Report on David Cameron's Speech on Labor Government's Enablement of Turbo Capitalism

The soundbite criticisms of capitalism are legion, yet it’s harder to offer alternatives, aside from the vague notion of 'something else'. Despite the carnage of trying to socially engineer equality in the 20th century, nevertheless the myth persists that capitalist wealth creation is superfluous and money is readily available to a small number of elitists called a government under common ownership, who distribute, or simply print more paper. Ironically, the ones shouting the loudest against capitalism are often those dependent on the profits of capitalism to provide the welfare payments needed to keep them alive.

In the views of the politicians, the economy was not one of a ‘Golden Age’. As the British Cabinet Paper wrote, ‘It is clear that ever since the end of the war we have tried to do too much…we have only rarely been free from danger of economic crisis’. This illustrates the fact that although the economy was not falling apart, it was not stable and not prosperous. There was also a lack of a plan to deal with the economy; the government merely adjusted the system as it went along, which sometimes resulted in high rises of inflation or sudden consumer booms that did not correlate with its ability to pay for them – causing a deficit.

For example David Cameron (DC) controversially changed the outlook of the conservative party and claimed it to be ‘The party of the NHS’. He also believes that state intervention within healthcare s needed and vital, as well as being against any privatisation of the NHS.

The great American economy consist of four main industries which was Railroads, Money, Oil, and Steel. The oil industry was really fundamental to the great economy because it was the birth of John D. Rockefeller, which he owe mostly all the oil in the United Sates. John D. Rockefeller was famous for his oil industry. He became rich by being the only one selling oil, he was worth bill gates times 2. The oil company was worth a lot because there were no competitors, it was a monopoly. He mange to make people do things they didn’t want to do, he establishes a love and hate relationship with people. Throughout his monopoly in the oil industry, John D. Rockefeller ruin a lot people such as the Tarbell family. Ida Tarbell was a writer, and her family was ruin by the famous person Rockefeller. Ida Tarbell wrote a series of articles where she exposed the standard oil company of Rockefeller. The articles that Ida Tarbell wrote is where she exposed Rockefeller was the precursor of Corporate Social responsibility theory. Corporate Social Responsibility theory is the duty a corporation to create wealth in ways of harm to, protect, or enhance social assets, which is the definition given by the professor. In the 21st century there is still a monopoly, but the articles that Ida Tarbell wrote were an eye opener for the people, it gave protection of the business, and it brought attention to the government that it is okay to intervene.

The ethical issues presented in this case are the different views that each individual has on how the idea of corporate social responsibility (CSR). This dispute is between Mr. Milton Friedman, John Mackey, and T.J. Rodgers; all of which has a different outlook on CSR. The definition of CSR refers to the responsibilities that business has to the society in which it operates and to those actions that a business can be held accountable. Most philosophers have come up with three different types of responsibilities that corporations can be held accountable for. The first and most important of the three is a corporation’s duty to not cause harm. If a corporation can

The first source is a quote by Milton Friedman that criticizes the view of corporate officials needing to abide to a “social responsibility”. He claims that, in a free market economy, corporate officials only have one goal, to increase profits for their business. So long as it's done without deception, fraud and engages an open and free competition. It is obvious that Martian Friedman is a supporter of capitalism. Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state or province. It is a right-wing ideology built on the foundation of individualism. It encourages freedom of action for individuals over government control. The source presents Milton is a supporter of individualism and classical liberalism. He favors an economy focused on making profits for the individual with little to no government intervention. Ideologies that

In A Capitalist Manifesto, Gary Wolfram provides an explanation of how free market systems work in society and highlights their benefits compared to socialist economies. The first chapters of the book are an introduction to microeconomics: how marginal analysis, supply, demand, market equilibrium, opportunity cost, and profits work. According to him there are three fundamental advantages to a market economy: it allocates resources efficiently, consumers determine wages and therefore income distribution is fair, and finally it’s the only method of organizing society that is consistent with individual liberty. He explains that socialism is an economic system that is is unable to provide a decent standard of living for people and that it cannot survive, giving as an example the fall of the Iron Curtain. The reason is that

‘Capitalism’ can be loosely defined as ‘An economic and political system in which countries trade and industry are controlled by private owners for profit.’ Being the driving

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.

The new Conservative Government differed significantly from the Conservative Governments that had been in power throughout the ‘Butskellism’ era. Butskellism is an acronym derived from the cross party consensus on state welfare and housing that had dominated since the 1950s (Alcock, May & Wright, 2012). The Conservatives New Right ideology was one that advocated privatisation, managerialism and competitive markets. The ideology supported the sale and privatisation of National commodities such as British Steel, British Telecom, and other utilities such as water, gas, and electric (Bochel, 2012). Housing did not escape the Conservative Governments goal of complete privatisation; according to Legislation.gov.uk (2015), in August 1980, chapter 51 of the Housing Act 1980 incorporated the right to buy scheme. As supported by Baldock et al (2012), the right to buy refers to a housing policy that supported the compulsory sale of council

Social responsibility is built on a system of ethics, in which decisions and actions must be ethically validated before proceeding. If the action or decision causes harm to society or the environment then it would be considered to be socially irresponsible. Being socially responsible means that people and organization must behave ethically and sensitivity towards, social, cultural, economic, and environmental issues. Striving for social responsibility helps individuals, organization and government to have a positive impact on development, business and society. Often, the ethical implication of decision/action are overlooked for personal gain and the benefits are usually material. This frequently manifest itself in companies that

According to Gordon Brown, Chancellor of the Exchequer, the modern day corporate social responsibility goes far beyond the old philanthropy of the past that is donating money to good causes at the end of the financial year and is instead an all year round responsibility that companies accept for the environment around them, for the best working practices, for their engagement in their local communities and for their recognition that brand names depend not only on quality, price and uniqueness but on how, cumulatively, they interact with companies’ workforce, community and environment. It is necessary to move towards a challenging measure of corporate responsibility, where judgment results are not just by the input

Capitalism leads to the creation of unprecedented wealth, advanced technology, and wide prosperity. Yet capitalism is denounced as a system of greed, materialism, and ruthless dog-eat-dog competition

The economic reforms initiated by Prime Minister Margret Thatcher since 1980’s has made the United Kingdom record steady economic growth in the 1990s. However, successive Labour governments increased government spending significantly. Since 2010, the government upheld austerity as the principal of its economic policy. In 2014, the country recorded its strongest economic growth since 2007 of 2.387 trillion dollars with GDP per capita at 39,350.64 dollars. The GDP increased significantly because of the enhanced performance of the construction, manufacturing, and services sectors. Retail sales also increased with unemployment relatively at lowest

Blowfield, M. and Murray, A. (2011) ‘Introducing corporate responsibility’, (2nd edition) corporate responsibility. Oxford: Oxford university press, pp.3-25