section, we need to discuss the role of government in the present context.

Directive word

Evaluate – When you are asked to evaluate, you have to pass a sound judgement about the truth of the given statement in the question or the topic based on evidences.  You have to appraise the worth of the statement in question. There is scope for forming a personal opinion here.

Structure of the answer

Introduction – Discuss the plethora of problem ranging from income inequality, environmental degradation etc that afflicts the world.

Body

  • In the beginning, lay down the facts which cause such a debate to arise. Present facts about the status quo such as the Oxfam studies related to inequality, the problems of crony capitalism etc. Highlight that the philosophy of capitalism is motivated by profits and there is an argument made that in pursuit of profits, everything goes. Highlight that according to several research the trust of citizens in corporates is declining rapidly.
  • Thereafter, discuss the contradictions in capitalism as highlighted by thinkers like Mahatma Gandhi who said that if we continue living the way we do, 9 Earth will be required.
  • Highlight the problem with views of scholars like Milton Friedman who stated that the role of business should be just business. Explain that other considerations should also be factored in.
  • Post that highlight the current role of government with respect to industrialists and businessmen and bring out how an ideal relationship should be

Conclusion – Give your view and discuss way forward.

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