Morality in Business and Freedom of Market

Jun 18th, 2015
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Different philosophers in different span of time have laid down certain moral theories which continue to be interpreted as per the evolving times.

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Morality in Business and Freedom of MarketIntroduction Different philosophers in different span of time have laid down certain moral theories which continue to be interpreted as per the evolving times. Ethics and morals have varying connotations and are highly individual perception dependent. If being ethical were doing "whatever society accepts," then one would have to find out what society accepts. Ethics by definition refers to well-founded standards of right and wrong that prescribe what humans ought to do, usually in terms of rights, obligations, benefits to society, fairness, or specific virtues (Velasquez Manuel, 1997). Morality on the other hand has a wider application. Rational Morality brings out the decision dilemma, certain conditions for moral principles and welfare rights. Liberty and welfare orientation of morality has been discussed in detail. In this context, free market has both - liberal principles and negative arguments. Market operates with different stakeholders, the buyers, sellers, merchants and is held dynamic due to ever present competition amongst all. Philosophy is actually focused on the fundamental aspects of any subject, which lay down the actual definition of the subject. Business ethics is an applied philosophy as it deals with the real issues we come across in our lives, especially if one is engaged in business. In a way as the book attempts to prove that business ethics is the application of ethics in business, and thus leading to a

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