Reference no: EM133841075

Assignment:

Two of the most interesting and widely discussed examples of ethical dilemmas our country has faced are slavery and the use of atomic bombs in WWII. Slavery represented a significant moral conflict between economic dependence on forced labor and the fundamental human right to freedom. The abolitionist movement led to recognition of these injustices, but its legacy still influences modern conversations about racial equality. Similarly, the decision to use atomic bombs on Hiroshima and Nagasaki posed an ethical question about whether the ends-ending WWII-justified the immense civilian casualties and long-term suffering caused by radiation. Both dilemmas highlight the tension between practical outcomes and moral principles.

Adam Smith, the "father of capitalism," justified the ethics of capitalism by emphasizing its potential to benefit society through self-interest and free markets. In his theory of the "invisible hand," Smith argued that individuals pursuing their economic goals unintentionally contribute to the public good, such as by creating jobs or improving goods and services. However, he also stressed the need for ethical behavior, fairness, and justice to ensure capitalism operates in a way that supports societal well-being.

In modern business, capitalism fosters innovation and competition but also presents ethical challenges. For example, wage inequality raises questions about fair distribution of profits. Some organizations, like Amazon, have been criticized for prioritizing shareholder returns and executive compensation over improving working conditions for front-line employees. (Yohn, 2022) Another example is consumer exploitation, such as in the Wells Fargo scandal, where employees, pressured to meet sales quotas, opened unauthorized customer accounts. These cases show how the single-minded drive for profit can conflict with ethical values, damaging trust among employees, customers, and the public. (Tayan, 2019).

To address these challenges, businesses must adopt practices that balance profit motives with ethical responsibilities, such as promoting fair wages, fostering transparency, and minimizing harm to society and the environment. By doing so, they can honor Adam Smith's vision of capitalism as a system that benefits both individuals and society. Please provide a response to this post.