3 Answers | Add Yours
This is going to evoke a great deal of debate. One measure to remedy corruption in capitalism features an increase in the role of government and regulatory bodies. These forces can help remedy the level of corruption and practices that serve only to undermine the market forces that help to generate wealth. Regulation and monitoring business practices can help to generate legitimate wealth and not enfranchise the few over the needs of the many. Additionally, a deep ethic approach to this problem might be for businesses to simply possess a greater level of awareness and consciousness about how they have a stake in the proper and healthy functioning of society. Businesses must operate with this mentality in mind. Indeed, while generating profit is the driving force behind business, it cannot come at the cost of damaging the fabric of the market or consumer confidence in the process. Even the most ardent capitalists would agree that the capitalist system does not win when it represents fraudulent notions of success.
Sounds like name of some disease in which "corruption" is the main complication. To me all this does not sound all that "real world".
We need to be clear about the problem we wish to "stop/impediment".
My personal belief is that the real culprit we need to control is corruption, and if we want to do this we need to rise above the squabbles of capitalism and socialism.
Corruption exists because people by nature are greedy and selfish, and power provides them the opportunity to benefit themselves at the cost of common good. I suggest two generic approaches to reduce corruption, assuming the basic selfish tendencies of people will not change.
The first approach is to develop and implement systems with more direct link between reward to the individual and his or her contribution to the common good. This enables individual to satisfy the selfish motives without being corrupt. It also encourages individuals to put in their best efforts for common good.
The other generic approach is to create greater transparency. This means make more information available to public so that it becomes difficult for individuals to hide their corrupt activities and dealings. This means the opportunity for being corrupt are reduced. With advancement of IT, it is now possible to develop and implement systems that create such transparency at reasonable costs.
We’ve answered 319,622 questions. We can answer yours, too.Ask a question