Euthanasia

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Ethical Capitalism
Capitalism is a good system that has spurred development to unimaginable dimensions. Poverty reduction, personal achievements, doubling of the life expectancy, blooming of individual freedom and extraordinary achievements are all attributed to capitalism. Capitalism surpasses any other economic system in its efficiency and overall achievements. However, for every system to be fully efficient, it has to consider the ethical implications it has in the world. For a long time, capitalists have not considered the ethical effects of their actions. Therefore, while capitalism has primarily contributed to the generation of wealth it has also led to numerous negative effects that could be prevented if the system conformed to certain ethics parameters. The paper deduces the ethics of capitalism and how they should be applied in companies to ensure all-rounded efficiency for organizations.
Modern Capitalism considers the interests of the owners of capital as the ultimate priority. All the other stakeholders of the business are secondary and thus it ends up neglecting their needs. For instance, in a mining company, the sole motivation is profit generation for the organization’s owners. As a result, the company will end up paying the employees low wages to ensure it maximizes the profits. Further, the workers working conditions will remain deplorable and unsafe leading to human losses in accidents such as caving in of underground mines.

The situation is similar for all the companies that are bent on pure capitalism and have no ethical considerations whatsoever. Capitalism has led to detrimental effects across the world including climate change, income inequality such as in the US where the top 1% earn more income than the bottom 90%, workers deaths, and illnesses due to work-related stress or accidents amongst other ills.
The ills of unchecked capitalism thereby necessitate the practice of ethical capitalism. Ethical capitalism involves the pursuit of a higher purpose of ensuring that all stakeholders are considered in practice. It focuses on creating businesses that aim at achieving a long-term economic and social value that ensures that all the business constituencies’ welfares are observed. For instance, businesses should be committed to safeguarding the interests of the employees, customers, investors, suppliers and the society but not that of the investors alone as it has been the trend. Such practice will give rise to long-term benefits that include attracting more customers and fostering customers’ loyalty, minimizing operational costs through energy efficiency and waste reduction, reduce employee’s turnover and most importantly conserve the environment for the future generations. Such a business emphasizes the importance of trust-based relationships in the services that organizations performs in the society.

Ethical capitalism is important to me as I would want all the businesses across the world to align with it. I have since devised a way to tackle the problem systematically. I have formed an organization in my town that proposes changes to spreads awareness about ethical capitalism to the businesses and companies in the region. The organizations determines the companies’ operations and establishes how best they can adapt to ethical practices. It further offers, recommendations of best practice to the companies and emphasizes the importance of ethical capitalism to the company, employees, and the community. However, the organization is little known and it would help it partnered with larger organizations and prominent individuals. For this reason, I am looking for ways to address the issue by involving relevant partners. Teaming up with such partners will increase my organization’s credibility thereby making the companies and businesses take my organization’s recommendations seriously. I have also realized that the organization would make a great impact on the global scene if it appeared at the world economic forum. I am therefore, building up a network that will enable me to meet various economic stakeholders as the organization grows to cover the whole state, other states, the whole nation, and even make an impact in the global arena.