Instructions: You must answer both questions.
1. Read the following passage and answer the two questions.
high ground seems to be getting very crowded lately. Ed Miliband made reforming capitalism the centrepiece of his Labour party conference speech; Nick Clegg has argued for a "John Lewis economy"; and on Friday the prime minister joined them, laying claim to a distinctive Conservative doctrine of "popular capitalism".
The prime minister, challenged two Labour claims ? that it is best placed to reform the free market and that the Tories are disqualified from contributing to the debate because they are the party of capital.
Cameron said New Labour was to blame for the excesses of recent years, adding: "Three years ago, I argued that the previous government's turbo-capitalism turned a blind eye to corporate excess while we believed in responsible capitalism and would make it happen.
"The last government claimed to have got rid of boom and bust. What it really did was allow a debt-fuelled boom to get out of control.
"The result was a series of lethal imbalances in our economy, between north and south, between financial services and manufacturing, between the people who got huge rewards at the top, or welfare at the bottom, while everyone else seemed to be left out. The truth is that the last government made a Faustian pact with the City."
He said the Tories had a record for promoting social responsibility that dated back to the era of Edmund Burke, who insisted on public accountability for the East India Company.
The Conservative party had shown that progress was not achieved by abandoning the free market, which actually promoted morality
, he said, adding: "I believe that open markets and free enterprise are the best imaginable force for improving human wealth and happiness. They are the engine of progress, generating the enterprise and innovation that lifts people out of poverty and gives people opportunity.
"I would go further: where they work properly, open markets and free enterprise can actually promote morality
. Why? Because they create a direct link between contribution and reward, between effort and outcome. The fundamental basis of the market is the idea of something for something ? an idea we need to encourage, not condemn. So we should use this crisis of capitalism to improve markets, not undermine them."
The prime minister said the Tories were best placed to reform the free market because the party understood its failing and strengths, unlike Labour which either promoted the economics of socialism or "let capitalism rip" under Tony Blair and Gordon Brown. "No true Conservative has a naive belief that all politics has to do is step back and let capitalism rip," he added.
Aides say Miliband is confident that Cameron will fail because he has no understanding of the difficulties many people are experiencing or the role the government should play in changing the rules. The Labour leader believes he will trump Cameron in three key areas:
? Changing the rules. Miliband wrote in the FT on Thursday about introducing new rules for takeovers to prevent a repeat of the "unedifying spectacle" of the Kraft takeover of Cadbury.
? Standing up for people suffering in the downturn. Miliband says his pledge to break up the big six energy companies is an example of this.
? Understanding that the world has utterly changed. "We are no longer in the politics of 'and' but are now into the politics of 'or'," one source said. "Tough choices will have to be made. But in Ed's case they will be informed by his values. David Cameron just thinks the government should get out of the way."
Adapted from The Guardian, 19th Jan 2012
Question 1 (you must answer both questions ? 1.1 & 1.2).
1.1 Using your knowledge of the free markets perspective, examine the ethics
of ?let capitalism rip? allegation made by British Prime Minister David Cameron. (Guide: 750 words)
1.2 Evaluate the system using Milton Friedman?s and Norman Bowie?s neo-classical models of corporate social responsibility (CSR). Make recommendations on the way forward for a more ?sustainable? market economics. (Guide 750 words)
Note: - Word count for 1.1 and 1.2 together is 1500 maximum. Both parts carry equal marks ? 25% each.
2. Using one of the following companies examine its CSR activities and behaviour in its home country as well as overseas. Evaluate its ethical and environmentally responsible behaviour by applying relevant ethical theories and sustainability models to date and make recommendations. (1500 words)
John Lewis plc
Marks & Spencer
Detailed guidance on how to answer questions:
It is important to note that the British political scenario is a stimulus and it is not important to follow the politics. Examine the free market philosophy, its ethics
and the varying shades of capitalism and the differing degrees of government intervention.
In Question 1.2, ?the system? refers to the free market system, capitalism and the current economic foundations on which multinational corporations and businesses in general operate globally.
Question 1 does not need an introduction. For Question 2, if you should decide to use ?Introduction? or ?background? section, the marks for this is not separately calculated, but absorbed under the 4th marking criteria ? ?Structure, Format and Presentation?.
Marking criteria for questions :
For Questions 1 & 2 separately:
1. Theoretical framework ? 30%
2. Application, evaluation, critical thinking ? 30%
3. Conclusion & recommendation ? 10%
For Questions 1 & 2 together:
4. Structure, format and presentation ? 10%
5. Language ? 10%
6. Referencing ? 10%
[ Order Custom Essay ]
[ View Full Essay ]