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Sustainability

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9 views2 pages

Sustainability

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smithabinni12
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BCOM 1201- Exploring Sustainability- Feb 29th 2024

 Ideology is a belief system of economic or political in nature. E.g.:


communism, liberalism.
 Key beliefs of capitalism: Nature of human, Private property, Free
market, invisible hand (Adam Smith) and limited governance.
 Ideological superstructure talks about how power is distributed in
society.
 A French philosopher, Count Henri believes that capitalism is flawed.
He believes people are not always money minded but also “lazy”.
 No counties are purely socialist or capitalist.
 Key beliefs of socialism: Nature of human, private and public property
ownership, industrialization and ever government should help the poor.
 The key differences of capitalism and socialism are ownership of
property, resource distribution, roles of government and society and
role of market.
 The issues of small government include:
- Certain industries are too important to be capitalized: utility,
education, and healthcare.
- Certain industries are too important to be left unchecked regularly
like financial industry, insurance, military, and mercenaries.
 “Capitalism’s role is to enlarge the economic pie. How the slices are
divided and whether they are applied to private goods like personal
computers or public goods like clean air is up to society to decide. This
is the role we assign to democracy.”
--Robert B. Reich, Professor, Former Secretary of Labor.
 Modern capitalism is a mixed ideology of capitalism and democracy. It
includes wealth distribution, wealth creation, power delegation,
creation of jobs etc.
 Businesses exist to make profit as well as provide a service to the
public. It also facilitates innovation.
 A corporation, just as a citizen of a society, have legal and
social rights and responsibilities to buy, own, and sell properties, and
to sue and be sued in court as a legal entity.
 Legal citizenship: explicit rights and responsibilities outlined by law,
violation leads to legal sanctions.
 Social citizenship: implicit rights and responsibilities set out by the
society,
violation leads to social sanctions.
 The issues with corporate citizenship include rights are emphasized but
responsibilities are ignored, citizenship are used as shields
for consequences of business wrongdoings and oercive power on
society
due to size and wealth.
 When large businesses need to be bailed out by an external member
the advantages include avoid massive unemployment, avoid waste of
social health, avoid systematic shock to economy and Avoid loss of
country international competitiveness. But the disadvantages include
investors transfer risk to public, creates inequal wealth distribution,
investors and managers become more radical and against the “free
market” ideology.
 Economic feasibility is he degree to which the economic advantages of
something
to be made, done, or achieve are greater than the economic costs.

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