Moral Economy And Its Impact On Economic Turmoil Of 2008-2009

In the article "Moral Criticisms of the Market," Ken Ewert composed an educational article on the economic system of capitalism to address the moral issues that the “Christian Left” critics had raised. Christian socialists reprimand the system of the free market for its morals or lack thereof, as well as the system inherently created an environment where selfishness and impersonal and individual relations is encouraged, and economic oppression and exploitation of the weak thrives (Ewert, 1989).

Morals can be defined as concerning or relating to what is right and wrong in human behavior; agreeing with a standard of right behavior. If the country progresses in moral excellence, it will allow us to be stronger and if we can become a united nation we can work towards achieving material excellence. Dr. Martin Luther King, Jr was a civil rights activist who fought for the rights of minorities as well as the end of discrimination. Niccolo Machiavelli was a writer who took a different approach with his beliefs. Instead of him writing about morals he chose to educate rulers on how to be effective- how to maintain successfully maintain their power. While many in our society value economic progress more than ethical concerns, we should focus

Moral responsibility incorporates a general duty imposed upon every member of the society to act in accordance with a moral code of conduct that is important to them as an individual, to the social community they belong to and to the humanity as an entity. This shows that, contrary to criminal law, there is no such thing as a defined moral code of conduct as it will differ from each individual therefore

Islam is more than a religion, it’s a culture, and as such has an effect on political, social, and economic aspects of life—this is especially true outside of the Western world. Followers of Islam believe in full submission to God and this submission is practiced in the secular realm (Taha, 114). Of the five pillars of Islam, one (the zakat) has a direct affect on economic policy and ethics. The culture of Islam has shaped economic and business guidelines In the Islamic World and continues to do so. Cultural ideals attributed to the Qur’an or the Prophet Muhammad, have been a vital source for economic and business practices that have helped to shape the history of many Islamic nations, and are guiding the creation of policies

The moral panic dynamic is defined as a cause and effect, the cause being a group of people who have upset and threatened societal rules and formalities, while the effect is the public reaction. Key actors such as news teams, mass media leaders, and the government determine the validity and severity by constructing what the societal transformation and cultural conflict is. These experts, considered credible by society, play prominent roles in defining how much attention the threat deserves from the public. Often these judgements are exaggerated, causing intense media coverage, and the consequence is a permanent change in society. As a result of these broadcasted reactions, moral panics generate harsh conflict within a society. Using a macro-level

Throughout history there has always been some sort of a class struggle. The rich always seemed to get richer while the poor barely managed to get by. One of the main things that contributed to the ever-expanding gap between the rich and the poor was greed. Whether it was the greed for money or for power, greed was certainly a driving force. More recently, the greed of several, rich and powerful individuals helped to cause one of the largest financial collapses of modern times. The purpose of this paper is to establish some of the key players in the economic crash of 2008, and to show some common

Ethical Responsibilities of a Business, the basic premises based on Atlas Shrugged by Ayn Rand Introduction & Discussion Atlas Shrugged is a Novel which was by Ayn Rand with an attempt to showcase the morality of rational self-interest by exploring the consequences of a strike by intellectuals refusing to supply their inventions, art, business leadership, scientific research, or new ideas to the rest of the world. The author supports capitalism through the promotion of intellectual capacity, hardwork, and free capital markets and portrays how a corrupt society that doesn’t carries ethical values downplays overall welfare of the society (Rand, Ayn 1997). Liberal productive minds are left with no option but to keep off the business activities due to deplorable unfriendly government policies

Capitalism has been the subject of ethical criticism since it was first introduced into society. I defend the morality of capitalism because it gives people incentive to work, establishes a web of trust between them, satisfies their material well-being, and generates a wide spectrum of prosperity.

In financial institutions, ethical issues have been described as the bedrock of the reported financial scandals and funds mismanagement we have today and a special case is the 2010 recession also known as the Great recession. The great recession started in December 2007 and lasted till June 2009. It was characterized by massive job loss, increased poverty level, low investment rate, unemployment and so on (Lawrence et al., 2012). According to Argandona (2012), ethical issues that causes financial crisis occurs in two dimensions; personal ethics and organizational ethics.

Capitalism started up as a system of investing and sharing money in order to increase the value of resources in the future. Capitalism was just an economic system, but then soon turned into a complex system of ethical practices. Harari defines capitalism as, “a set of teachings about how people should behave, educate their children and even think” (Harari 314). This economic system evolved along with the people that were endorsing it. Capitalism enables the rich to get richer, while the poor continue to get poorer. There are many benefits to capitalism, but there are downfalls as well, and these downfalls tend to be masked because of the rapid speed capitalists grow at. Harari first presents a definition for capitalism, and soon goes into great detail on why capitalism, while fast paced and unforgiving, is able to stand unwavered while other productions fail.

/ Importance of ethics is also reflected in the performance of producing in different economies, such as Japan, code of honer and rule based behaviour has led to the creation of a efficient economy. / In summary, there are two ways in which good business behaviour can make economic sense:1.Improvement in society as a reward in itself. 2.Good behaviour can result in better performance, leading to more profit.

The following questions are answered within this essay through the point of view of a Marxist: Should we die without cause? Who gives a group all of the power? In the Muslim culture, how does the dominance of money and power prevail? What defines social morality? Do our religious belief give us power over others?

At eighteenth century, the cost of increasing development of capitalism is anomie: people chasing material life insanely even sacrifice others’ benefits. Because of this, Adam Smith, a successful philosopher and economist, released that the original morality principle was not suitable for that society anymore, and it needed to build another new theory system to suit the developing society. He wrote two masterpieces that proposed his ideas: The Theory of Moral Sentiments, which discusses the human development by analysing the human emotion, and The Wealth of Nations, which summarises the development of capitalism and it is also a foundation for today’s economy. This essay will analyse the self-interest, plays as a motivator role in morality and economy field, and benefits the development in that society. Moreover, will suggest some limitations of Smith’s idea.

Becoming an expert in Islamic economics and finance field is one of my long-term goals in life. I started to organize and made a plan towards achieving that dream since senior high school. The concern towards Islamic economics and finance concept, and its application for society and the country began when I was reading a book entitled Islamic banking-theory and practice. After finishing reading the book, my interest in Islamic economic and finance topics rose and strengthen my own determination to become the expert of Islamic economics and finance. The main principle of Islamic economics and finance which offers the just and ethics in economic activity, poverty alleviation through income distribution mechanism, and prevention of economic and

The prosperity and peace of a society much or less depends on its economy. While for the smooth running of both, there are several instructions in Islamic Shariah and allows what is right and forbids what is wrong. When we talk about financial issues, Islamic Shariah strictly condemns Riba. The question may arise why Islam prohibits Riba? While it was already in practice before the advent of Islam and still it is a part of different economic systems throughout the world. It is simply because Islam gives respect to human beings and condemns all the attempts that are harmful and disgraceful for humanity. Therefore, Riba is not only forbidden in Islam but economic experts are also in search of its substitute. Since borrowing on interest rate creates several issues including: less efficient allocation of resources, indebtedness, unemployment and economic instability. While in society it causes injustices, inequity, poverty and imbalance etc. In this paper we are discussing how Riba causes imbalance in the society and instead Riba what Islam demands from its followers.